Stock performance of Google Stock will not be discussed in this article, and neither will a fiancial statement analysis of Google's third quarter results. The article will merely to provide investors with a quick look at google's books. Google's Income Statement, Balance Sheet, and Cash Flow will be presented in the article.|
December
31, |
|
September
30, |
|
|||||||
|
|
|
|
|
(unaudited) |
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|
Assets |
|
|
|
|
||||||
|
Current assets: |
|
|
|
|
||||||
|
Cash and cash
equivalents |
|
$
6,081,593 |
$
8,370,469 |
|||||||
|
Marketable securities |
|
8,137,020 |
6,042,140 |
|||||||
|
Accounts receivable,
net of allowance |
|
2,162,521 |
2,541,492 |
|||||||
|
Deferred income
taxes, net |
|
68,538 |
111,401 |
|||||||
|
Income taxes
receivable |
|
145,253 |
- |
|||||||
|
Prepaid revenue
share, expenses and other assets |
|
694,213 |
897,349 |
|||||||
|
|
|
|
|
|||||||
|
Total current assets |
|
17,289,138 |
17,962,851 |
|||||||
|
|
||||||||||
|
Prepaid revenue share,
expenses and other assets, non-current |
|
168,530 |
426,478 |
|||||||
|
Deferred income taxes, net,
non-current |
|
33,219 |
165,448 |
|||||||
|
Non-marketable equity
securities |
|
1,059,694 |
1,100,896 |
|||||||
|
Property and equipment, net |
|
4,039,261 |
5,213,167 |
|||||||
|
Intangible assets, net |
|
446,596 |
1,047,717 |
|||||||
|
Goodwill |
|
2,299,368 |
4,821,646 |
|||||||
|
|
|
|
|
|||||||
|
Total assets |
|
$
25,335,806
|
$
30,738,203
|
|||||||
|
|
||||||||||
|
Liabilities and Stockholders'
Equity |
||||||||||
|
Current liabilities: |
|
|||||||||
|
Accounts payable |
|
$
282,106 |
$
240,706 |
|||||||
|
Accrued compensation
and benefits |
|
588,390 |
622,658 |
|||||||
|
Accrued expenses and
other current liabilities |
|
465,032 |
532,627 |
|||||||
|
Accrued revenue share |
|
522,001 |
515,949 |
|||||||
|
Deferred revenue |
|
178,073 |
200,378 |
|||||||
|
Income taxes payable |
|
- |
99,959 |
|||||||
|
|
|
|
|
|
||||||
|
Total current
liabilities |
|
2,035,602 |
2,212,277 |
|||||||
|
|
|
|||||||||
|
Deferred revenue, non-current |
|
30,249 |
29,992 |
|||||||
|
Deferred income taxes, net,
non-current |
|
- |
20,420 |
|||||||
|
Income taxes payable, non-current |
|
478,372 |
783,348 |
|||||||
|
Other long-term liabilities |
|
101,904 |
161,075 |
|||||||
|
|
||||||||||
|
Stockholders' equity: |
|
|||||||||
|
Common stock |
|
313 |
315 |
|||||||
|
Additional paid-in
capital |
|
13,241,221 |
14,194,197 |
|||||||
|
Accumulated other
comprehensive income |
|
113,373 |
101,162 |
|||||||
|
Retained earnings |
|
9,334,772 |
13,235,417 |
|||||||
|
|
|
|
|
|||||||
|
Total stockholders' equity |
|
22,689,679 |
27,531,091 |
|||||||
|
|
|
|
|
|||||||
|
Total liabilities and
stockholders' equity |
|
$
25,335,806
|
$
30,738,203
|
|||||||
|
|
||||||||||
Google
Inc.
Consolidated Statements of Income
(In
thousands, except per share amounts, unaudited)
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Three
Months Ended |
|
Nine
Months Ended |
||||||||||||||||
|
|
|
2007 |
|
2008 |
|
2007 |
|
2008 |
||||||||||||
|
|
|
(unaudited) |
||||||||||||||||||
|
Revenues |
|
$
4,231,351 |
$
5,541,391 |
$
11,767,307 |
$
16,094,646 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Costs and expenses: |
|
|
|
|
|
|
|
|
||||||||||||
|
Cost of revenues (including
stock-based compensation expense of $4,031, $10,729, $16,080, $29,240) |
|
1,662,579 |
2,173,390 |
4,693,261 |
6,431,501 |
|||||||||||||||
|
Research and development
(including stock-based compensation expense of $130,655, $169,263, $408,425,
$550,343) |
|
548,712 |
704,571 |
1,489,202 |
2,059,851 |
|||||||||||||||
|
Sales and marketing (including
stock-based compensation expense of $29,918, $64,497, $93,553, $149,666) |
|
380,820 |
508,801 |
1,038,976 |
1,440,252 |
|||||||||||||||
|
General and administrative
(including stock-based compensation expense of $33,352, $35,550, $105,288,
$104,345) |
|
321,398 |
411,964 |
902,202 |
1,296,178 |
|||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||
|
Total costs and expenses |
|
2,913,509 |
3,798,726 |
8,123,641 |
11,227,782 |
|||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||
|
Income from operations |
|
1,317,842 |
1,742,665 |
3,643,666 |
4,866,864 |
|||||||||||||||
|
Interest income and other, net |
|
154,428 |
21,217 |
422,287 |
246,485 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Income before income taxes |
|
1,472,270 |
1,763,882 |
4,065,953 |
5,113,349 |
|||||||||||||||
|
Provision for income taxes |
|
402,281 |
417,715 |
1,068,682 |
1,212,704 |
|||||||||||||||
|
Net income |
|
$
1,069,989
|
$
1,346,167
|
$
2,997,271
|
$
3,900,645
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net income per share - basic |
|
$
3.44
|
$
4.28
|
$
9.66
|
$
12.43
|
|||||||||||||||
|
Net income per share - diluted |
|
$
3.38
|
$
4.24
|
$
9.50
|
$
12.28
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Shares used in per share
calculation - basic |
|
311,221
|
314,241
|
310,324
|
313,729
|
|||||||||||||||
|
Shares used in per share
calculation - diluted |
|
316,576
|
317,776
|
315,638
|
317,730
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Google
Inc.
Consolidated Statements of Cash Flows
(In
thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
Three
Months Ended |
|
Nine
Months Ended |
||||||||||||||||
|
|
|
2007 |
|
2008 |
|
2007 |
|
2008 |
||||||||||||
|
|
|
(unaudited) |
||||||||||||||||||
|
Operating activities |
|
|
|
|
|
|
|
|
||||||||||||
|
Net income |
|
$ 1,069,989 |
|
$ 1,346,167 |
|
$
2,997,271 |
|
$
3,900,645 |
||||||||||||
|
Adjustments: |
|
|
|
|||||||||||||||||
|
Depreciation
and amortization of property and equipment |
|
207,415 |
|
309,482 |
|
565,841 |
|
898,762 |
||||||||||||
|
Amortization
of intangibles and other |
|
41,960 |
|
76,764 |
|
111,881 |
|
215,615 |
||||||||||||
|
Stock-based
compensation |
|
197,956 |
|
280,039 |
|
623,346 |
|
833,594 |
||||||||||||
|
Excess tax
benefits from stock-based award activity |
|
(58,762) |
|
(19,791) |
|
(238,577) |
|
(114,770) |
||||||||||||
|
Deferred
income taxes |
|
(2,079) |
|
20,164 |
|
(184,520) |
|
(85,726) |
||||||||||||
|
Other, net |
|
(7,180) |
|
10,169 |
|
(7,215) |
|
(14,488) |
||||||||||||
|
Changes in
assets and liabilities, net of effects of acquisitions: |
|
|
|
|||||||||||||||||
|
Accounts
receivable |
|
(234,391) |
|
78,049 |
|
(559,425) |
|
(218,326) |
||||||||||||
|
Income
taxes, net |
|
99,720 |
|
24,314 |
|
615,568 |
|
552,673 |
||||||||||||
|
Prepaid
revenue share, expenses and other assets |
|
(29,738) |
|
42,744 |
|
(237,262) |
|
(140,059) |
||||||||||||
|
Accounts
payable |
|
94,817 |
|
(191,402) |
|
20,155 |
|
(152,165) |
||||||||||||
|
Accrued
expenses and other liabilities |
|
185,641 |
|
185,133 |
|
206,522 |
|
37,882 |
||||||||||||
|
Accrued
revenue share |
|
54,294 |
|
12,017 |
|
136,446 |
|
(4,433) |
||||||||||||
|
Deferred
revenue |
|
13,001 |
|
11,106 |
|
32,131 |
|
21,354 |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net cash provided by operating
activities |
|
1,632,643 |
|
2,184,955 |
|
4,082,162 |
|
5,730,558 |
||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Investing activities |
|
|
|
|
||||||||||||||||
|
Purchases of property and
equipment |
|
(552,640) |
|
(451,503) |
|
(1,724,631) |
|
(1,990,617) |
||||||||||||
|
Purchases of marketable securities |
|
(4,412,277) |
|
(2,892,983) |
|
(11,756,147) |
|
(7,814,293) |
||||||||||||
|
Maturities and sales of marketable
securities |
|
4,501,783 |
|
2,218,344 |
|
11,519,001 |
|
9,634,903 |
||||||||||||
|
Investments in non-marketable
equity securities |
|
(11,000) |
|
(35,377) |
|
(21,288) |
|
(44,869) |
||||||||||||
|
Acquisitions, net of cash
acquired, proceeds received from divestiture, and purchases of intangible and
other assets |
|
(615,552) |
|
24,562 |
|
(823,092) |
|
(3,287,708) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net cash used in investing
activities |
|
(1,089,686) |
|
(1,136,957) |
|
(2,806,157) |
|
(3,502,584) |
||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Financing activities |
|
|
|
|
||||||||||||||||
|
Net proceeds (payments) related to
stock-based award activity |
|
(9,751) |
|
(15,506) |
|
19,073 |
|
(38,252) |
||||||||||||
|
Excess tax benefits from
stock-based award activity |
|
58,762 |
|
19,791 |
|
238,577 |
|
114,770 |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net cash provided by financing
activities |
|
49,011 |
|
4,285 |
|
257,650 |
|
76,518 |
||||||||||||
|
|
|
|
|
|
||||||||||||||||
|
Effect of exchange rate changes on
cash and cash equivalents |
|
20,784 |
|
(45,350) |
|
28,078 |
|
(15,616) |
||||||||||||
|
|
|
|
|
|||||||||||||||||
|
Net increase in cash and cash
equivalents |
|
612,752 |
|
1,006,933 |
|
1,561,733 |
|
2,288,876 |
||||||||||||
|
Cash and cash equivalents at
beginning of period |
|
4,493,652 |
|
7,363,536 |
|
3,544,671 |
|
6,081,593 |
||||||||||||
|
Cash and cash equivalents at end
of period |
|
$ 5,106,404
|
|
$ 8,370,469
|
|
$ 5,106,404
|
|
$ 8,370,469
|
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