Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT ON FORM 8-K - GOOGLE INC. | d8k.htm |
| EX-99.1 - PRESS RELEASE OF GOOGLE INC. - GOOGLE INC. | dex991.htm |
Exhibit 99.2
Google Inc.
CONSOLIDATED BALANCE SHEETS
(In millions)
| As of December 31, 2010* |
As of March 31, 2011 |
|||||||
| (unaudited) | ||||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 13,630 | $ | 12,415 | ||||
| Marketable securities |
21,345 | 24,260 | ||||||
| Accounts receivable, net of allowance |
4,252 | 4,216 | ||||||
| Receivable under reverse repurchase agreements |
750 | 575 | ||||||
| Deferred income taxes, net |
259 | 320 | ||||||
| Income taxes receivable, net |
— | 27 | ||||||
| Prepaid revenue share, expenses and other assets |
1,326 | 1,497 | ||||||
| Total current assets |
41,562 | 43,310 | ||||||
| Prepaid revenue share, expenses and other assets, non-current |
442 | 390 | ||||||
| Deferred income taxes, net, non-current |
265 | 21 | ||||||
| Non-marketable equity securities |
523 | 666 | ||||||
| Property and equipment, net |
7,759 | 8,249 | ||||||
| Intangible assets, net |
1,044 | 1,016 | ||||||
| Goodwill |
6,256 | 6,308 | ||||||
| Total assets |
$ | 57,851 | $ | 59,960 | ||||
| Liabilities and Stockholders’ Equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 483 | $ | 516 | ||||
| Short-term debt |
3,465 | 3,216 | ||||||
| Accrued compensation and benefits |
1,410 | 945 | ||||||
| Accrued expenses and other current liabilities |
961 | 964 | ||||||
| Accrued revenue share |
885 | 871 | ||||||
| Securities lending payable |
2,361 | 1,880 | ||||||
| Deferred revenue |
394 | 440 | ||||||
| Income taxes payable, net |
37 | — | ||||||
| Total current liabilities |
9,996 | 8,832 | ||||||
| Deferred revenue, non-current |
35 | 32 | ||||||
| Income taxes payable, non-current |
1,200 | 1,322 | ||||||
| Other long-term liabilities |
379 | 423 | ||||||
| Stockholders’ equity: |
||||||||
| Common stock and additional paid-in capital |
18,235 | 18,804 | ||||||
| Accumulated other comprehensive income |
138 | 381 | ||||||
| Retained earnings |
27,868 | 30,166 | ||||||
| Total stockholders’ equity |
46,241 | 49,351 | ||||||
| Total liabilities and stockholders’ equity |
$ | 57,851 | $ | 59,960 | ||||
| * | Derived from audited financial statements. |
Google Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except share amounts which are reflected in thousands and per share amounts)
| Three Months
Ended March 31, |
||||||||
| 2010 | 2011 | |||||||
| (unaudited) | ||||||||
| Revenues |
$ | 6,775 | $ | 8,575 | ||||
| Costs and expenses: |
||||||||
| Cost of revenues (including stock-based compensation expense of $6, $49) |
2,452 | 2,936 | ||||||
| Research and development (including stock-based compensation expense of $191, $237) |
818 | 1,226 | ||||||
| Sales and marketing (including stock-based compensation expense of $54, $78) |
607 | 1,026 | ||||||
| General and administrative (including stock-based compensation expense of $40, $68) |
410 | 591 | ||||||
| Total costs and expenses |
4,287 | 5,779 | ||||||
| Income from operations |
2,488 | 2,796 | ||||||
| Interest and other income, net |
18 | 96 | ||||||
| Income before income taxes |
2,506 | 2,892 | ||||||
| Provision for income taxes |
551 | 594 | ||||||
| Net income |
$ | 1,955 | $ | 2,298 | ||||
| Net income per share - basic |
$ | 6.15 | $ | 7.15 | ||||
| Net income per share - diluted |
$ | 6.06 | $ | 7.04 | ||||
| Shares used in per share calculation - basic |
317,895 | 321,527 | ||||||
| Shares used in per share calculation - diluted |
322,608 | 326,383 | ||||||
Google Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| Three Months
Ended March 31, |
||||||||
| 2010 | 2011 | |||||||
| (unaudited) | ||||||||
| Operating activities |
||||||||
| Net income |
$ | 1,955 | $ | 2,298 | ||||
| Adjustments: |
||||||||
| Depreciation and amortization of property and equipment |
264 | 301 | ||||||
| Amortization of intangible and other assets |
67 | 100 | ||||||
| Stock-based compensation expense |
291 | 432 | ||||||
| Excess tax benefits from stock-based award activities |
(12 | ) | (24 | ) | ||||
| Deferred income taxes |
(13 | ) | 289 | |||||
| Other |
2 | 36 | ||||||
| Changes in assets and liabilities, net of effects of acquisitions: |
||||||||
| Accounts receivable |
46 | 181 | ||||||
| Income taxes, net |
381 | 73 | ||||||
| Prepaid revenue share, expenses and other assets |
(157 | ) | (78 | ) | ||||
| Accounts payable |
120 | 27 | ||||||
| Accrued expenses and other liabilities |
(394 | ) | (463 | ) | ||||
| Accrued revenue share |
23 | (33 | ) | |||||
| Deferred revenue |
11 | 33 | ||||||
| Net cash provided by operating activities |
2,584 | 3,172 | ||||||
| Investing activities |
||||||||
| Purchases of property and equipment |
(239 | ) | (890 | ) | ||||
| Purchases of marketable securities |
(12,487 | ) | (7,591 | ) | ||||
| Maturities and sales of marketable securities |
9,495 | 4,645 | ||||||
| Investments in non-marketable equity securities |
(3 | ) | (131 | ) | ||||
| Cash collateral returned related to securities lending |
— | (481 | ) | |||||
| Maturities of reverse repurchase agreements |
— | 175 | ||||||
| Acquisitions, net of cash acquired, and purchases of intangible and other assets |
(190 | ) | (148 | ) | ||||
| Net cash used in investing activities |
(3,424 | ) | (4,421 | ) | ||||
| Financing activities |
||||||||
| Net proceeds (payments) related to stock-based award activities |
(38 | ) | 116 | |||||
| Excess tax benefits from stock-based award activities |
12 | 24 | ||||||
| Repurchase of common stock in connection with an acquisition |
(97 | ) | — | |||||
| Proceeds from issuance of short-term debt |
— | 2,184 | ||||||
| Repayments of short-term debt |
— | (2,435 | ) | |||||
| Net cash used in financing activities |
(123 | ) | (111 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents |
(43 | ) | 145 | |||||
| Net decrease in cash and cash equivalents |
(1,006 | ) | (1,215 | ) | ||||
| Cash and cash equivalents at beginning of period |
10,198 | 13,630 | ||||||
| Cash and cash equivalents at end of period |
$ | 9,192 | $ | 12,415 | ||||
The following table presents our revenues by revenue source (in millions, unaudited):
| Three Months Ended March 31, |
||||||||
| 2010 | 2011 | |||||||
| Advertising revenues: |
||||||||
| Google websites |
$ | 4,439 | $ | 5,879 | ||||
| Google Network Members’ websites |
2,036 | 2,427 | ||||||
| Total advertising revenues |
6,475 | 8,306 | ||||||
| Other revenues |
300 | 269 | ||||||
| Revenues |
$ | 6,775 | $ | 8,575 | ||||
The following table presents our revenues, by revenue source, as a percentage of total revenues (unaudited):
| Three Months Ended March 31, |
||||||||
| 2010 | 2011 | |||||||
| Advertising revenues: |
||||||||
| Google websites |
66 | % | 69 | % | ||||
| Google Network Members’ websites |
30 | % | 28 | % | ||||
| Total advertising revenues |
96 | % | 97 | % | ||||
| Other revenues |
4 | % | 3 | % | ||||
| Revenues |
100 | % | 100 | % | ||||