EX-99.2 3 dex992.htm FINANCIAL TABLES FOR THE QUARTER ENDED MARCH 31, 2007 Financial tables for the quarter ended March 31, 2007

Exhibit 99.2

Google Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

     December 31,
2006*
   March 31,
2007
          (unaudited)

Assets

     

Current assets:

     

Cash and cash equivalents

   $ 3,544,671    $ 4,081,340

Marketable securities

     7,699,243      7,854,579

Accounts receivable, net of allowance

     1,322,340      1,477,090

Deferred income taxes, net

     29,713      51,259

Prepaid revenue share, expenses and other assets

     443,880      616,506
             

Total current assets

     13,039,847      14,080,774

Prepaid revenue share, expenses and other assets, non-current

     114,455      129,903

Non-marketable equity securities

     1,031,850      1,030,952

Property and equipment, net

     2,395,239      2,826,717

Intangible assets, net

     346,841      326,526

Goodwill

     1,545,119      1,620,566
             

Total assets

   $ 18,473,351    $ 20,015,438
             

Liabilities and Stockholders’ Equity

     

Current liabilities:

     

Accounts payable

   $ 211,169    $ 181,828

Accrued compensation and benefits

     351,671      180,708

Accrued expenses and other current liabilities

     265,872      300,068

Accrued revenue share

     370,364      448,121

Deferred revenue

     105,136      105,771

Income taxes payable

     375      37,857
             

Total current liabilities

     1,304,587      1,254,353

Deferred revenue, long-term

     20,006      20,979

Deferred income taxes, net

     40,421      18,821

Income taxes payable, long-term

     —        267,209

Other long-term liabilities

     68,497      76,866

Stockholders’ equity:

     

Common stock

     309      310

Additional paid-in capital

     11,882,906      12,211,590

Accumulated other comprehensive income

     23,311      36,942

Retained earnings

     5,133,314      6,128,368
             

Total stockholders’ equity

     17,039,840      18,377,210
             

Total liabilities and stockholders’ equity

   $ 18,473,351    $ 20,015,438
             

* Derived from audited financial statements.


Google Inc.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

 

     Three Months Ended
March 31,
     2006    2007
     (Unaudited)

Revenues

   $ 2,253,755    $ 3,663,971

Costs and expenses:

     

Cost of revenues (including stock-based compensation expense of $2,283, $4,389)

     904,119      1,470,426

Research and development (including stock-based compensation expense of $73,086, $120,787)

     246,599      408,384

Sales and marketing (including stock-based compensation expense of $15,929, $27,250)

     190,943      302,552

General and administrative (including stock-based compensation expense of $23,366, $31,440)

     169,395      261,400
             

Total costs and expenses

     1,511,056      2,442,762
             

Income from operations

     742,699      1,221,209

Interest income and other, net

     67,919      130,728
             

Income before income taxes

     810,618      1,351,937

Provision for income taxes

     218,327      349,775
             

Net income

   $ 592,291    $ 1,002,162
             

Net income per share—basic

   $ 2.02    $ 3.24
             

Net income per share—diluted

   $ 1.95    $ 3.18
             

Shares used in per share calculation—basic

     293,896      309,315
             

Shares used in per share calculation—diluted

     304,123      314,870
             


Google Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

     Three Months Ended
March 31,
 
     2006     2007  
     (Unaudited)  

Operating activities

    

Net income

   $ 592,291     $ 1,002,162  

Adjustments:

    

Depreciation of property and equipment

     95,868       170,289  

Amortization of intangibles and warrants

     15,290       34,703  

In-process research and development

     4,000       —    

Stock-based compensation

     114,664       183,866  

Excess tax benefits from stock-based award activity

     (77,285 )     (74,084 )

Other

     —         (6,386 )

Changes in assets and liabilities, net of effects of acquisitions:

    

Accounts receivable

     (155,221 )     (153,562 )

Income taxes, net

     216,527       337,702  

Prepaid revenue share, expenses and other assets

     (26,525 )     (185,478 )

Accounts payable

     30,232       (29,256 )

Accrued expenses and other liabilities

     (39,295 )     (139,886 )

Accrued revenue share

     51,216       77,864  

Deferred revenue

     3,042       1,659  
                

Net cash provided by operating activities

     824,804       1,219,593  
                

Investing activities

    

Purchases of property and equipment

     (344,938 )     (596,893 )

Purchases of marketable securities

     (13,111,471 )     (5,225,160 )

Maturities and sales of marketable securities

     11,755,756       5,079,364  

Acquisitions, net of cash acquired, and purchases of intangible and other assets

     (187,964 )     (34,441 )
                

Net cash used in investing activities

     (1,888,617 )     (777,130 )
                

Financing activities

    

Net proceeds from stock-based award activity

     42,611       14,426  

Excess tax benefits from stock-based award activity

     77,285       74,084  
                

Net cash provided by financing activities

     119,896       88,510  
                

Effect of exchange rate changes on cash and cash equivalents

     1,922       5,696  

Net increase (decrease) in cash and cash equivalents

     (941,995 )     536,669  

Cash and cash equivalents at beginning of year

     3,877,174       3,544,671  
                

Cash and cash equivalents at end of period

   $ 2,935,179     $ 4,081,340  
                


The following table presents our revenues, by revenue source, for the periods presented (in thousands, unaudited):

 

     Three Months Ended
March 31,
     2006    2007

Advertising revenues:

     

Google web sites

   $ 1,297,317    $ 2,282,121

Google Network web sites

     928,376      1,345,329
             

Total advertising revenues

     2,225,693      3,627,450

Licensing and other revenues

     28,062      36,521
             

Revenues

   $ 2,253,755    $ 3,663,971
             

The following table presents our revenues, by revenue source, as a percentage of total revenues for the periods presented (unaudited):

 

     Three Months Ended
March 31,
 
     2006     2007  

Advertising revenues:

    

Google web sites

   58 %   62 %

Google Network web sites

   41 %   37 %
            

Total advertising revenues

   99 %   99 %

Licensing and other revenues

   1 %   1 %
            

Revenues

   100 %   100 %