Search revenue growth combined with a declining TAC rate demonstrates that Alphabet's owned-and-operated properties capture incremental share versus syndicated network traffic, improving unit economics on the advertising base. The filing shows Search revenue grew while the blended TAC rate compressed, meaning each incremental dollar costs less in traffic acquisition than the prior mix. This structural mix shift toward first-party surfaces insulates margins even as distribution payments persist.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s