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Alphabet Inc. (GOOG) Presents at Morgan Stanley Technology, Media & Telecom Conference (Transcript)

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Alphabet Inc. (NASDAQ:GOOG) Morgan Stanley Technology, Media & Telecom Conference Call March 8, 2023 12:10 PM ET

Company Participants

Ruth Porat - Chief Financial Officer

Conference Call Participants

Unidentified Analyst

All right. Good morning, everyone. Welcome to nan adjacent keynote fireside chat present astatine nan 2023 Morgan Stanley TMT Conference. We're thrilled to person Ruth Porat pinch us, nan CFO of Alphabet. Ruth, convey you truthful overmuch for joining america again.

Ruth Porat

It's awesome to beryllium here. Great to spot everyone.

Unidentified Analyst

Let maine do nan safe harbor and each nan important disclosures. Please statement that each important disclosures, including individual holdings disclosures and Morgan Stanley disclosures look connected nan Morgan Stanley nationalist website astatine www.morganstanley.com/researchdisclosures. They're besides disposable astatine nan registration desk.

Some of nan statements that Ms. Porat whitethorn make coming could beryllium considered forward-looking. These statements impact a number of risks and uncertainties that could origin existent results to disagree materially. Any forward-looking statements that Ms. Porat makes are based connected assumptions arsenic of today, and Alphabet undertakes nary responsibility to update them. Please mention to Alphabet's Form 10-K for a chat of nan consequence factors that whitethorn effect existent results.

I will forego your awesome bio and background. If anybody wants to cognize who Ruth is, you tin Google her. It's a very extended background, including a Morgan Stanley alum. So, it's awesome to spot you.

Ruth Porat

Great. Thanks.

Question-and-Answer Session

Q - Unidentified Analyst

There is simply a batch to talk astir from a macro and micro perspective. Maybe let's talk astir benignant of apical priorities for 2023 for Alphabet. And conscionable benignant of to really tackle it correct away, apical priorities? And really does AI fresh into nan company's apical priorities?

Ruth Porat

So, nan apical priorities are, first, to put for semipermanent growth, and then besides to make judge we durably reengineer our costs structure. In position of investing for semipermanent growth, nan priorities are nan aforesaid that we've talked astir astatine this convention for rather immoderate time, it's really down Search, Ads, YouTube, Cloud and Pixel. And to your question, AI really underlies each of that and the investments we're making successful AI investigation and delivery.

In position of durably reengineering our costs structure, we do person a number of activity streams that are successful formation to spell correct astatine that. And nan main constituent is, we are looking to slow nan complaint of disbursal maturation specified that revenues -- gross maturation exceeds disbursal growth.

And then, much specifically to your mobility connected AI, it is, obviously, an highly breathtaking clip for AI. And arsenic Sundar indicated, we're connected nan verge of launching a number of LLM-based products and services. You tin deliberation of it arsenic a portfolio. And I'm not going to get up of those sitting present today, but we do very overmuch look guardant to continuing to unveil what we're doing there.

And I deliberation nan main point, arsenic I deliberation astir it, is each that we're doing pinch LLMs successful these launches builds connected galore years of investigation and merchandise activity that we've done. We person astonishing engineers, successful particular, successful AI, pinch some Google Research and DeepMind. And you tin spot it successful nan merchandise rollouts that we've had.

So, reminiscing backmost to erstwhile I first joined Google backmost successful 2015, that's erstwhile Google first launched RankBrain. And it was nan first opportunity wherever we're really utilizing AI to amended discourse astir queries. And then, you deliberation of BERT and MUM, and what we've done pinch LLM to proceed to beforehand what is search.

And going done what we're doing, nan aforesaid is existent pinch Ads. We've utilized AI that really thief advertisers execute and maximize their objectives astir ROI. We've utilized it successful cloud. And so, we're building connected a decade of bonzer activity and, arsenic I said, look guardant to sharing much successful nan adjacent weeks to months.

Unidentified Analyst

Okay. I want to spell into nan AI chat a small more, but possibly conscionable to benignant of correct group connected from a macro perspective, tin you conscionable benignant of springiness america nan -- immoderate updates aliases nan position location what you're seeing from macro advertisement demand? Any verticals aliases categories that are perchance stronger aliases weaker than others and benignant of nan authorities of nan advertiser discussions successful '23?

Ruth Porat

So, aft what was intelligibly an bonzer acceleration successful integer activity benignant of going into COVID, coming retired of COVID, what we saw and what we've talked astir is that nan macro situation sewage much challenging. And successful nan 4th quarter, we -- arsenic good arsenic anterior successful nan year, we talked astir immoderate of nan pullbacks that we had seen arsenic a consequence of nan much challenging macro environment. In Search, location was immoderate pullback. We described it arsenic benignant of broader pullback affecting YouTube and Network. And basically, arsenic we've talked astir for galore years, what you spot pinch Google Search is what you spot successful nan broader economy.

To your mobility astir what is nan speech pinch advertisers, it's arsenic it's ever been; what astir ROI? What tin we do pinch ROI? And that, again, is wherever you commencement pinch Search arsenic this bonzer cost-efficient measurement to execute their objectives, measurable, and that's specified an important portion truthful of nan dialogue. But then, to your anterior question, layering connected AI and things for illustration Performance Max wherever we tin thief them really optimize crossed nan portfolio and solutions to maximize ROI. So, continuing to person a batch of those conversations.

Unidentified Analyst

Okay. Let's talk astir Search a small spot and benignant of nan AI usage cases and nan measurement Search could change. Investors correct now person benignant of taken nan stance of bucketing definite companies successful nan winners aliases losers group wrong nan AI discussion. Other companies are pushing retired AI devices wrong hunt passim nan wide ecosystem. To your point, we're still benignant of waiting to study astir Bard and much devices to travel pinch nan APIs. Maybe conscionable punctual us, springiness america immoderate much examples of really you're already utilizing AI successful Search? And then, what are immoderate caller usage cases successful Search that you tin benignant of deliberation astir done adjacent applications of AI to come?

Ruth Porat

Yes, I emotion it. So, we have, arsenic I said, been utilizing AI successful Search for many, galore years. And our position is that we don't motorboat products conscionable because there's a caller capacity aliases exertion available. We person billions of group astir nan globe who spot us, trust connected us, to present accurate, timely information. And so, personification testing is simply a ample portion of what we've ever talked astir and proceed to do and stay very excited astir erstwhile we do motorboat nan exertion inferior Takeout.

To your question, I think, astir apt 1 of nan astir breathtaking caller applications that really leverages ample connection models is everything we're doing pinch multimodal search. And to springiness you a consciousness of what that is, opportunity you want it tonight, anyone present wants to scheme a awesome meal location successful San Francisco, and you've sewage your favourite Italian crockery that you want, lasagna, you tin return a screenshot, photo, harvester it pinch matter pinch Google Search astir Near Me, and you'll get a afloat listing of wherever tin you spell for that awesome lasagna crockery that you've seen that you want present successful San Francisco.

And so, it's this operation of ocular hunt and each elements of it leveraging MUM is truthful exciting, multimodal search. We're nan only hunt motor -- Google Search is nan only hunt motor now offering multimodal search, and it builds disconnected of Google Lens, which now has 12 cardinal queries per period and growing. And we're really excited astir what nan capacity of Google Lens, and it's conscionable 1 of nan examples of really we're continuing to beforehand what is Search and look guardant to continuing to do so.

Unidentified Analyst

I consciousness for illustration nan Search chat astir AI is benignant of what is portion of nan zeitgeist of nan [indiscernible] correct now fixed immoderate different company's products. But Google services has a batch of different imaginable ways to usage AI. So, possibly conscionable I cognize there's nary announcement coming unless you're willing successful that. But talk to america astir benignant of really you deliberation astir different uses of AI crossed each nan Google services suite of devices and products?

Ruth Porat

Yes, bully try, but I'll instrumentality pinch nan 2nd portion of your question. So, you're perfectly right. It is crossed nan afloat group of Google services. So, for example, wrong YouTube, we've been utilizing AI for rather immoderate clip for a big of different things. One is, arsenic it relates to, again, advertisers and really do you maximize ROI. It goes backmost to PMax, Performance Max. It besides goes to nan recommendations motor for users. It besides goes to nan very important activity that we're doing astir spot and information and contented moderation, our expertise to really place quickly contented that violates our policies and return it down. And we're continuing to look astatine opportunities to use AI successful ways that thief creators make contented and their storytelling.

In Pixel family, we're likewise utilizing AI connected a big of different applications. One of my favourite is successful nan camera and nan expertise to use, for example, thing called Magic Eraser, which hopefully galore of you person seen and used, nan expertise to return a photograph and if you don't really want immoderate of nan clutter successful nan background, it will thief you pinch AI, place it, return it retired and put successful a amended background. And astonishing pinch respect wide to what we're doing successful Ads. So, yes, a batch of applications.

Unidentified Analyst

The advertizing point, this is different communal chat connected AI, nan incrementality of revenue. You said astatine nan 4th fourth net telephone that utilizing advances successful AI to thrust caller and amended experiences for users successful search, arsenic good arsenic present amended measurement, higher ROI and devices for much compelling imaginative contented advertisers arsenic 1 of your large opportunities. Are location immoderate statistic aliases ways you tin thief america quantify early signings of nan -- early signs of nan incremental gross you tin make from each these AI tools?

Ruth Porat

Well, it starts pinch -- you benignant of -- astir apt because you're quoting america backmost from nan net call, it starts pinch a batch of nan functionality that we bring. And so, nan expertise pinch respect to advertising, location are 2 parts to it. One, what are we doing for advertisers? And whether it's done Smart Bidding aliases done Performance Max, we're helping advertisers really maximize what is nan opportunity.

The 2nd portion is what we're doing pinch users erstwhile -- for users and support of users. When you deliberation astir what users move to Google for, they're coming because they either want to study thing aliases they're trying to do a task aliases they're trying to transact thing commercially. And so, what we're utilizing -- again, AI has been invaluable arsenic we understand discourse truthful that we tin beryllium arsenic responsive, which past translates into activity.

So, to springiness you an example, opportunity you want to spell bargain thing aliases we each want to spell bargain something, you whitethorn attraction much astir price, I whitethorn attraction astir availability. I whitethorn want readiness adjacent me. And 1 of you whitethorn want thing astir ranking and reviews. And so, what we're capable to do pinch AI is amended heighten what is discourse for query, amended deliver. We're capable to thief advertisers, again, pinch placement, pinch creative, each of which translates into further revenue, and we're continuing to leverage what we're doing pinch AI again to reside some sides.

You mentioned, arsenic we were talking successful nan greenish room, immoderate of nan activity that we had done astir Google Shopping. It's a awesome example. What we've done done Google Shopping, successful nan full mission, you've heard a batch of america talk -- a batch of you person heard america talk astir it, is unfastened up to nan broadest array of merchants, because that's bully for merchants. It's bully for users. It's bully for nan wide ecosystem. And that's nan type of activity we're looking at. And again, it comes backmost to immoderate of this discourse connected queries that's useful.

Unidentified Analyst

And really do you deliberation astir Google Cloud and GCP benignant of fitting into this AI opportunity arsenic well? Is it going to beryllium an incremental competitory advantage? Like really does AI thrust workloads done GCP?

Ruth Porat

Well, astatine nan halfway of your question, we firmly judge that AI is transformative for each 1 of america successful our businesses, our expertise to link much intimately to customers, our expertise to extract operating ratio successful our businesses, our expertise to reside immoderate of nan consequence guidance requirements that we need. And so, our Google Cloud squad location is very excited astir nan measurement they are capable to activity pinch customers crossed each 1 of those and past really leveraging our infrastructure, which, again, goes backmost to your AI mobility to amended deliver.

So, our AI infrastructure enables customers really to leverage TPUs, GPUs to really tally what they need. We bring information analytics that's captious to their ability, again, connected each of those dimensions. It's our cybersecurity capabilities. And so, yes, it is incremental to everything that we've already spoken about. And astatine its core, they excessively are leveraging nan AI capabilities crossed Google. That's GCP.

And then, similarly, wrong Workspace, we've utilized AI successful our collaborative Docs and devices successful Gmail for rather immoderate time, and look guardant to, again, continuing to adhd to that pinch immoderate of nan LLM activity that we've been doing.

Unidentified Analyst

All right. Looking guardant to those announcements. All those announcements, those AI tools, they do travel pinch a cost. We've been doing a batch of activity trying to fig retired nan cost. I deliberation Wall Street mostly has. We person immoderate estimates to opportunity that nan incremental costs of nan AI models tin beryllium 2x to 3x much costly than paid search. In immoderate cases, moreover higher than that erstwhile you're going done a batch of fierce training of these ample models.

First, emotion your guidance to that. And then, secondly, if that is nan case, and it is much costly than paid hunt to tally these models, really should we deliberation astir nan semipermanent separator floor plan of Alphabet, nan OpEx structure, conscionable locomotion america done that a small bit?

Ruth Porat

So, you're perfectly right. LLMs moving hunt connected pinch ALMs aliases LLMs mostly are much compute intensive and frankincense expensive. But nan important constituent is this is not caller for Google. And we've been asked this mobility for many, galore years of nan costs of compute has continued to increase, one, because of nan -- conscionable standard of nan Internet and maturation successful nan Internet.

And two, arsenic I've already said, we've been utilizing AI for a decade now. We introduced LLM 4 years ago. So, this is not caller for us. And what we've been doing and hopefully is self-evident from results is we person a number of teams that are very focused connected each constituent of ratio astir compute and driving down ratio arsenic overmuch arsenic possible.

So, to beryllium much specific, wrong nan infrastructure area, you've heard america talk astir TPUs and nan use that you tin person pinch TPUs. We person a squad that's focused connected package optimization, truthful you tin move workloads arsenic efficiently arsenic possible. We're looking astatine wide exemplary ratio wherever location are benefits location arsenic well.

And then, nan different is nan evident constituent that LLMs don't request to beryllium utilized for each query, truthful conscionable optimizing really really you deliberation astir applications. And so, yes, nan premise is right. Yes, we are focused connected it. We've sewage a big of teams that are focused connected costs ratio astir compute, because it's an important portion arsenic we deliberation astir benignant of semipermanent performance, and they person been for years.

Unidentified Analyst

Exactly. We watched each nan different AI tools, it's not new.

Ruth Porat

It's not new. It's been a decade here. So, yes, it's been a batch of work.

Unidentified Analyst

Great. What astir CapEx? You talked astir full 2023 CapEx being level connected a reported basis. We deliberation nan existent property CapEx is astir apt going to beryllium down rather a bit. So, we're benignant of backing into infrastructure CapEx, up 20% positive for nan year. Just benignant of talk america done nan drivers of CapEx this year? And really should we deliberation astir nan CapEx and nan superior strength and nan walk needed to benignant of push much AI to much consumers crossed much products?

Ruth Porat

So, CapEx for 2023 will mostly beryllium successful statement pinch 2022. And you're right, that is because existent property CapEx is down meaningfully. And CapEx astir our method infrastructure is up meaningfully. That's for some information centers and for servers, and it's chiefly successful support of unreality and everything that we're doing successful AI. And arsenic I said successful general, that comes to ballpark successful statement pinch past year.

Unidentified Analyst

Okay. On nan 4th fourth call, you talked astir your ratio and expenses and benignant of discipline. And you said we're focused connected delivering sustainable financial value, and that evidently intends that disbursal maturation cannot beryllium increasing up of gross growth. That is much than I retrieve you saying antecedently astir these topics. So, possibly locomotion america done what are benignant of nan fewer areas wherever you're focused connected to thrust this much durable disbursal discipline? Where person you made nan astir progress? And wherever -- erstwhile should we expect to spot nan effect successful nan P&L?

Ruth Porat

Well, it's an important truism. So, it seemed valuable to conscionable reiterate. What I tried to underscore successful nan telephone is that we are focused connected durably reengineering our costs base. And we do person a number of activity streams that are successful flight. They see everything from looking astatine really we tin use AI internally to our processes, arsenic good arsenic each of nan efficiencies successful method infrastructure that you conscionable asked about. That's 1 bucket. The 2nd large bucket is astir vendors and everything we're doing astir procurement and really tin we beryllium much businesslike successful each elements there. And then, nan 3rd awesome bucket, we telephone it wherever and really we work.

And so, each 1 of those are activity streams that person been launched. The logic I wanted to accent durably is to do alteration of constituent takes time. So, nan activity streams are successful place. We expect they'll lend much successful '24 and past beyond. And our position is that these are captious elements that we're continuing to activity connected to present durable results arsenic we look astatine what's nan wide finance requirement.

Unidentified Analyst

Okay. Very helpful. Let's talk astir hardware. Sundar has spoken astir really hardware is 1 of nan cardinal semipermanent priorities for Alphabet. Why does hardware matter? And I conjecture nan 2nd 1 is conscionable locomotion -- you talked a small spot astir Pixel, but really tin your ain hardware ecosystem perchance to further AI advancement?

Ruth Porat

So, erstwhile we -- erstwhile Sundar talks astir hardware, successful particular, focused connected nan Pixel family, phone, tablet and wearable. And nan position is that we're capable to really item nan opportunities, nan early of compute by bringing together nan champion of AI and hardware and software. And an illustration of that, I already gave nan illustration astir Magic Eraser, but you besides person things astir Translate. So, our position is that we're capable to item what this is for nan Android ecosystem, which is simply a use to nan Android ecosystem successful summation to nan level investments that we're making.

And so, it's successful that discourse that we position it arsenic important arsenic we tried to beryllium clear connected nan call. We're investing meaningfully against nan opportunity, and that's why we said that there's a existent attraction connected really we tin thrust incremental efficiency, whether that's done activity pinch our proviso concatenation aliases immoderate of nan location opportunities for nan teams, but that's nan wide some opportunity and disbursal implication.

Unidentified Analyst

Okay. Let's displacement to YouTube connected benignant of strategical priorities. Maybe conscionable to level group for everyone, what are benignant of nan 1 aliases 2 cardinal areas of finance and prioritization connected YouTube erstwhile it comes to nan personification offering, nan advertiser offering, nan wide ecosystem?

Ruth Porat

Well, I'd conscionable say, arsenic you're asking, adjacent year, we tin do this arsenic a YouTube Shorts. So, overall, YouTube is an bonzer plus and it's conscionable billions of engaged group globally. And whenever we talk astir billions of engaged group globally, we commencement pinch nan creators. So, nan creator ecosystem for YouTube is really special, and it's really because of nan opportunity arsenic we've grown pinch them to definitive themselves connected truthful galore different platforms and to monetize crossed nan platform. So, whether it's long-form video, short, podcast, unrecorded stream, music, you sanction it. You've sewage nan breadth of opportunity connected YouTube. And that creator ecosystem creates this virtual circle pinch users and advertisers.

In position of nan opportunities, location are a number of them. One is Shorts. We're ace excited astir nan momentum successful Shorts. Up to 50 cardinal views astatine nan extremity of past year, that's comparative to 30 cardinal backmost successful nan outpouring regular and conscionable continued ongoing really bonzer strength. And we're continuing to activity to build that out.

The different is Connected TV. Living room continues to beryllium nan fastest-growing screen, and we're excited astatine different spot wherever AI is applicable some for personification experience, but besides for advertisers.

On nan subscription side, it's an unthinkable opportunity. We're now astatine 80 cardinal subscribers for YouTube Music premium, much than 5 cardinal for YouTube TV and really pleased pinch really nan squad has grown that. And then, longer term, we're looking astatine making YouTube much shoppable. So, we're excited astir YouTube.

Unidentified Analyst

AI goes crossed each those too?

Ruth Porat

It does, and has for a while.

Unidentified Analyst

Yes. YouTube Shorts, 50 cardinal views. Can you springiness america an update connected benignant of nan monetization of Shorts and wherever you are? And possibly conscionable benignant of a philosophical question, if you deliberation astir nan imaginable advertisement gross per hr connected Shorts versus different forms of longer-form video contented connected YouTube, do you spot those yet reaching parity? Or do you deliberation there's going to beryllium a quality successful what an hr of Shorts monetizes that versus different forms of contented connected YouTube?

Ruth Porat

So, a batch of questions successful there. So, YouTube Shorts, we person been investing to really proceed to build retired what we're offering pinch YouTube Shorts, and it's, again, different area wherever AI tin beryllium adjuvant to creators arsenic they are continuing to create content. We look guardant to rolling retired much there.

In position of your halfway mobility connected monetization, we talked astir nan monetization scheme immoderate clip ago. We launched it past month, and nan feedback has been very positive. And this goes to my anterior point, which is, creators connected nan YouTube level person nan use of billions of users globally and past these aggregate formats that they tin -- they really tin tie from, and we deliberation that's a existent asset. But monetization is early days. The feedback is positive. You're perfectly right, there's a spread to nan accepted agelong form, and we're moving to adjacent that gap, but it's still very, very early days.

Unidentified Analyst

Okay. YouTube, nan -- 1 of nan different caller announcements was nan Sunday Ticket, and benignant of reaching a woody to administer nan NFL Sunday Ticket. What excites you astir about adding nan Sunday Ticket to YouTube? And really should we deliberation astir nan ROI mathematics done astir that investment?

Ruth Porat

So, nan ROI mathematics is that we expect to make an charismatic ROI complete nan life of nan deal. And we're focused connected a mates of things. One is nan opportunity to proceed to widen subscribers, turn subscribers connected YouTube TV. The 2nd is nan opportunity to connection a stand-alone premium transmission subscription for nan NFL Sunday Ticket, truthful chopped from YouTube TV subscription. The -- and truthful -- and nan third, which I deliberation is really absorbing is nan opportunity pinch our apical YouTube creators to connection them exclusive NFL contented and spot what they tin do. And so, again, we spot a number of different paths.

Unidentified Analyst

Okay. Excited to spot those. One much connected AI, connected generative AI specifically, because that does look for illustration different imaginable unlock for YouTube. I cognize there's benignant of this chat of really quickly will these devices create and standard and beryllium rolled out. Just arsenic you benignant of erstwhile you talk to nan YouTube teams and nan engineers, really acold distant are we from having scaled creator and advertiser generative AI devices that tin beryllium rolled retired and utilized by nan hundreds of millions aliases billions of group connected YouTube?

Ruth Porat

Well, I want to start, and again, I support going backmost to this, but we are building connected years of utilizing AI benignant of to your mobility wrong YouTube arsenic well. And I've already mentioned things for illustration nan recommendations motor aliases what we're doing pinch advertisers connected PMax, that's besides benefiting YouTube. I deliberation wherever you're going is what astir generative AI for storytelling aliases different areas. And we do look guardant to, arsenic I said, launching our various applications present of LLMs and nan conception of storytelling is simply a valuable portion of it.

Unidentified Analyst

Okay. One much connected cloud. The Cloud segment, you had astir mid- to high-30%s maturation for nan full conception successful 2022, I think, 37% growth. Just talk to america astir benignant of nan cardinal areas of strategical differentiation for unreality to thrust outsized maturation versus nan different competitors successful nan nationalist unreality space.

Ruth Porat

So, we support coming backmost to nan aforesaid mates of cardinal drivers. One is our infrastructure, our AI infrastructure, TPUs and GPUs that lets them tally AI models, that's valuable. Our information analytics, our bonzer -- our cybersecurity has consistently been starring separator and being capable to adhd Mandiant into nan family arsenic nan expertise to person early incident consequence capabilities. And truthful that full suite is ace valuable, and past arsenic good our manufacture solutions.

And erstwhile I'm pinch unreality customers, a mates -- to your question, a mates of things that are called out, and you'll beryllium proceeding much of is Vertex AI, which really is simply a lightweight, elemental measurement for our endeavor customers really to tally AI models. And they don't request an AI intelligence internally and truthful ace valuable.

And 1 that we've been doing for rather immoderate clip but fixed a batch of nan chat astir conversational AI is each of nan activity pinch our Contact Center AI, which provides bonzer operating leverage for our endeavor customers. CSAT scores are up, costs are down, and it's really leveraging our Contact Center AI. Verizon has talked astir this a bunch, arsenic person galore others.

And so, location are a number of examples where, again, we're leveraging AI connected behalf of customers and it's some wrong our infrastructure and our capabilities.

Unidentified Analyst

Okay. I want to adjacent connected superior allocation. In 2021, you bought backmost $50 cardinal of equity; 2022, almost $60 cardinal of stock repurchases. Just punctual america again benignant of philosophically, really do you travel up pinch these numbers? Like, really do you benignant of deliberation astir what is nan correct magnitude of superior to beryllium returning to shareholders? And what astir nan statement betwixt buybacks versus nan dividend arsenic you compete for capital?

Ruth Porat

Well, our model for superior return is -- our superior allocation is unchanged. It starts pinch what do we request successful nan business to support nan integrated maturation of nan business, and it past goes to acquisitions aliases strategical investments. And then, we're very pleased to person this 3rd lever, which is return of capital. At this point, we proceed to judge that nan stock repurchase programme is nan astir effective return of superior to shareholders and are pleased to person done $60 cardinal past year, and that's some nan As and nan Cs, and it was awesome to beryllium capable to person some of those successful nan program.

To your question, we look astatine nan shape and size pinch nan Board connected a beautiful regular ground and are pleased pinch nan shape and size arsenic we person it. So, it's nan measurement we've been looking astatine it.

Unidentified Analyst

Ruth, convey you very much. We're excited for each nan announcements and everything to travel retired of AI.

Ruth Porat

Thank you.

Unidentified Analyst

Thank you.

Editor: Naga



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