Attached files
| file | filename |
|---|---|
| EX-99.1 - PRESS RELEASE - GOOGLE INC. | d285258dex991.htm |
| 8-K - CURRENT REPORT ON FORM 8-K - GOOGLE INC. | d285258d8k.htm |
Exhibit 99.2
Google Inc.
CONSOLIDATED BALANCE SHEETS
(In millions)
| As
of December 31, 2010* |
As
of December 31, 2011 |
|||||||
| (unaudited) | ||||||||
| Assets |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 13,630 | $ | 9,983 | ||||
| Marketable securities |
21,345 | 34,643 | ||||||
| Accounts receivable, net of allowance |
4,252 | 5,427 | ||||||
| Receivable under reverse repurchase agreements |
750 | 745 | ||||||
| Deferred income taxes, net |
259 | 215 | ||||||
| Prepaid revenue share, expenses and other assets |
1,326 | 1,745 | ||||||
|
|
|
|
|
|||||
| Total current assets |
41,562 | 52,758 | ||||||
| Prepaid revenue share, expenses and other assets, non-current |
442 | 499 | ||||||
| Deferred income taxes, net, non-current |
265 | — | ||||||
| Non-marketable equity securities |
523 | 790 | ||||||
| Property and equipment, net |
7,759 | 9,603 | ||||||
| Intangible assets, net |
1,044 | 1,578 | ||||||
| Goodwill |
6,256 | 7,346 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 57,851 | $ | 72,574 | ||||
|
|
|
|
|
|||||
| Liabilities and Stockholders' Equity |
||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 483 | $ | 588 | ||||
| Short-term debt |
3,465 | 1,218 | ||||||
| Accrued compensation and benefits |
1,410 | 1,818 | ||||||
| Accrued expenses and other current liabilities |
961 | 1,370 | ||||||
| Accrued revenue share |
885 | 1,168 | ||||||
| Securities lending payable |
2,361 | 2,007 | ||||||
| Deferred revenue |
394 | 547 | ||||||
| Income taxes payable, net |
37 | 197 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
9,996 | 8,913 | ||||||
| Long-term debt |
— | 2,986 | ||||||
| Deferred revenue, non-current |
35 | 44 | ||||||
| Income taxes payable, non-current |
1,200 | 1,693 | ||||||
| Deferred income taxes, net, non-current |
— | 287 | ||||||
| Other long-term liabilities |
379 | 506 | ||||||
| Stockholders' equity: |
||||||||
| Common stock and additional paid-in capital |
18,235 | 20,264 | ||||||
| Accumulated other comprehensive income |
138 | 276 | ||||||
| Retained earnings |
27,868 | 37,605 | ||||||
|
|
|
|
|
|||||
| Total stockholders' equity |
46,241 | 58,145 | ||||||
|
|
|
|
|
|||||
| Total liabilities and stockholders' equity |
$ | 57,851 | $ | 72,574 | ||||
|
|
|
|
|
|||||
| * | 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 December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2010 | 2011 | 2010* | 2011 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Revenues |
$ | 8,440 | $ | 10,584 | $ | 29,321 | $ | 37,905 | ||||||||
| Costs and expenses: |
||||||||||||||||
| Cost of revenues (including stock-based compensation expense of $45, $77, $67, $249) |
2,946 | 3,702 | 10,417 | 13,188 | ||||||||||||
| Research and development (including stock-based compensation expense of $224, $266, $861, $1,061) |
1,051 | 1,298 | 3,762 | 5,162 | ||||||||||||
| Sales and marketing (including stock-based compensation expense of $76, $105, $261, $361) |
902 | 1,268 | 2,799 | 4,589 | ||||||||||||
| General and administrative (including stock-based compensation expense of $51, $88, $187, $303) |
559 | 809 | 1,962 | 2,724 | ||||||||||||
| Charge related to the resolution of Department of Justice investigation |
— | — | — | 500 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total costs and expenses |
5,458 | 7,077 | 18,940 | 26,163 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income from operations |
2,982 | 3,507 | 10,381 | 11,742 | ||||||||||||
| Interest and other income (expense), net |
160 | (18 | ) | 415 | 584 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
3,142 | 3,489 | 10,796 | 12,326 | ||||||||||||
| Provision for income taxes |
599 | 784 | 2,291 | 2,589 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income |
$ | 2,543 | $ | 2,705 | $ | 8,505 | $ | 9,737 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per share - basic |
$ | 7.95 | $ | 8.34 | $ | 26.69 | $ | 30.17 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income per share - diluted |
$ | 7.81 | $ | 8.22 | $ | 26.31 | $ | 29.76 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares used in per share calculation - basic |
319,946 | 324,204 | 318,702 | 322,778 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Shares used in per share calculation - diluted |
325,536 | 329,002 | 323,251 | 327,214 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Derived from audited financial statements. |
Google Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2010 | 2011 | 2010* | 2011 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Operating activities |
||||||||||||||||
| Net income |
$ | 2,543 | $ | 2,705 | $ | 8,505 | $ | 9,737 | ||||||||
| Adjustments: |
||||||||||||||||
| Depreciation and amortization of property and equipment |
280 | 385 | 1,067 | 1,396 | ||||||||||||
| Amortization of intangible and other assets |
101 | 118 | 329 | 455 | ||||||||||||
| Impairment of equity investments |
— | 110 | — | 110 | ||||||||||||
| Stock-based compensation expense |
396 | 536 | 1,376 | 1,974 | ||||||||||||
| Excess tax benefits from stock-based award activities |
(51 | ) | (25 | ) | (94 | ) | (86 | ) | ||||||||
| Deferred income taxes |
(14 | ) | (183 | ) | 9 | 343 | ||||||||||
| Other |
(5 | ) | 3 | (12 | ) | 6 | ||||||||||
| Changes in assets and liabilities, net of effects of acquisitions: |
||||||||||||||||
| Accounts receivable |
(673 | ) | (909 | ) | (1,129 | ) | (1,156 | ) | ||||||||
| Income taxes, net |
397 | 463 | 102 | 731 | ||||||||||||
| Prepaid revenue share, expenses and other assets |
(59 | ) | (116 | ) | (414 | ) | (262 | ) | ||||||||
| Accounts payable |
(42 | ) | 29 | 272 | 101 | |||||||||||
| Accrued expenses and other liabilities |
429 | 540 | 745 | 795 | ||||||||||||
| Accrued revenue share |
145 | 189 | 214 | 259 | ||||||||||||
| Deferred revenue |
79 | 79 | 111 | 162 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash provided by operating activities |
3,526 | 3,924 | 11,081 | 14,565 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Investing activities |
||||||||||||||||
| Purchases of property and equipment |
(2,545 | ) | (951 | ) | (4,018 | ) | (3,438 | ) | ||||||||
| Purchases of marketable securities |
(6,396 | ) | (17,979 | ) | (43,985 | ) | (61,672 | ) | ||||||||
| Maturities and sales of marketable securities |
6,730 | 15,639 | 37,099 | 48,746 | ||||||||||||
| Investments in non-marketable equity securities |
(55 | ) | (70 | ) | (320 | ) | (428 | ) | ||||||||
| Cash collateral received (returned) related to securities lending |
(500 | ) | (1,048 | ) | 2,361 | (354 | ) | |||||||||
| Investments in reverse repurchase agreements |
125 | 400 | (750 | ) | 5 | |||||||||||
| Acquisitions, net of cash acquired, and purchases of intangible and other assets |
(208 | ) | (550 | ) | (1,067 | ) | (1,900 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash used in investing activities |
(2,849 | ) | (4,559 | ) | (10,680 | ) | (19,041 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Financing activities |
||||||||||||||||
| Net proceeds (payments) related to stock-based award activities |
359 | 15 | 294 | (5 | ) | |||||||||||
| Excess tax benefits from stock-based award activities |
51 | 25 | 94 | 86 | ||||||||||||
| Repurchase of common stock in connection with acquisitions |
— | — | (801 | ) | — | |||||||||||
| Proceeds from issuance of debt, net of costs |
2,702 | 2,125 | 5,246 | 10,905 | ||||||||||||
| Repayments of debt |
(1,360 | ) | (2,125 | ) | (1,783 | ) | (10,179 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net cash provided by financing activities |
1,752 | 40 | 3,050 | 807 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Effect of exchange rate changes on cash and cash equivalents |
(56 | ) | (52 | ) | (19 | ) | 22 | |||||||||
| Net increase (decrease) in cash and cash equivalents |
2,373 | (647 | ) | 3,432 | (3,647 | ) | ||||||||||
| Cash and cash equivalents at beginning of period |
11,257 | 10,630 | 10,198 | 13,630 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash and cash equivalents at end of period |
$ | 13,630 | $ | 9,983 | $ | 13,630 | $ | 9,983 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| * | Derived from audited financial statements. |
The following table presents our revenues by revenue source (in millions, unaudited):
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2010 | 2011 | 2010 | 2011 | |||||||||||||
| Advertising revenues: |
||||||||||||||||
| Google websites |
$ | 5,672 | $ | 7,294 | $ | 19,444 | $ | 26,145 | ||||||||
| Google Network Members' websites |
2,495 | 2,880 | 8,792 | 10,386 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total advertising revenues |
8,167 | 10,174 | 28,236 | 36,531 | ||||||||||||
| Other revenues |
273 | 410 | 1,085 | 1,374 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Revenues |
$ | 8,440 | $ | 10,584 | $ | 29,321 | $ | 37,905 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The following table presents our revenues, by revenue source, as a percentage of total revenues (unaudited):
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2010 | 2011 | 2010 | 2011 | |||||||||||||
| Advertising revenues: |
||||||||||||||||
| Google websites |
67 | % | 69 | % | 66 | % | 69 | % | ||||||||
| Google Network Members' websites |
30 | % | 27 | % | 30 | % | 27 | % | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total advertising revenues |
97 | % | 96 | % | 96 | % | 96 | % | ||||||||
| Other revenues |
3 | % | 4 | % | 4 | % | 4 | % | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Revenues |
100 | % | 100 | % | 100 | % | 100 | % | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||