Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT ON FORM 8-K - GOOGLE INC. | d243180d8k.htm |
| EX-99.1 - PRESS RELEASE - GOOGLE INC. | d243180dex991.htm |
Exhibit 99.2
Google Inc.
CONSOLIDATED BALANCE SHEETS
(In millions)
| As of December 31, 2010* |
As of September 30, 2011 |
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| (unaudited) | ||||||||
| Assets |
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| Current assets: |
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| Cash and cash equivalents |
$ | 13,630 | $ | 10,630 | ||||
| Marketable securities |
21,345 | 31,930 | ||||||
| Accounts receivable, net of allowance |
4,252 | 4,583 | ||||||
| Receivable under reverse repurchase agreements |
750 | 1,145 | ||||||
| Deferred income taxes, net |
259 | 215 | ||||||
| Income taxes receivable, net |
— | 133 | ||||||
| Prepaid revenue share, expenses and other assets |
1,326 | 1,406 | ||||||
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| Total current assets |
41,562 | 50,042 | ||||||
| Prepaid revenue share, expenses and other assets, non-current |
442 | 488 | ||||||
| Deferred income taxes, net, non-current |
265 | — | ||||||
| Non-marketable equity securities |
523 | 891 | ||||||
| Property and equipment, net |
7,759 | 9,204 | ||||||
| Intangible assets, net |
1,044 | 1,474 | ||||||
| Goodwill |
6,256 | 6,989 | ||||||
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| Total assets |
$ | 57,851 | $ | 69,088 | ||||
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| Liabilities and Stockholders' Equity |
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| Current liabilities: |
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| Accounts payable |
$ | 483 | $ | 563 | ||||
| Short-term debt |
3,465 | 1,218 | ||||||
| Accrued compensation and benefits |
1,410 | 1,446 | ||||||
| Accrued expenses and other current liabilities |
961 | 1,155 | ||||||
| Accrued revenue share |
885 | 962 | ||||||
| Securities lending payable |
2,361 | 3,055 | ||||||
| Deferred revenue |
394 | 489 | ||||||
| Income taxes payable, net |
37 | — | ||||||
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| Total current liabilities |
9,996 | 8,888 | ||||||
| Long-term debt |
— | 2,986 | ||||||
| Deferred revenue, non-current |
35 | 31 | ||||||
| Income taxes payable, non-current |
1,200 | 1,594 | ||||||
| Deferred income taxes, net, non-current |
— | 263 | ||||||
| Other long-term liabilities |
379 | 496 | ||||||
| Stockholders' equity: |
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| Common stock and additional paid-in capital |
18,235 | 19,697 | ||||||
| Accumulated other comprehensive income |
138 | 232 | ||||||
| Retained earnings |
27,868 | 34,901 | ||||||
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| Total stockholders' equity |
46,241 | 54,830 | ||||||
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| Total liabilities and stockholders' equity |
$ | 57,851 | $ | 69,088 | ||||
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| * | 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 | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2011 | 2010 | 2011 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Revenues |
$ | 7,286 | $ | 9,720 | $ | 20,881 | $ | 27,322 | ||||||||
| Costs and expenses: |
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| Cost of revenues (including stock-based compensation expense of $8, $72, $22, $172) |
2,552 | 3,378 | 7,471 | 9,485 | ||||||||||||
| Research and development (including stock-based compensation expense of $244, $311, $637, $795) |
994 | 1,404 | 2,711 | 3,861 | ||||||||||||
| Sales and marketing (including stock-based compensation expense of $75, $104, $185, $256) |
661 | 1,204 | 1,897 | 3,322 | ||||||||||||
| General and administrative (including stock-based compensation expense of $53, $84, $136, $214) |
532 | 676 | 1,403 | 1,919 | ||||||||||||
| Charge related to the resolution of Department of Justice investigation |
— | — | — | 500 | ||||||||||||
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| Total costs and expenses |
4,739 | 6,662 | 13,482 | 19,087 | ||||||||||||
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| Income from operations |
2,547 | 3,058 | 7,399 | 8,235 | ||||||||||||
| Interest and other income, net |
167 | 302 | 255 | 602 | ||||||||||||
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| Income before income taxes |
2,714 | 3,360 | 7,654 | 8,837 | ||||||||||||
| Provision for income taxes |
547 | 631 | 1,692 | 1,804 | ||||||||||||
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| Net income |
$ | 2,167 | $ | 2,729 | $ | 5,962 | $ | 7,033 | ||||||||
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| Net income per share - basic |
$ | 6.80 | $ | 8.44 | $ | 18.73 | $ | 21.82 | ||||||||
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| Net income per share - diluted |
$ | 6.72 | $ | 8.33 | $ | 18.49 | $ | 21.53 | ||||||||
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| Shares used in per share calculation - basic |
318,617 | 323,155 | 318,287 | 322,304 | ||||||||||||
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| Shares used in per share calculation - diluted |
322,377 | 327,439 | 322,490 | 326,619 | ||||||||||||
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Google Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2011 | 2010 | 2011 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Operating activities |
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| Net income |
$ | 2,167 | $ | 2,729 | $ | 5,962 | $ | 7,033 | ||||||||
| Adjustments: |
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| Depreciation and amortization of property and equipment |
257 | 363 | 787 | 1,011 | ||||||||||||
| Amortization of intangible and other assets |
85 | 129 | 228 | 337 | ||||||||||||
| Stock-based compensation expense |
380 | 571 | 980 | 1,437 | ||||||||||||
| Excess tax benefits from stock-based award activities |
(12 | ) | (28 | ) | (43 | ) | (61 | ) | ||||||||
| Deferred income taxes |
27 | 62 | 23 | 526 | ||||||||||||
| Other |
(9 | ) | (52 | ) | (7 | ) | 3 | |||||||||
| Changes in assets and liabilities, net of effects of acquisitions: |
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| Accounts receivable |
(259 | ) | (223 | ) | (456 | ) | (247 | ) | ||||||||
| Income taxes, net |
(131 | ) | 366 | (295 | ) | 268 | ||||||||||
| Prepaid revenue share, expenses and other assets |
(164 | ) | 2 | (355 | ) | (146 | ) | |||||||||
| Accounts payable |
115 | (5 | ) | 314 | 72 | |||||||||||
| Accrued expenses and other liabilities |
391 | (42 | ) | 316 | 255 | |||||||||||
| Accrued revenue share |
35 | 64 | 69 | 70 | ||||||||||||
| Deferred revenue |
4 | 14 | 32 | 83 | ||||||||||||
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| Net cash provided by operating activities |
2,886 | 3,950 | 7,555 | 10,641 | ||||||||||||
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| Investing activities |
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| Purchases of property and equipment |
(757 | ) | (680 | ) | (1,473 | ) | (2,487 | ) | ||||||||
| Purchases of marketable securities |
(12,168 | ) | (22,738 | ) | (37,589 | ) | (43,693 | ) | ||||||||
| Maturities and sales of marketable securities |
9,739 | 19,480 | 30,369 | 33,107 | ||||||||||||
| Investments in non-marketable equity securities |
(35 | ) | (15 | ) | (265 | ) | (358 | ) | ||||||||
| Cash collateral received (returned) related to securities lending |
(9 | ) | 1,119 | 2,861 | 695 | |||||||||||
| Investments in reverse repurchase agreements |
(875 | ) | (125 | ) | (875 | ) | (395 | ) | ||||||||
| Acquisitions, net of cash acquired, and purchases of intangible and other assets |
(441 | ) | (488 | ) | (859 | ) | (1,351 | ) | ||||||||
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| Net cash used in investing activities |
(4,546 | ) | (3,447 | ) | (7,831 | ) | (14,482 | ) | ||||||||
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| Financing activities |
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| Net payments related to stock-based award activities |
(66 | ) | (108 | ) | (65 | ) | (20 | ) | ||||||||
| Excess tax benefits from stock-based award activities |
12 | 28 | 43 | 61 | ||||||||||||
| Repurchase of common stock in connection with acquisitions |
— | — | (801 | ) | — | |||||||||||
| Proceeds from issuance of debt, net of costs |
2,121 | 750 | 2,121 | 8,780 | ||||||||||||
| Repayments of debt |
— | (750 | ) | — | (8,054 | ) | ||||||||||
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| Net cash provided by (used in) financing activities |
2,067 | (80 | ) | 1,298 | 767 | |||||||||||
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| Effect of exchange rate changes on cash and cash equivalents |
137 | (113 | ) | 37 | 74 | |||||||||||
| Net increase (decrease) in cash and cash equivalents |
544 | 310 | 1,059 | (3,000 | ) | |||||||||||
| Cash and cash equivalents at beginning of period |
10,713 | 10,320 | 10,198 | 13,630 | ||||||||||||
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| Cash and cash equivalents at end of period |
$ | 11,257 | $ | 10,630 | $ | 11,257 | $ | 10,630 | ||||||||
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The following table presents our revenues by revenue source (in millions, unaudited):
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2011 | 2010 | 2011 | |||||||||||||
| Advertising revenues: |
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| Google websites |
$ | 4,833 | $ | 6,740 | $ | 13,772 | $ | 18,851 | ||||||||
| Google Network Members’ websites |
2,199 | 2,595 | 6,297 | 7,506 | ||||||||||||
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| Total advertising revenues |
7,032 | 9,335 | 20,069 | 26,357 | ||||||||||||
| Other revenues |
254 | 385 | 812 | 965 | ||||||||||||
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| Revenues |
$ | 7,286 | $ | 9,720 | $ | 20,881 | $ | 27,322 | ||||||||
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The following table presents our revenues, by revenue source, as a percentage of total revenues (unaudited):
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2010 | 2011 | 2010 | 2011 | |||||||||||||
| Advertising revenues: |
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| Google websites |
67 | % | 69 | % | 66 | % | 69 | % | ||||||||
| Google Network Members’ websites |
30 | % | 27 | % | 30 | % | 27 | % | ||||||||
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| Total advertising revenues |
97 | % | 96 | % | 96 | % | 96 | % | ||||||||
| Other revenues |
3 | % | 4 | % | 4 | % | 4 | % | ||||||||
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| Revenues |
100 | % | 100 | % | 100 | % | 100 | % | ||||||||
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