Google News - Investor Relations - Google
News for Google's Investor Relations
Alphabet Announces Third Quarter 2015 Results of Google
https://investor.google.com/earnings/2015/Q3_google_earnings.html
Oct 22nd 2015, 20:55
Revenues of $18.7 billion and revenue growth of 13% year over year; constant currency revenue growth of 21% year over year
Substantial growth of mobile search revenue, complemented by contributions from YouTube and Programmatic Advertising
GAAP and non-GAAP operating income of $4.7 billion and $6.1 billion, respectively
GAAP and non-GAAP diluted EPS of $5.73 and $7.35, respectively
Strong operating cash flow of $6.0 billion
MOUNTAIN VIEW, Calif. – October 22, 2015 – Alphabet Inc. (NASDAQ: GOOG, GOOGL), the successor issuer to, and parent holding company of, Google Inc., today announced financial results of Google as it existed prior to the reorganization that became effective on October 2, 2015 for the quarter ended September 30, 2015.
"Our Q3 results show the strength of Google's business, particularly in mobile search. With six products now having more than 1 billion users globally, we're excited about the opportunities ahead of Google, and across Alphabet," said Ruth Porat, CFO of Alphabet and Google.
Q3 2015 Financial Highlights
The following summarizes our consolidated financial results for the quarters ended September 30, 2014 and 2015 (in millions, except for per share information; unaudited):
Revenues
$
16,523
$
18,675
Increase in revenues year over year
20
%
13
%
Traffic acquisition costs (TAC)
$
3,348
$
3,566
GAAP operating income
$
3,724
$
4,708
GAAP operating margin
23
%
25
%
Non-GAAP operating income
$
5,357
$
6,140
Non-GAAP operating margin
32
%
33
%
GAAP net income*
$
2,739
$
3,979
Non-GAAP net income
$
4,299
$
5,102
GAAP diluted EPS for Class A and B common stock and Class C capital stock*
$
3.98
$
5.73
Non-GAAP diluted EPS for Class A and B common stock and Class C capital stock
$
6.25
$
7.35
Diluted shares (in thousands)
688,215
694,319
*GAAP net income and diluted EPS include Net Loss from Discontinued Operations for the three months ended September 30, 2014.
Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis. Non-GAAP operating income and non-GAAP operating margin exclude stock-based compensation (SBC) expense from continuing operations. Non-GAAP net income and non-GAAP diluted EPS exclude SBC expense from continuing operations, net of the related tax benefits, as well as the impact from Net Loss from Discontinued Operations. In the third quarter of 2014, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP diluted EPS also excluded an impairment charge of $378 million related to a patent licensing royalty asset acquired in connection with the purchase of Motorola. These non-GAAP measures, as well as free cash flow, an alternative non-GAAP measure of liquidity, and non-GAAP constant currency revenues and growth, are described and reconciled to the corresponding GAAP measures at the end of this release.
Q3 2015 Financial Summary
Revenues and Monetization
Revenues by source (in millions; unaudited):
Google websites
$
13,087
16
%
6
%
Google Network Members' websites
3,694
4
%
2
%
Total advertising revenues*
16,781
13
%
5
%
Other revenues
1,894
11
%
11
%
Revenues
$
18,675
13
%
5
%
*Advertising revenues are generally reported on a gross basis, consistent with GAAP, without deducting TAC.
Had foreign exchange rates remained constant from the third quarter of 2014 through the third quarter of 2015, our revenues in the third quarter of 2015 would have been $1,291 million higher with a constant currency growth rate of 21% year over year. This includes a foreign exchange rate impact of $1,577 million, offset by hedging gains of $286 million related to our foreign exchange risk management program. Our constant currency revenues are presented in the financial tables following this release as well as in the accompanying materials on the Investor Relations website.
Paid clicks and cost-per-click information (unaudited):
Aggregate paid clicks
23
%
6
%
Paid clicks on Google websites
35
%
7
%
Paid clicks on Google Network Members' websites
(5)
%
0
%
Aggregate cost-per-click
(11)
%
(1)
%
Cost-per-click on Google websites
(16)
%
(2)
%
Cost-per-click on Google Network Members' websites
(4)
%
1
%
Costs and Expenses
Traffic acquisition costs (TAC), other cost of revenues, operating expenses, stock-based compensation expense, and depreciation, amortization, and impairment charges (in millions; unaudited):
TAC to Google Network Members
$
2,421
$
2,514
TAC to distribution partners
$
927
$
1,052
Total TAC
$
3,348
$
3,566
TAC to Google Network Members as % of Google Network Members' revenues
68
%
68
%
TAC to distribution partners as % of Google website revenues
8
%
8
%
Total TAC as % of advertising revenues
23
%
21
%
Other cost of revenues
$
3,347
$
3,471
Other cost of revenues as % of revenues
20
%
19
%
Operating expenses (other than cost of revenues)
$
6,104
$
6,930
Operating expenses as % of revenues
37
%
37
%
Stock-based compensation expense*
$
1,255
$
1,432
Tax benefit related to stock-based compensation expense
$
(258)
$
(309)
Depreciation, amortization, and impairment charges*
$
1,524
$
1,248
*Included in Cost of revenues and Operating expenses. Excludes impact from discontinued operations for the three months ended September 30, 2014.
Supplemental Information (in millions except for headcount data; unaudited)
Cash, cash equivalents, and marketable securities
$
62,157
$
72,767
Net cash provided by operating activities
$
5,994
$
6,007
Capital expenditures*
$
2,417
$
2,373
Free cash flow
$
3,577
$
3,634
Effective tax rate
24
%
19
%
Headcount
51,564
59,976
*For Q3 2015, our capital expenditures are primarily related to production equipment, data center construction, and facilities.
Adjustments to Previously Reported Financial Information
In the second quarter of 2015, we identified an incorrect classification of certain revenues between legal entities, and as a consequence, we revised our income tax expense for periods beginning in 2008 through the first quarter of 2015 in the cumulative amount of $711 million. The income tax amount is not material to the periods impacted and consolidated revenues are not impacted. We elected to revise previously issued consolidated financial statements for the periods impacted.
In the first quarter of 2015, we reclassified revenues primarily related to DoubleClick ad serving software revenues from Other revenues to Advertising revenues from Google Network Members' websites. Prior period amounts have been adjusted to conform with our current period presentation.
Alphabet Reorganization
On August 10, 2015, we announced plans to create a new public holding company, Alphabet, and a new operating structure. On October 2, 2015, we announced the implementation of the holding company reorganization, in which Alphabet became the successor issuer to Google. The new operating structure is being introduced in phases. For financial reporting purposes, we expect the reorganization will result in disclosing our Google business as a single segment and all other Alphabet businesses combined as Other Bets beginning in the fourth quarter of 2015.
Stock Repurchase
The board of directors of Alphabet authorized the company to repurchase up to $5,099,019,513.59 of its Class C capital stock, commencing in the fourth quarter of 2015. The repurchase is expected to be executed from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.
Webcast and Conference Call Information
A live audio webcast of our third quarter 2015 earnings release call will be available at http://investor.google.com/webcast.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial tables, as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available on that site.
We also announce investor information, including news and commentary about our business and financial performance, SEC filings, notices of investor events and our press and earnings releases, on our investor relations website (http://investor.google.com).
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2014 and our most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, which are on file with the SEC and are available on our investor relations website at investor.google.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2015. All information provided in this release and in the attachments is as of October 22, 2015, and we undertake no duty to update this information unless required by law.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP diluted EPS, free cash flow, non-GAAP constant currency revenues, and non-GAAP constant currency revenue growth. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact for foreign currency fluctuations or our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures," "Reconciliation from net cash provided by operating activities to free cash flow," and "Reconciliation from GAAP revenues to non-GAAP constant currency revenues" included at the end of this release.
Contact
Investor Relations
investor-relations@google.com
Media
press@google.com
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Thursday, October 22, 2015
Wednesday, October 7, 2015
Google News - Investor Relations - Google: Alphabet Announces Date of Third Quarter 2015 Financial Results Conference Call
Google News - Investor Relations - Google
News for Google's Investor Relations
Alphabet Announces Date of Third Quarter 2015 Financial Results Conference Call
https://investor.google.com/releases/2015/1007.html
Oct 7th 2015, 21:28
MOUNTAIN VIEW, Calif. (October 7, 2015) – On October 2, 2015, Alphabet Inc. (NASDAQ: GOOG, GOOGL) became the successor issuer to, and parent holding company of, Google Inc. in order to implement a previously announced holding company reorganization. Alphabet will hold a quarterly conference call on Thursday, October 22nd, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the third quarter 2015 financial results of Google as it existed prior to the reorganization.
The live webcast of the earnings conference call can be accessed at investor.google.com/webcast.html. A replay of the webcast will be available through the same link following the conference call. Please visit the Investor Relations website at investor.google.com on October 22, 2015 to view the earnings release prior to the conference call.
About Alphabet Inc.
Larry Page and Sergey Brin founded Google in September 1998. Since then, the company has grown to more than 50,000 employees worldwide, with a wide range of popular products and platforms like Search, Maps, Ads, Gmail, Android, Chrome, and YouTube. In October 2015, Alphabet became the parent holding company of Google. You can read more about Alphabet's mission here.
Contact
Investor Relations
investor-relations@google.com
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News for Google's Investor Relations
Alphabet Announces Date of Third Quarter 2015 Financial Results Conference Call
https://investor.google.com/releases/2015/1007.html
Oct 7th 2015, 21:28
MOUNTAIN VIEW, Calif. (October 7, 2015) – On October 2, 2015, Alphabet Inc. (NASDAQ: GOOG, GOOGL) became the successor issuer to, and parent holding company of, Google Inc. in order to implement a previously announced holding company reorganization. Alphabet will hold a quarterly conference call on Thursday, October 22nd, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the third quarter 2015 financial results of Google as it existed prior to the reorganization.
The live webcast of the earnings conference call can be accessed at investor.google.com/webcast.html. A replay of the webcast will be available through the same link following the conference call. Please visit the Investor Relations website at investor.google.com on October 22, 2015 to view the earnings release prior to the conference call.
About Alphabet Inc.
Larry Page and Sergey Brin founded Google in September 1998. Since then, the company has grown to more than 50,000 employees worldwide, with a wide range of popular products and platforms like Search, Maps, Ads, Gmail, Android, Chrome, and YouTube. In October 2015, Alphabet became the parent holding company of Google. You can read more about Alphabet's mission here.
Contact
Investor Relations
investor-relations@google.com
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Wednesday, September 9, 2015
Google News - Investor Relations - Google: Google Announces Plans for New Operating Structure
Google News - Investor Relations - Google
News for Google's Investor Relations
Google Announces Plans for New Operating Structure
https://investor.google.com/releases/2015/0810.html
Sep 9th 2015, 22:38
August 10, 2015
G is for Google.
As Sergey and I wrote in the original founders letter 11 years ago, "Google is not a conventional company. We do not intend to become one." As part of that, we also said that you could expect us to make "smaller bets in areas that might seem very speculative or even strange when compared to our current businesses." From the start, we've always strived to do more, and to do important and meaningful things with the resources we have.
We did a lot of things that seemed crazy at the time. Many of those crazy things now have over a billion users, like Google Maps, YouTube, Chrome, and Android. And we haven't stopped there. We are still trying to do things other people think are crazy but we are super excited about.
We've long believed that over time companies tend to get comfortable doing the same thing, just making incremental changes. But in the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant.
Our company is operating well today, but we think we can make it cleaner and more accountable. So we are creating a new company, called Alphabet. I am really excited to be running Alphabet as CEO with help from my capable partner, Sergey, as President.
What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main internet products contained in Alphabet instead. What do we mean by far afield? Good examples are our health efforts: Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity). Fundamentally, we believe this allows us more management scale, as we can run things independently that aren't very related.
Alphabet is about businesses prospering through strong leaders and independence. In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them as needed. We will rigorously handle capital allocation and work to make sure each business is executing well. We'll also make sure we have a great CEO for each business, and we'll determine their compensation. In addition, with this new structure we plan to implement segment reporting for our Q4 results, where Google financials will be provided separately than those for the rest of Alphabet businesses as a whole.
This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google. A key part of this is Sundar Pichai. Sundar has been saying the things I would have said (and sometimes better!) for quite some time now, and I've been tremendously enjoying our work together. He has really stepped up since October of last year, when he took on product and engineering responsibility for our internet businesses. Sergey and I have been super excited about his progress and dedication to the company. And it is clear to us and our board that it is time for Sundar to be CEO of Google. I feel very fortunate to have someone as talented as he is to run the slightly slimmed down Google and this frees up time for me to continue to scale our aspirations. I have been spending quite a bit of time with Sundar, helping him and the company in any way I can, and I will of course continue to do that. Google itself is also making all sorts of new products, and I know Sundar will always be focused on innovation—continuing to stretch boundaries. I know he deeply cares that we can continue to make big strides on our core mission to organize the world's information. Recent launches like Google Photos and Google Now using machine learning are amazing progress. Google also has some services that are run with their own identity, like YouTube. Susan is doing a great job as CEO, running a strong brand and driving incredible growth.
Sergey and I are seriously in the business of starting new things. Alphabet will also include our X lab, which incubates new efforts like Wing, our drone delivery effort. We are also stoked about growing our investment arms, Ventures and Capital, as part of this new structure.
Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG.
For Sergey and me this is a very exciting new chapter in the life of Google—the birth of Alphabet. We liked the name Alphabet because it means a collection of letters that represent language, one of humanity's most important innovations, and is the core of how we index with Google search! We also like that it means alpha‑bet (Alpha is investment return above benchmark), which we strive for! I should add that we are not intending for this to be a big consumer brand with related products—the whole point is that Alphabet companies should have independence and develop their own brands.
We are excited about...
Getting more ambitious things done.
Taking the long-term view.
Empowering great entrepreneurs and companies to flourish.
Investing at the scale of the opportunities and resources we see.
Improving the transparency and oversight of what we're doing.
Making Google even better through greater focus.
And hopefully... as a result of all this, improving the lives of as many people as we can.
What could be better? No wonder we are excited to get to work with everyone in the Alphabet family. Don't worry, we're still getting used to the name too!
Larry Page
CEO, Alphabet
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News for Google's Investor Relations
Google Announces Plans for New Operating Structure
https://investor.google.com/releases/2015/0810.html
Sep 9th 2015, 22:38
August 10, 2015
G is for Google.
As Sergey and I wrote in the original founders letter 11 years ago, "Google is not a conventional company. We do not intend to become one." As part of that, we also said that you could expect us to make "smaller bets in areas that might seem very speculative or even strange when compared to our current businesses." From the start, we've always strived to do more, and to do important and meaningful things with the resources we have.
We did a lot of things that seemed crazy at the time. Many of those crazy things now have over a billion users, like Google Maps, YouTube, Chrome, and Android. And we haven't stopped there. We are still trying to do things other people think are crazy but we are super excited about.
We've long believed that over time companies tend to get comfortable doing the same thing, just making incremental changes. But in the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant.
Our company is operating well today, but we think we can make it cleaner and more accountable. So we are creating a new company, called Alphabet. I am really excited to be running Alphabet as CEO with help from my capable partner, Sergey, as President.
What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main internet products contained in Alphabet instead. What do we mean by far afield? Good examples are our health efforts: Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity). Fundamentally, we believe this allows us more management scale, as we can run things independently that aren't very related.
Alphabet is about businesses prospering through strong leaders and independence. In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them as needed. We will rigorously handle capital allocation and work to make sure each business is executing well. We'll also make sure we have a great CEO for each business, and we'll determine their compensation. In addition, with this new structure we plan to implement segment reporting for our Q4 results, where Google financials will be provided separately than those for the rest of Alphabet businesses as a whole.
This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google. A key part of this is Sundar Pichai. Sundar has been saying the things I would have said (and sometimes better!) for quite some time now, and I've been tremendously enjoying our work together. He has really stepped up since October of last year, when he took on product and engineering responsibility for our internet businesses. Sergey and I have been super excited about his progress and dedication to the company. And it is clear to us and our board that it is time for Sundar to be CEO of Google. I feel very fortunate to have someone as talented as he is to run the slightly slimmed down Google and this frees up time for me to continue to scale our aspirations. I have been spending quite a bit of time with Sundar, helping him and the company in any way I can, and I will of course continue to do that. Google itself is also making all sorts of new products, and I know Sundar will always be focused on innovation—continuing to stretch boundaries. I know he deeply cares that we can continue to make big strides on our core mission to organize the world's information. Recent launches like Google Photos and Google Now using machine learning are amazing progress. Google also has some services that are run with their own identity, like YouTube. Susan is doing a great job as CEO, running a strong brand and driving incredible growth.
Sergey and I are seriously in the business of starting new things. Alphabet will also include our X lab, which incubates new efforts like Wing, our drone delivery effort. We are also stoked about growing our investment arms, Ventures and Capital, as part of this new structure.
Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG.
For Sergey and me this is a very exciting new chapter in the life of Google—the birth of Alphabet. We liked the name Alphabet because it means a collection of letters that represent language, one of humanity's most important innovations, and is the core of how we index with Google search! We also like that it means alpha‑bet (Alpha is investment return above benchmark), which we strive for! I should add that we are not intending for this to be a big consumer brand with related products—the whole point is that Alphabet companies should have independence and develop their own brands.
We are excited about...
Getting more ambitious things done.
Taking the long-term view.
Empowering great entrepreneurs and companies to flourish.
Investing at the scale of the opportunities and resources we see.
Improving the transparency and oversight of what we're doing.
Making Google even better through greater focus.
And hopefully... as a result of all this, improving the lives of as many people as we can.
What could be better? No wonder we are excited to get to work with everyone in the Alphabet family. Don't worry, we're still getting used to the name too!
Larry Page
CEO, Alphabet
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Thursday, July 16, 2015
Google News - Investor Relations - Google: Google Inc. Announces Second Quarter 2015 Results
Google News - Investor Relations - Google
News for Google's Investor Relations
Google Inc. Announces Second Quarter 2015 Results
https://investor.google.com/earnings/2015/Q2_google_earnings.html
Jul 16th 2015, 20:02
Revenues of $17.7 billion and revenue growth of 11% year over year; constant currency revenue growth of 18% year over year
Strong performance of core search business, particularly mobile, complemented by growth in YouTube and Programmatic Advertising
GAAP and non-GAAP operating income grew 13% and 16%, respectively, year over year
GAAP diluted EPS for Class A and B common stock and Class C capital stock of $4.93 and $6.43, respectively, and non-GAAP diluted EPS of $6.99
Strong operating cash flow of $7.0 billion
MOUNTAIN VIEW, Calif. – July 16, 2015 – Google Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended June 30, 2015.
"Our strong Q2 results reflect continued growth across the breadth of our products, most notably core search, where mobile stood out, as well as YouTube and programmatic advertising", said Ruth Porat, CFO of Google. "We are focused every day on developing big new opportunities across a wide range of businesses. We will do so with great care regarding resource allocation."
Q2 2015 Financial Highlights
The following summarizes our consolidated financial results for the quarters ended June 30, 2014 and 2015 (in millions, except for per share information; unaudited):
Revenues
$
15,955
$
17,727
Increase in revenues year over year
22
%
11
%
Traffic acquisition costs (TAC)
$
3,293
$
3,377
GAAP operating income
$
4,258
$
4,825
GAAP operating margin
27
%
27
%
Non-GAAP operating income
$
5,138
$
5,957
Non-GAAP operating margin
32
%
34
%
GAAP net income*
$
3,351
$
3,931
Non-GAAP net income
$
4,104
$
4,829
GAAP diluted EPS for Class A and B common stock*
$
4.88
$
4.93
GAAP diluted EPS for Class C capital stock*
$
4.88
$
6.43
Non-GAAP diluted EPS for Class A and B common stock and Class C capital stock
5.98
$
6.99
*GAAP net income and diluted EPS include Net Loss from Discontinued Operations for the three months ended June 30, 2014.
Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis. Non-GAAP operating income and non-GAAP operating margin exclude stock-based compensation (SBC) expense from continuing operations. Non-GAAP net income and non-GAAP diluted EPS exclude SBC expense from continuing operations, net of the related tax benefits, as well as the impact from Net Loss from Discontinued Operations. Non-GAAP diluted EPS also excludes the impact from the adjustment payment to Class C capital stockholders. These non-GAAP measures, as well as free cash flow, an alternative non-GAAP measure of liquidity, and non-GAAP constant currency revenues and growth, are described and reconciled to the corresponding GAAP measures at the end of this release.
Adjustment Payment in Relation to Class C Capital Stock Distribution
In May 2015, we paid $522 million to the holders of Class C capital stock in the form of approximately 853 thousand shares of Class C capital stock and $47 million of cash in lieu of fractional shares of Class C capital stock, in accordance with the settlement of litigation involving the authorization to distribute Class C capital stock (the Adjustment Payment). The Adjustment Payment was allocated to the numerator for calculating net income per share of Class C capital stock from net income available to all stockholders and the remaining undistributed earnings were allocated on a pro rata basis to Class A and Class B common stock and Class C capital stock based on the number of shares used in the per share computation for each class of stock. The weighted-average share impact of the Adjustment Payment is included in the denominator of both basic and diluted net income per share computations for the three and six months ended June 30, 2015.
Q2 2015 Financial Summary
Revenues and Monetization
Revenues by source (in millions; unaudited):
Google websites
$
12,402
13
%
4
%
Google Network Members' websites
3,621
2
%
1
%
Total advertising revenues*
16,023
11
%
3
%
Other revenues
1,704
17
%
(3)
%
Revenues
$
17,727
11
%
3
%
*Advertising revenues are generally reported on a gross basis, consistent with GAAP, without deducting TAC.
Had foreign exchange rates remained constant from the second quarter of 2014 through the second quarter of 2015, our revenues in the second quarter of 2015 would have been $1,103 million higher with a constant currency growth rate of 18% year over year. This includes a foreign exchange rate impact of $1,574 million, offset by hedging gains of $471 million related to our foreign exchange risk management program. Our constant currency revenues are presented in the financial tables following this release as well as in the accompanying materials on the Investor Relations website.
Paid clicks and cost-per-click information (unaudited):
Aggregate paid clicks
18
%
7
%
Paid clicks on Google websites
30
%
10
%
Paid clicks on Google Network Members' websites
(9)
%
(2)
%
Aggregate cost-per-click
(11)
%
(4)
%
Cost-per-click on Google websites
(16)
%
(5)
%
Cost-per-click on Google Network Members' websites
(3)
%
(3)
%
Costs and Expenses
Traffic acquisition costs (TAC), other cost of revenues, operating expenses, stock-based compensation expense, and depreciation and amortization expense (in millions; unaudited):
TAC to Google Network Members
$
2,400
$
2,432
TAC to distribution partners
$
893
$
945
Total TAC
$
3,293
$
3,377
TAC to Google Network Members as % of Google Network Members' revenues
67
%
67
%
TAC to distribution partners as % of Google Website revenues
8
%
8
%
Total TAC as % of advertising revenues
23
%
21
%
Other cost of revenues
$
2,821
$
3,206
Other cost of revenue as % of revenues
18
%
18
%
Operating expenses (other than cost of revenues)
$
5,583
$
6,319
Operating expenses as % of revenues
35
%
36
%
Stock-based compensation expense*
$
880
$
1,132
Tax benefit related to stock-based compensation expense
$
(195)
$
(234)
Depreciation, amortization, and impairment charges*
$
1,079
$
1,234
*Included in Cost of revenues and Operating expenses. Excludes impact from discontinued operations for the three months ended June 30, 2014.
Supplemental Information (in millions except for headcount data; unaudited)
Cash, cash equivalents, and marketable securities
$
61,204
$
69,780
Net cash provided by operating activities
$
5,627
$
6,985
Capital expenditures*
$
2,646
$
2,515
Free cash flow
$
2,981
$
4,470
Effective tax rate
22
%
21
%
Headcount
48,584
57,148
*For Q2 2015, our capital expenditures are primarily related to production equipment and data center construction.
Adjustments to Previously Reported Financial Information
In the second quarter of 2015, we identified an incorrect classification of certain revenues between legal entities, and as a consequence, we revised our income tax expense for periods beginning in 2008 through the first quarter of 2015 in the cumulative amount of $711 million. The income tax amount is not material to the periods impacted and consolidated revenues are not impacted. We have elected to revise previously issued consolidated financial statements in our upcoming filings to correct prior periods. Please refer to the supplementary slides posted on our Investor Relations website for revised historical financial information.
In the first quarter of 2015, we reclassified revenues primarily related to DoubleClick ad serving software revenues from Other revenues to Advertising revenues from Google Network Members' Websites. Prior period amounts have been adjusted to conform with our current period presentation.
Webcast and Conference Call Information
A live audio webcast of Google's second quarter 2015 earnings release call will be available at http://investor.google.com/webcast.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial tables, as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available on that site.
We also announce investor information, including news and commentary about our business and financial performance, SEC filings, notices of investor events and our press and earnings releases, on our investor relations website (http://investor.google.com).
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2014 and our most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, which are on file with the SEC and are available on our investor relations website at investor.google.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. All information provided in this release and in the attachments is as of July 16, 2015, and we undertake no duty to update this information unless required by law.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP diluted EPS, free cash flow, non-GAAP constant currency revenues, and non-GAAP constant currency revenue growth. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact for foreign currency fluctuations or our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures," "Reconciliation from net cash provided by operating activities to free cash flow," and "Reconciliation from GAAP revenues to non-GAAP constant currency revenues" included at the end of this release.
Contact
Investor Relations
investor-relations@google.com
Media
press@google.com
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News for Google's Investor Relations
Google Inc. Announces Second Quarter 2015 Results
https://investor.google.com/earnings/2015/Q2_google_earnings.html
Jul 16th 2015, 20:02
Revenues of $17.7 billion and revenue growth of 11% year over year; constant currency revenue growth of 18% year over year
Strong performance of core search business, particularly mobile, complemented by growth in YouTube and Programmatic Advertising
GAAP and non-GAAP operating income grew 13% and 16%, respectively, year over year
GAAP diluted EPS for Class A and B common stock and Class C capital stock of $4.93 and $6.43, respectively, and non-GAAP diluted EPS of $6.99
Strong operating cash flow of $7.0 billion
MOUNTAIN VIEW, Calif. – July 16, 2015 – Google Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended June 30, 2015.
"Our strong Q2 results reflect continued growth across the breadth of our products, most notably core search, where mobile stood out, as well as YouTube and programmatic advertising", said Ruth Porat, CFO of Google. "We are focused every day on developing big new opportunities across a wide range of businesses. We will do so with great care regarding resource allocation."
Q2 2015 Financial Highlights
The following summarizes our consolidated financial results for the quarters ended June 30, 2014 and 2015 (in millions, except for per share information; unaudited):
Revenues
$
15,955
$
17,727
Increase in revenues year over year
22
%
11
%
Traffic acquisition costs (TAC)
$
3,293
$
3,377
GAAP operating income
$
4,258
$
4,825
GAAP operating margin
27
%
27
%
Non-GAAP operating income
$
5,138
$
5,957
Non-GAAP operating margin
32
%
34
%
GAAP net income*
$
3,351
$
3,931
Non-GAAP net income
$
4,104
$
4,829
GAAP diluted EPS for Class A and B common stock*
$
4.88
$
4.93
GAAP diluted EPS for Class C capital stock*
$
4.88
$
6.43
Non-GAAP diluted EPS for Class A and B common stock and Class C capital stock
5.98
$
6.99
*GAAP net income and diluted EPS include Net Loss from Discontinued Operations for the three months ended June 30, 2014.
Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis. Non-GAAP operating income and non-GAAP operating margin exclude stock-based compensation (SBC) expense from continuing operations. Non-GAAP net income and non-GAAP diluted EPS exclude SBC expense from continuing operations, net of the related tax benefits, as well as the impact from Net Loss from Discontinued Operations. Non-GAAP diluted EPS also excludes the impact from the adjustment payment to Class C capital stockholders. These non-GAAP measures, as well as free cash flow, an alternative non-GAAP measure of liquidity, and non-GAAP constant currency revenues and growth, are described and reconciled to the corresponding GAAP measures at the end of this release.
Adjustment Payment in Relation to Class C Capital Stock Distribution
In May 2015, we paid $522 million to the holders of Class C capital stock in the form of approximately 853 thousand shares of Class C capital stock and $47 million of cash in lieu of fractional shares of Class C capital stock, in accordance with the settlement of litigation involving the authorization to distribute Class C capital stock (the Adjustment Payment). The Adjustment Payment was allocated to the numerator for calculating net income per share of Class C capital stock from net income available to all stockholders and the remaining undistributed earnings were allocated on a pro rata basis to Class A and Class B common stock and Class C capital stock based on the number of shares used in the per share computation for each class of stock. The weighted-average share impact of the Adjustment Payment is included in the denominator of both basic and diluted net income per share computations for the three and six months ended June 30, 2015.
Q2 2015 Financial Summary
Revenues and Monetization
Revenues by source (in millions; unaudited):
Google websites
$
12,402
13
%
4
%
Google Network Members' websites
3,621
2
%
1
%
Total advertising revenues*
16,023
11
%
3
%
Other revenues
1,704
17
%
(3)
%
Revenues
$
17,727
11
%
3
%
*Advertising revenues are generally reported on a gross basis, consistent with GAAP, without deducting TAC.
Had foreign exchange rates remained constant from the second quarter of 2014 through the second quarter of 2015, our revenues in the second quarter of 2015 would have been $1,103 million higher with a constant currency growth rate of 18% year over year. This includes a foreign exchange rate impact of $1,574 million, offset by hedging gains of $471 million related to our foreign exchange risk management program. Our constant currency revenues are presented in the financial tables following this release as well as in the accompanying materials on the Investor Relations website.
Paid clicks and cost-per-click information (unaudited):
Aggregate paid clicks
18
%
7
%
Paid clicks on Google websites
30
%
10
%
Paid clicks on Google Network Members' websites
(9)
%
(2)
%
Aggregate cost-per-click
(11)
%
(4)
%
Cost-per-click on Google websites
(16)
%
(5)
%
Cost-per-click on Google Network Members' websites
(3)
%
(3)
%
Costs and Expenses
Traffic acquisition costs (TAC), other cost of revenues, operating expenses, stock-based compensation expense, and depreciation and amortization expense (in millions; unaudited):
TAC to Google Network Members
$
2,400
$
2,432
TAC to distribution partners
$
893
$
945
Total TAC
$
3,293
$
3,377
TAC to Google Network Members as % of Google Network Members' revenues
67
%
67
%
TAC to distribution partners as % of Google Website revenues
8
%
8
%
Total TAC as % of advertising revenues
23
%
21
%
Other cost of revenues
$
2,821
$
3,206
Other cost of revenue as % of revenues
18
%
18
%
Operating expenses (other than cost of revenues)
$
5,583
$
6,319
Operating expenses as % of revenues
35
%
36
%
Stock-based compensation expense*
$
880
$
1,132
Tax benefit related to stock-based compensation expense
$
(195)
$
(234)
Depreciation, amortization, and impairment charges*
$
1,079
$
1,234
*Included in Cost of revenues and Operating expenses. Excludes impact from discontinued operations for the three months ended June 30, 2014.
Supplemental Information (in millions except for headcount data; unaudited)
Cash, cash equivalents, and marketable securities
$
61,204
$
69,780
Net cash provided by operating activities
$
5,627
$
6,985
Capital expenditures*
$
2,646
$
2,515
Free cash flow
$
2,981
$
4,470
Effective tax rate
22
%
21
%
Headcount
48,584
57,148
*For Q2 2015, our capital expenditures are primarily related to production equipment and data center construction.
Adjustments to Previously Reported Financial Information
In the second quarter of 2015, we identified an incorrect classification of certain revenues between legal entities, and as a consequence, we revised our income tax expense for periods beginning in 2008 through the first quarter of 2015 in the cumulative amount of $711 million. The income tax amount is not material to the periods impacted and consolidated revenues are not impacted. We have elected to revise previously issued consolidated financial statements in our upcoming filings to correct prior periods. Please refer to the supplementary slides posted on our Investor Relations website for revised historical financial information.
In the first quarter of 2015, we reclassified revenues primarily related to DoubleClick ad serving software revenues from Other revenues to Advertising revenues from Google Network Members' Websites. Prior period amounts have been adjusted to conform with our current period presentation.
Webcast and Conference Call Information
A live audio webcast of Google's second quarter 2015 earnings release call will be available at http://investor.google.com/webcast.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial tables, as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available on that site.
We also announce investor information, including news and commentary about our business and financial performance, SEC filings, notices of investor events and our press and earnings releases, on our investor relations website (http://investor.google.com).
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2014 and our most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, which are on file with the SEC and are available on our investor relations website at investor.google.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. All information provided in this release and in the attachments is as of July 16, 2015, and we undertake no duty to update this information unless required by law.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP diluted EPS, free cash flow, non-GAAP constant currency revenues, and non-GAAP constant currency revenue growth. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact for foreign currency fluctuations or our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures," "Reconciliation from net cash provided by operating activities to free cash flow," and "Reconciliation from GAAP revenues to non-GAAP constant currency revenues" included at the end of this release.
Contact
Investor Relations
investor-relations@google.com
Media
press@google.com
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Monday, July 6, 2015
Google News - Investor Relations - Google: Google Announces Date of Second Quarter 2015 Financial Results Conference Call
Google News - Investor Relations - Google
News for Google's Investor Relations
Google Announces Date of Second Quarter 2015 Financial Results Conference Call
https://investor.google.com/releases/2015/0706.html
Jul 6th 2015, 19:05
MOUNTAIN VIEW, Calif. (July 6, 2015) – Google Inc. (NASDAQ: GOOG, GOOGL) will hold its quarterly conference call to discuss second quarter 2015 financial results on Thursday, July 16th at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
The live webcast of Google's earnings conference call can be accessed at investor.google.com/webcast.html. A replay of the webcast will be available through the same link following the conference call. Please visit Google's Investor Relations website at investor.google.com on July 16, 2015 to view the earnings release prior to the conference call.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.
Contact
Investor Relations
investor-relations@google.com
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News for Google's Investor Relations
Google Announces Date of Second Quarter 2015 Financial Results Conference Call
https://investor.google.com/releases/2015/0706.html
Jul 6th 2015, 19:05
MOUNTAIN VIEW, Calif. (July 6, 2015) – Google Inc. (NASDAQ: GOOG, GOOGL) will hold its quarterly conference call to discuss second quarter 2015 financial results on Thursday, July 16th at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
The live webcast of Google's earnings conference call can be accessed at investor.google.com/webcast.html. A replay of the webcast will be available through the same link following the conference call. Please visit Google's Investor Relations website at investor.google.com on July 16, 2015 to view the earnings release prior to the conference call.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.
Contact
Investor Relations
investor-relations@google.com
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Thursday, April 23, 2015
Google News - Investor Relations - Google: Google Inc. Announces First Quarter 2015 Results
Google News - Investor Relations - Google
News for Google's Investor Relations
Google Inc. Announces First Quarter 2015 Results
https://investor.google.com/earnings/2015/Q1_google_earnings.html
Apr 23rd 2015, 20:38
Download press release · Download financial data · Open financial data in new window
MOUNTAIN VIEW, Calif. – April 23, 2015 – Google Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended March 31, 2015.
"Google's first quarter revenue was $17.3 billion, up 12% year on year. Excluding the net impact of foreign currency headwinds, revenue grew a healthy 17% year on year," said Patrick Pichette, CFO of Google. "We continue to see great momentum in our mobile advertising business and opportunities with brand advertisers."
Q1 2015 Financial Summary
Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis. Non-GAAP operating income and non-GAAP operating margin exclude stock-based compensation (SBC) expense from continuing operations. Non-GAAP net income and non-GAAP diluted EPS exclude SBC expense from continuing operations, net of the related tax benefits, as well as Net Loss from Discontinued Operations. These non-GAAP measures, as well as free cash flow, an alternative non-GAAP measure of liquidity, and non-GAAP constant currency revenues and growth, are described and reconciled to the corresponding GAAP measures at the end of this release. The following summarizes our consolidated financial results for the quarter ended March 31, 2015 (in millions, except for per share and shares outstanding information; unaudited):
Revenues
$
15,420
$
17,258
Increase in revenues year over year
19
%
12
%
Traffic acquisition costs (TAC)
$
3,232
$
3,345
GAAP operating income
$
4,115
$
4,447
GAAP operating margin
27
%
26
%
Non-GAAP operating income
$
4,954
$
5,650
Non-GAAP operating margin
32
%
33
%
GAAP net income*
$
3,452
$
3,586
Non-GAAP net income
$
4,299
$
4,532
GAAP diluted EPS*
$
5.04
$
5.20
Non-GAAP diluted EPS
$
6.27
$
6.57
Diluted shares (in thousands)
685,212
689,498
*GAAP net income and diluted EPS include Net Loss from Discontinued Operations for the three months ended March 31, 2014.
Q1 2015 Financial Highlights
Revenues and Monetization
Revenues by source are presented in the table below (in millions; unaudited):
Google websites
$
11,932
14
%
(4)
%
Google Network Members' websites*
3,576
1
%
(8)
%
Total advertising revenues**
15,508
11
%
(5)
%
Other revenues*
1,750
23
%
(2)
%
Revenues
$
17,258
12
%
(5)
%
*Prior period amounts have been adjusted to reflect the reclassification primarily related to DoubleClick ad serving software revenues from Other Revenues to Advertising Revenues from Google Network Members' Websites to conform with our current period presentation.
**Advertising revenues are generally reported on a gross basis, consistent with GAAP, without deducting TAC.
Excluding hedging gains of $311 million related to our foreign exchange risk management program, had foreign exchange rates remained constant from the first quarter of 2014 through the first quarter of 2015, our revenues in the first quarter of 2015 would have been $795 million higher. Additionally, our constant currency revenue growth in the first quarter of 2015 was 17% year over year. Our constant currency revenues, which exclude the foreign exchange impact on our current period revenues and hedging gains, are presented in the financial tables following this release as well as in the accompanying materials on the Investor Relations website.
Paid clicks and cost-per-click information is in the table below (unaudited):
Aggregate paid clicks
13
%
(1)
%
Paid clicks on Google websites
25
%
(3)
%
Paid clicks on Google Network Members' websites
(12)
%
4
%
Aggregate cost-per-click
(7)
%
(5)
%
Cost-per-click on Google websites
(13)
%
(3)
%
Cost-per-click on Google Network Members' websites
2
%
(11)
%
Costs and Expenses
Traffic acquisition costs (TAC), other cost of revenues, operating expenses, stock-based compensation expense, and depreciation and amortization expense are presented in the table below (in millions; unaudited):
TAC to Google Network Members
$
2,387
$
2,432
TAC to distribution partners
$
845
$
913
Total TAC
$
3,232
$
3,345
TAC to Google Network Members as % of Google Network Members' revenues*
68
%
68
%
TAC to distribution partners as % of Google Website revenues
8
%
8
%
Total TAC as % of advertising revenues*
23
%
22
%
Other cost of revenues
$
2,729
$
3,011
Other cost of revenue as % of revenues
18
%
17
%
Operating expenses (other than cost of revenues)
$
5,344
$
6,455
Operating expenses as % of revenues
35
%
37
%
Stock-based compensation expense**
$
839
$
1,203
Tax benefit related to stock-based compensation expense
$
(190)
$
(257)
Depreciation, amortization, and impairment charges**
$
1,086
$
1,177
*Prior period amounts have been adjusted to reflect the reclassification primarily related to DoubleClick ad serving software revenues from Other Revenues to Advertising Revenues from Google Network Members' Websites to conform with our current period presentation.
**Included in Cost of revenues and Operating expenses. Excludes impact from discontinued operations for the three months ended March 31, 2014.
Supplemental Information (in millions except for headcount data; unaudited)
Cash, cash equivalents, and marketable securities
$
59,379
$
65,436
Net cash provided by operating activities
$
4,391
$
6,617
Capital expenditures*
$
2,345
$
2,927
Free cash flow
$
2,046
$
3,690
Effective tax rate
18
%
22
%
Headcount
46,170
55,419
*For Q1 2015, our capital expenditures are primarily related to production equipment, data center construction, and facilities. We expect to continue to make significant capital expenditures.
Adjustment Payment in relation to Class C Capital Stock Distribution
In January 2014, our board of directors approved the distribution of shares of Class C capital stock as a dividend to our holders of Class A and Class B common stock (the Stock Split). The Stock Split had a record date of March 27, 2014 and a payment date of April 2, 2014. In accordance with a settlement of litigation involving the authorization to distribute Class C capital stock, at the close of trading on April 2, 2015, the last trading day of the 365 day period following the first date the Class C shares traded on NASDAQ (Lookback Period), we determined that a payment (the Adjustment Payment) in the amount of $522 million was due. The amount of the Adjustment Payment was based on the percentage difference that developed between the volume-weighted average price of Class A and Class C shares during the Lookback Period, as supplied by NASDAQ Data-on-Demand, and is payable to holders of Class C capital stock as of the end of the Lookback Period in cash, Class A common stock, Class C capital stock, or a combination thereof, at the discretion of our board of directors. On April 22, 2015, our board of directors approved the Adjustment Payment to be paid on or about May 4, 2015 in shares of Class C capital stock, and cash in lieu of any fractional shares of Class C capital stock.
WEBCAST AND CONFERENCE CALL INFORMATION
A live audio webcast of Google's first quarter 2015 earnings release call will be available at https://investor.google.com/webcast.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial tables, as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available on that site.
We also announce investor information, including news and commentary about our business and financial performance, SEC filings, notices of investor events and our press and earnings releases, on our investor relations website (https://investor.google.com).
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding our investments in areas of strategic focus and our plans to make significant capital expenditures. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, unforeseen changes in our hiring patterns and our need to expend capital to accommodate the growth of the business, as well as those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2014, which is on file with the SEC and are available on our investor relations website at investor.google.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. All information provided in this release and in the attachments is as of April 23, 2015, and we undertake no duty to update this information unless required by law.
ABOUT NON-GAAP FINANCIAL MEASURES
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP diluted EPS, free cash flow, non-GAAP constant currency revenues, and non-GAAP constant currency revenue growth. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact for foreign currency fluctuations or our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures," "Reconciliation from net cash provided by operating activities to free cash flow," and "Reconciliation from GAAP revenues to non-GAAP constant currency revenues" included at the end of this release.
Contact:
Investor Relations:
investor-relations@google.com
Media:
press@google.com
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News for Google's Investor Relations
Google Inc. Announces First Quarter 2015 Results
https://investor.google.com/earnings/2015/Q1_google_earnings.html
Apr 23rd 2015, 20:38
Download press release · Download financial data · Open financial data in new window
MOUNTAIN VIEW, Calif. – April 23, 2015 – Google Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended March 31, 2015.
"Google's first quarter revenue was $17.3 billion, up 12% year on year. Excluding the net impact of foreign currency headwinds, revenue grew a healthy 17% year on year," said Patrick Pichette, CFO of Google. "We continue to see great momentum in our mobile advertising business and opportunities with brand advertisers."
Q1 2015 Financial Summary
Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis. Non-GAAP operating income and non-GAAP operating margin exclude stock-based compensation (SBC) expense from continuing operations. Non-GAAP net income and non-GAAP diluted EPS exclude SBC expense from continuing operations, net of the related tax benefits, as well as Net Loss from Discontinued Operations. These non-GAAP measures, as well as free cash flow, an alternative non-GAAP measure of liquidity, and non-GAAP constant currency revenues and growth, are described and reconciled to the corresponding GAAP measures at the end of this release. The following summarizes our consolidated financial results for the quarter ended March 31, 2015 (in millions, except for per share and shares outstanding information; unaudited):
Revenues
$
15,420
$
17,258
Increase in revenues year over year
19
%
12
%
Traffic acquisition costs (TAC)
$
3,232
$
3,345
GAAP operating income
$
4,115
$
4,447
GAAP operating margin
27
%
26
%
Non-GAAP operating income
$
4,954
$
5,650
Non-GAAP operating margin
32
%
33
%
GAAP net income*
$
3,452
$
3,586
Non-GAAP net income
$
4,299
$
4,532
GAAP diluted EPS*
$
5.04
$
5.20
Non-GAAP diluted EPS
$
6.27
$
6.57
Diluted shares (in thousands)
685,212
689,498
*GAAP net income and diluted EPS include Net Loss from Discontinued Operations for the three months ended March 31, 2014.
Q1 2015 Financial Highlights
Revenues and Monetization
Revenues by source are presented in the table below (in millions; unaudited):
Google websites
$
11,932
14
%
(4)
%
Google Network Members' websites*
3,576
1
%
(8)
%
Total advertising revenues**
15,508
11
%
(5)
%
Other revenues*
1,750
23
%
(2)
%
Revenues
$
17,258
12
%
(5)
%
*Prior period amounts have been adjusted to reflect the reclassification primarily related to DoubleClick ad serving software revenues from Other Revenues to Advertising Revenues from Google Network Members' Websites to conform with our current period presentation.
**Advertising revenues are generally reported on a gross basis, consistent with GAAP, without deducting TAC.
Excluding hedging gains of $311 million related to our foreign exchange risk management program, had foreign exchange rates remained constant from the first quarter of 2014 through the first quarter of 2015, our revenues in the first quarter of 2015 would have been $795 million higher. Additionally, our constant currency revenue growth in the first quarter of 2015 was 17% year over year. Our constant currency revenues, which exclude the foreign exchange impact on our current period revenues and hedging gains, are presented in the financial tables following this release as well as in the accompanying materials on the Investor Relations website.
Paid clicks and cost-per-click information is in the table below (unaudited):
Aggregate paid clicks
13
%
(1)
%
Paid clicks on Google websites
25
%
(3)
%
Paid clicks on Google Network Members' websites
(12)
%
4
%
Aggregate cost-per-click
(7)
%
(5)
%
Cost-per-click on Google websites
(13)
%
(3)
%
Cost-per-click on Google Network Members' websites
2
%
(11)
%
Costs and Expenses
Traffic acquisition costs (TAC), other cost of revenues, operating expenses, stock-based compensation expense, and depreciation and amortization expense are presented in the table below (in millions; unaudited):
TAC to Google Network Members
$
2,387
$
2,432
TAC to distribution partners
$
845
$
913
Total TAC
$
3,232
$
3,345
TAC to Google Network Members as % of Google Network Members' revenues*
68
%
68
%
TAC to distribution partners as % of Google Website revenues
8
%
8
%
Total TAC as % of advertising revenues*
23
%
22
%
Other cost of revenues
$
2,729
$
3,011
Other cost of revenue as % of revenues
18
%
17
%
Operating expenses (other than cost of revenues)
$
5,344
$
6,455
Operating expenses as % of revenues
35
%
37
%
Stock-based compensation expense**
$
839
$
1,203
Tax benefit related to stock-based compensation expense
$
(190)
$
(257)
Depreciation, amortization, and impairment charges**
$
1,086
$
1,177
*Prior period amounts have been adjusted to reflect the reclassification primarily related to DoubleClick ad serving software revenues from Other Revenues to Advertising Revenues from Google Network Members' Websites to conform with our current period presentation.
**Included in Cost of revenues and Operating expenses. Excludes impact from discontinued operations for the three months ended March 31, 2014.
Supplemental Information (in millions except for headcount data; unaudited)
Cash, cash equivalents, and marketable securities
$
59,379
$
65,436
Net cash provided by operating activities
$
4,391
$
6,617
Capital expenditures*
$
2,345
$
2,927
Free cash flow
$
2,046
$
3,690
Effective tax rate
18
%
22
%
Headcount
46,170
55,419
*For Q1 2015, our capital expenditures are primarily related to production equipment, data center construction, and facilities. We expect to continue to make significant capital expenditures.
Adjustment Payment in relation to Class C Capital Stock Distribution
In January 2014, our board of directors approved the distribution of shares of Class C capital stock as a dividend to our holders of Class A and Class B common stock (the Stock Split). The Stock Split had a record date of March 27, 2014 and a payment date of April 2, 2014. In accordance with a settlement of litigation involving the authorization to distribute Class C capital stock, at the close of trading on April 2, 2015, the last trading day of the 365 day period following the first date the Class C shares traded on NASDAQ (Lookback Period), we determined that a payment (the Adjustment Payment) in the amount of $522 million was due. The amount of the Adjustment Payment was based on the percentage difference that developed between the volume-weighted average price of Class A and Class C shares during the Lookback Period, as supplied by NASDAQ Data-on-Demand, and is payable to holders of Class C capital stock as of the end of the Lookback Period in cash, Class A common stock, Class C capital stock, or a combination thereof, at the discretion of our board of directors. On April 22, 2015, our board of directors approved the Adjustment Payment to be paid on or about May 4, 2015 in shares of Class C capital stock, and cash in lieu of any fractional shares of Class C capital stock.
WEBCAST AND CONFERENCE CALL INFORMATION
A live audio webcast of Google's first quarter 2015 earnings release call will be available at https://investor.google.com/webcast.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial tables, as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available on that site.
We also announce investor information, including news and commentary about our business and financial performance, SEC filings, notices of investor events and our press and earnings releases, on our investor relations website (https://investor.google.com).
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding our investments in areas of strategic focus and our plans to make significant capital expenditures. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, unforeseen changes in our hiring patterns and our need to expend capital to accommodate the growth of the business, as well as those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2014, which is on file with the SEC and are available on our investor relations website at investor.google.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. All information provided in this release and in the attachments is as of April 23, 2015, and we undertake no duty to update this information unless required by law.
ABOUT NON-GAAP FINANCIAL MEASURES
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP diluted EPS, free cash flow, non-GAAP constant currency revenues, and non-GAAP constant currency revenue growth. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact for foreign currency fluctuations or our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures," "Reconciliation from net cash provided by operating activities to free cash flow," and "Reconciliation from GAAP revenues to non-GAAP constant currency revenues" included at the end of this release.
Contact:
Investor Relations:
investor-relations@google.com
Media:
press@google.com
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Google News - Investor Relations - Google: Google Announces Internet Availability of Proxy Materials for its 2015 Annual Meeting of Stockholders
Google News - Investor Relations - Google
News for Google's Investor Relations
Google Announces Internet Availability of Proxy Materials for its 2015 Annual Meeting of Stockholders
https://investor.google.com/releases/2015/0423.html
Apr 23rd 2015, 20:38
MOUNTAIN VIEW, Calif. (Thursday, April 23, 2015) - Google Inc. (NASDAQ: GOOGL, GOOG) today announced the Internet availability of proxy materials for its 2015 Annual Meeting of Stockholders pursuant to the U.S. Securities and Exchange Commission's Notice and Access rules.
Pursuant to the U.S. Securities and Exchange Commission's Notice and Access rules, companies may satisfy their obligation to deliver proxy materials by delivering a "Notice of Internet Availability of Proxy Materials" to stockholders, providing Internet access to the proxy materials, and providing a printed set of proxy materials by mail to any stockholder who requests them. Google has elected to take full advantage of these rules in order to minimize impact on the environment and to maximize cost savings relating to the printing of the proxy materials.
Google's Annual Report on Form 10-K for the year ended December 31, 2014 and proxy statement for its 2015 Annual Meeting of Stockholders have been filed with the U.S. Securities and Exchange Commission, and may be viewed on Google's investor relations website at http://investor.google.com/proxy.html. Google's stockholders may obtain hard copies of these proxy materials at no charge by following the instructions provided on its website or in the "Notice of Internet Availability of Proxy Materials."
Google's 2015 Annual Meeting of Stockholders will be held on Wednesday, June 3, 2015 at 9:00 a.m., local time, at Google's corporate headquarters at 1600 Amphitheatre Parkway, Mountain View, California 94043. For your convenience, we are pleased to offer a live webcast of the Annual Meeting at http://investor.google.com/webcast.html.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top Internet property and its brand one of the most recognized in the world.
Contacts:
Investor Relations
investor-relations@google.com
For Media:
press@google.com
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News for Google's Investor Relations
Google Announces Internet Availability of Proxy Materials for its 2015 Annual Meeting of Stockholders
https://investor.google.com/releases/2015/0423.html
Apr 23rd 2015, 20:38
MOUNTAIN VIEW, Calif. (Thursday, April 23, 2015) - Google Inc. (NASDAQ: GOOGL, GOOG) today announced the Internet availability of proxy materials for its 2015 Annual Meeting of Stockholders pursuant to the U.S. Securities and Exchange Commission's Notice and Access rules.
Pursuant to the U.S. Securities and Exchange Commission's Notice and Access rules, companies may satisfy their obligation to deliver proxy materials by delivering a "Notice of Internet Availability of Proxy Materials" to stockholders, providing Internet access to the proxy materials, and providing a printed set of proxy materials by mail to any stockholder who requests them. Google has elected to take full advantage of these rules in order to minimize impact on the environment and to maximize cost savings relating to the printing of the proxy materials.
Google's Annual Report on Form 10-K for the year ended December 31, 2014 and proxy statement for its 2015 Annual Meeting of Stockholders have been filed with the U.S. Securities and Exchange Commission, and may be viewed on Google's investor relations website at http://investor.google.com/proxy.html. Google's stockholders may obtain hard copies of these proxy materials at no charge by following the instructions provided on its website or in the "Notice of Internet Availability of Proxy Materials."
Google's 2015 Annual Meeting of Stockholders will be held on Wednesday, June 3, 2015 at 9:00 a.m., local time, at Google's corporate headquarters at 1600 Amphitheatre Parkway, Mountain View, California 94043. For your convenience, we are pleased to offer a live webcast of the Annual Meeting at http://investor.google.com/webcast.html.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top Internet property and its brand one of the most recognized in the world.
Contacts:
Investor Relations
investor-relations@google.com
For Media:
press@google.com
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Friday, April 3, 2015
Google News - Investor Relations - Google: Google Announces Date of First Quarter 2015 Financial Results Conference Call
Google News - Investor Relations - Google
News for Google's Investor Relations
Google Announces Date of First Quarter 2015 Financial Results Conference Call
https://investor.google.com/releases/2015/0403.html
Apr 3rd 2015, 19:36
MOUNTAIN VIEW, Calif. (April 3, 2015) – Google Inc. (NASDAQ: GOOG, GOOGL) will hold its quarterly conference call to discuss first quarter 2015 financial results on Thursday, April 23rd at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
The live webcast of Google's earnings conference call can be accessed at investor.google.com/webcast.html. A replay of the webcast will be available through the same link following the conference call. Please visit Google's Investor Relations website at investor.google.com on April 23, 2015 to view the earnings release prior to the conference call.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.
Contact
Investor Relations
investor-relations@google.com
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News for Google's Investor Relations
Google Announces Date of First Quarter 2015 Financial Results Conference Call
https://investor.google.com/releases/2015/0403.html
Apr 3rd 2015, 19:36
MOUNTAIN VIEW, Calif. (April 3, 2015) – Google Inc. (NASDAQ: GOOG, GOOGL) will hold its quarterly conference call to discuss first quarter 2015 financial results on Thursday, April 23rd at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
The live webcast of Google's earnings conference call can be accessed at investor.google.com/webcast.html. A replay of the webcast will be available through the same link following the conference call. Please visit Google's Investor Relations website at investor.google.com on April 23, 2015 to view the earnings release prior to the conference call.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.
Contact
Investor Relations
investor-relations@google.com
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Tuesday, March 24, 2015
Google News - Investor Relations - Google: Ruth Porat to Join Google as Chief Financial Officer
Google News - Investor Relations - Google
News for Google's Investor Relations
Ruth Porat to Join Google as Chief Financial Officer
https://investor.google.com/releases/2015/0324.html
Mar 24th 2015, 19:09
MOUNTAIN VIEW, Calif (Tuesday, March 24, 2015) -- Google Inc. (NASDAQ: GOOG) today announced that Ruth Porat, currently Chief Financial Officer at Morgan Stanley, will join its management team as CFO.
Ruth joined Morgan Stanley in 1987 and has played several key roles at the company, including Vice Chairman of Investment Banking, Global Head of the Financial Institutions Group and and co-Head of Technology Investment Banking. Throughout the financial crisis, Ruth led the Morgan Stanley teams advising the U.S. Treasury on Fannie Mae and Freddie Mac, and the New York Federal Reserve Bank on AIG. She has been the lead banker on numerous milestone technology financing rounds, including for Amazon, eBay, Netscape, Priceline and Verisign as well as for The Blackstone Group, GE and the NYSE. As CFO she helped improve resource optimization across different businesses through better capital and funding allocation, as well as expense reductions. Ruth has a B.A. from Stanford University (Economics & International Relations), a M.B.A. with distinction from The Wharton School of the University of Pennsylvania and a M.Sc., from the London School of Economics (Industrial Relations). She is Vice Chair of the Stanford University Board of Trustees, a member of the U.S. Treasury's Borrowing Advisory Committee, a Board Director at The Council on Foreign Relations and a member of the Advisory Council of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution.
Ruth will start at Google as CFO on May 26, reporting to Google CEO and Co-Founder, Larry Page.
"We're tremendously fortunate to have found such a creative, experienced and operationally strong executive," said Larry Page. "I look forward to learning from Ruth as we continue to innovate in our core--from search and ads, to Android, Chrome and YouTube--as well as invest in a thoughtful, disciplined way in our next generation of big bets. Finally, huge thanks to Patrick Pichette for his seven super successful years as CFO".
"I'm delighted to be returning to my California roots and joining Google," said Ruth Porat. "Growing up in Silicon Valley, during my time at Morgan Stanley and as a member of Stanford's Board, I've had the opportunity to experience first hand how tech companies can help people in their daily lives. I can't wait to roll up my sleeves and get started."
Contact:
press@google.com
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News for Google's Investor Relations
Ruth Porat to Join Google as Chief Financial Officer
https://investor.google.com/releases/2015/0324.html
Mar 24th 2015, 19:09
MOUNTAIN VIEW, Calif (Tuesday, March 24, 2015) -- Google Inc. (NASDAQ: GOOG) today announced that Ruth Porat, currently Chief Financial Officer at Morgan Stanley, will join its management team as CFO.
Ruth joined Morgan Stanley in 1987 and has played several key roles at the company, including Vice Chairman of Investment Banking, Global Head of the Financial Institutions Group and and co-Head of Technology Investment Banking. Throughout the financial crisis, Ruth led the Morgan Stanley teams advising the U.S. Treasury on Fannie Mae and Freddie Mac, and the New York Federal Reserve Bank on AIG. She has been the lead banker on numerous milestone technology financing rounds, including for Amazon, eBay, Netscape, Priceline and Verisign as well as for The Blackstone Group, GE and the NYSE. As CFO she helped improve resource optimization across different businesses through better capital and funding allocation, as well as expense reductions. Ruth has a B.A. from Stanford University (Economics & International Relations), a M.B.A. with distinction from The Wharton School of the University of Pennsylvania and a M.Sc., from the London School of Economics (Industrial Relations). She is Vice Chair of the Stanford University Board of Trustees, a member of the U.S. Treasury's Borrowing Advisory Committee, a Board Director at The Council on Foreign Relations and a member of the Advisory Council of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution.
Ruth will start at Google as CFO on May 26, reporting to Google CEO and Co-Founder, Larry Page.
"We're tremendously fortunate to have found such a creative, experienced and operationally strong executive," said Larry Page. "I look forward to learning from Ruth as we continue to innovate in our core--from search and ads, to Android, Chrome and YouTube--as well as invest in a thoughtful, disciplined way in our next generation of big bets. Finally, huge thanks to Patrick Pichette for his seven super successful years as CFO".
"I'm delighted to be returning to my California roots and joining Google," said Ruth Porat. "Growing up in Silicon Valley, during my time at Morgan Stanley and as a member of Stanford's Board, I've had the opportunity to experience first hand how tech companies can help people in their daily lives. I can't wait to roll up my sleeves and get started."
Contact:
press@google.com
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Thursday, February 19, 2015
Google News - Investor Relations - Google: Google to Present at the Morgan Stanley Technology, Media, and Telecom Conference
Google News - Investor Relations - Google
News for Google's Investor Relations
Google to Present at the Morgan Stanley Technology, Media, and Telecom Conference
https://investor.google.com/releases/2015/0219.html
Feb 19th 2015, 20:17
MOUNTAIN VIEW, Calif. (February 19, 2015) - Google Inc. (NASDAQ:GOOG) announced today that Neal Mohan, Vice President of Display and Video Advertising Products, will participate in a question-and-answer session at the Morgan Stanley Technology, Media, and Telecom Conference in San Francisco. The session is scheduled for 3:25 p.m. Pacific Time / 6:25 p.m. Eastern Time on Tuesday, March 3, 2015.
To access the live audio webcast of the session, please visit http://investor.google.com/webcast.html.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.
Google is a trademark of Google Inc. All other company and product names may be trademarks of the respective companies with which they are associated.
Contact:
Investor Relations
investor-relations@google.com
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News for Google's Investor Relations
Google to Present at the Morgan Stanley Technology, Media, and Telecom Conference
https://investor.google.com/releases/2015/0219.html
Feb 19th 2015, 20:17
MOUNTAIN VIEW, Calif. (February 19, 2015) - Google Inc. (NASDAQ:GOOG) announced today that Neal Mohan, Vice President of Display and Video Advertising Products, will participate in a question-and-answer session at the Morgan Stanley Technology, Media, and Telecom Conference in San Francisco. The session is scheduled for 3:25 p.m. Pacific Time / 6:25 p.m. Eastern Time on Tuesday, March 3, 2015.
To access the live audio webcast of the session, please visit http://investor.google.com/webcast.html.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.
Google is a trademark of Google Inc. All other company and product names may be trademarks of the respective companies with which they are associated.
Contact:
Investor Relations
investor-relations@google.com
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Thursday, January 29, 2015
Google News - Investor Relations - Google: Google Inc. Announces Fourth Quarter and Fiscal Year 2014 Results
Google News - Investor Relations - Google
News for Google's Investor Relations
Google Inc. Announces Fourth Quarter and Fiscal Year 2014 Results
https://investor.google.com/earnings/2014/Q4_google_earnings.html
Jan 29th 2015, 21:58
Download press release · Download financial data · Open financial data in new window
MOUNTAIN VIEW, Calif. – January 29, 2015 - Google Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter and fiscal year ended December 31, 2014.
"Google's full year revenue for 2014 was $66 billion, up 19% year on year," said Patrick Pichette, CFO of Google, "and this quarter, our revenue was $18.1 billion, despite strong currency headwinds."
Q4 Financial Summary
Google Inc. reported consolidated revenues of $18.10 billion for the quarter ended December 31, 2014, an increase of 15% compared to the fourth quarter of 2013. Google Inc. reports advertising revenues, consistent with GAAP, on a gross basis without deducting traffic acquisition costs (TAC). In the fourth quarter of 2014, TAC totaled $3.62 billion, or 22% of advertising revenues.
Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis. The non-GAAP measures, as well as free cash flow, an alternative non-GAAP measure of liquidity, are described below and are reconciled to the corresponding GAAP measures at the end of this release.
GAAP operating income in the fourth quarter of 2014 was $4.40 billion, or 24% of revenues. This compares to GAAP operating income of $4.43 billion, or 28% of revenues, in the fourth quarter of 2013. Non-GAAP operating income in the fourth quarter of 2014 was $5.60 billion, or 31% of revenues. This compares to non-GAAP operating income of $5.30 billion, or 34% of revenues, in the fourth quarter of 2013.
GAAP net income (including net income (loss) from discontinued operations) in the fourth quarter of 2014 was $4.76 billion, compared to $3.38 billion in the fourth quarter of 2013. Non-GAAP net income in the fourth quarter of 2014 was $4.74 billion, compared to $4.57 billion in the fourth quarter of 2013.
GAAP EPS (including impact from net income (loss) from discontinued operations) in the fourth quarter of 2014 was $6.91 on 688 million diluted shares outstanding, compared to $4.95 in the fourth quarter of 2013 on 682 million diluted shares outstanding. Non-GAAP EPS in the fourth quarter of 2014 was $6.88, compared to $6.70 in the fourth quarter of 2013.
Non-GAAP operating income and non-GAAP operating margin exclude stock-based compensation (SBC) expense from continuing operations. Non-GAAP net income and non-GAAP EPS exclude SBC expense from continuing operations, net of the related tax benefits, as well as net income (loss) from discontinued operations.
In the fourth quarter of 2014, the expense related to SBC from continuing operations and the related tax benefits were $1,201 million and $255 million compared to $873 million and $184 million in the fourth quarter of 2013. In addition, net income from discontinued operations in the fourth quarter of 2014 was $967 million, compared to a net loss of $506 million in the fourth quarter of 2013.
On October 29, 2014, we closed the sale of Motorola Mobile business. Financial results of Motorola Mobile are presented as Net income (loss) from discontinued operations on the Consolidated Statements of Income for the three and twelve months ended December 31, 2013 and 2014 through the date of sale. The sale resulted in a gain of $740 million, net of tax, which was included in Net income (loss) from discontinued operations on the Consolidated Statements of Income for the three and twelve months ended December 31, 2014. All references to results of our operations have been retroactively restated for all prior periods to exclude the results from Motorola Mobile.
On April 2, 2014, we issued shares of Class C capital stock as a dividend to our stockholders. Except for the number of authorized shares and par value, all references to share and per share amounts have been retroactively restated for all prior periods shown to reflect the stock split, which was effected in the form of a stock dividend.
Q4 Financial Highlights
Revenues and Monetization - Google Inc. revenues for the quarter ended December 31, 2014 were $18.10 billion, representing a 15% increase over fourth quarter of 2013 revenues of $15.71 billion.
Sites Revenues - Our sites generated revenues of $12.43 billion, or 69% of total revenues, in the fourth quarter of 2014. This represents an 18% increase over fourth quarter 2013 sites revenues of $10.54 billion.
Network Revenues - Our partner sites generated revenues of $3.72 billion, or 20% of total revenues, in the fourth quarter of 2014. This represents a 6% increase over fourth quarter 2013 network revenues of $3.52 billion.
Other Revenues - Other revenues were $1.95 billion, or 11% of total revenues, in the fourth quarter of 2014. This represents a 19% increase over fourth quarter 2013 other revenues of $1.65 billion.
International Revenues - Our revenues from outside of the United States totaled $10.23 billion, representing 56% of total revenues in the fourth quarter of 2014, compared to 58% in the third quarter of 2014 and 56% in the fourth quarter of 2013. Our revenues from the United Kingdom totaled $1.66 billion, representing 9% of total revenues in the fourth quarter of 2014, compared to 10% in the fourth quarter of 2013.
Foreign Exchange Impact on Revenues - Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the third quarter of 2014 through the fourth quarter of 2014, our revenues in the fourth quarter of 2014 would have been $541 million higher. Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the fourth quarter of 2013 through the fourth quarter of 2014, our revenues in the fourth quarter of 2014 would have been $616 million higher. In the fourth quarter of 2014, we recognized a benefit of $148 million to revenues through our foreign exchange risk management program, compared to $3 million in the fourth quarter of 2013.
Reconciliations of our non-GAAP international revenues excluding the impact of foreign exchange and hedging to GAAP international revenues are included at the end of this release.
Paid Clicks - Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of our Network members, increased approximately 14% over the fourth quarter of 2013 and increased approximately 11% over the third quarter of 2014. Sites paid clicks, which include clicks related to ads we serve on Google owned and operated properties across different geographies and devices including search, YouTube engagement ads like TrueView, and other owned and operated properties including Maps and Finance, increased approximately 25% over the fourth quarter of 2013 and increased approximately 18% over the third quarter of 2014. Network paid clicks, which include clicks related to ads served on non-Google properties participating in our AdSense for Search, AdSense for Content, and AdMob businesses, decreased approximately 11% over the fourth quarter of 2013 and decreased approximately 7% over the third quarter of 2014.
Cost-Per-Click - Average cost-per-click, which includes clicks related to ads served on Google sites and the sites of our Network members, decreased approximately 3% over the fourth quarter of 2013 and decreased approximately 3% over the third quarter of 2014. Cost-per-click for Google sites decreased approximately 8% over the fourth quarter of 2013 and decreased approximately 8% over the third quarter of 2014. Network cost-per-click increased approximately 6% over the fourth quarter of 2013 and increased approximately 10% over the third quarter of 2014.
Traffic Acquisition Costs - Traffic acquisition costs (TAC), the portion of revenues shared with Google's partners, increased to $3.62 billion in the fourth quarter of 2014, compared to $3.31 billion in the fourth quarter of 2013. TAC as a percentage of advertising revenues was 22% in the fourth quarter of 2014, compared to 24% in the fourth quarter of 2013.
The majority of TAC is related to amounts ultimately paid to our Network members, which totaled $2.66 billion in the fourth quarter of 2014. TAC also includes amounts paid to our distribution partners who distribute our browser or otherwise direct search queries to our website, which totaled $968 million in the fourth quarter of 2014.
Other Cost of Revenues - Other cost of revenues, which is comprised primarily of data center operational expenses, content acquisition costs, revenue share payments to mobile carriers and original equipment manufacturers, and hardware inventory costs, increased to $3.30 billion, or 18% of revenues, in the fourth quarter of 2014, compared to $2.94 billion, or 19% of revenues, in the fourth quarter of 2013.
Operating Expenses - Operating expenses, other than cost of revenues, were $6.78 billion in the fourth quarter of 2014, or 37% of revenues, compared to $5.03 billion in the fourth quarter of 2013, or 32% of revenues.
Depreciation and Loss on Disposal of Property and Equipment and Amortization Expenses - Depreciation and loss on disposal of property and equipment and amortization and impairment of intangibles and other assets were $1.27 billion for the fourth quarter of 2014, compared to $1.04 billion for the fourth quarter of 2013.
Stock-Based Compensation (SBC) - In the fourth quarter of 2014, the total charge related to SBC from continuing operations was $1,201 million, compared to $873 million in the fourth quarter of 2013. We currently estimate SBC charges for grants made to employees prior to December 31, 2014 to be approximately $4.30 billion for 2015. This estimate does not include expenses to be recognized related to employee stock awards that are granted after December 31, 2014.
Operating Income - GAAP operating income in the fourth quarter of 2014 was $4.40 billion, or 24% of revenues. This compares to GAAP operating income of $4.43 billion, or 28% of revenues, in the fourth quarter of 2013. Non-GAAP operating income in the fourth quarter of 2014 was $5.60 billion, or 31% of revenues. This compares to non-GAAP operating income of $5.30 billion, or 34% of revenues, in the fourth quarter of 2013.
Interest and Other Income, Net - Interest and other income, net, was $128 million in the fourth quarter of 2014, compared to $112 million in the fourth quarter of 2013.
Income Taxes - Our effective tax rate was 16% for the fourth quarter of 2014.
Net Income (Loss) from Discontinued Operations - Net income from discontinued operations in the fourth quarter of 2014 was $967 million, compared to a net loss of $506 million in the fourth quarter of 2013. Net income from discontinued operations in the fourth quarter of 2014 includes a gain of $740 million, net of tax, from the sale of Motorola Mobile business.
Net Income - GAAP consolidated net income in the fourth quarter of 2014 was $4.76 billion, compared to $3.38 billion in the fourth quarter of 2013. Non-GAAP consolidated net income was $4.74 billion in the fourth quarter of 2014, compared to $4.57 billion in the fourth quarter of 2013. GAAP EPS in the fourth quarter of 2014 was $6.91 on 688 million diluted shares outstanding, compared to $4.95 in the fourth quarter of 2013 on 682 million diluted shares outstanding. Non-GAAP EPS in the fourth quarter of 2014 was $6.88, compared to $6.70 in the fourth quarter of 2013.
Cash Flow and Capital Expenditures - Net cash provided by operating activities in the fourth quarter of 2014 totaled $6.36 billion, compared to $5.24 billion in the fourth quarter of 2013. In the fourth quarter of 2014, capital expenditures were $3.55 billion, the majority of which was for real estate purchases, production equipment, and data center construction. Free cash flow, an alternative non-GAAP measure of liquidity, is defined as net cash provided by operating activities less capital expenditures. In the fourth quarter of 2014, free cash flow was $2.81 billion compared to $2.98 billion in the fourth quarter of 2013.
We expect to continue to make significant capital expenditures.
A reconciliation of free cash flow to net cash provided by operating activities, the GAAP measure of liquidity, is included at the end of this release.
Cash - As of December 31, 2014, cash, cash equivalents, and marketable securities were $64.40 billion.
Headcount - On a worldwide basis, we employed 53,600 full-time employees as of December 31, 2014, compared to 51,564 full-time employees as of September 30, 2014.
WEBCAST AND CONFERENCE CALL INFORMATION
A live audio webcast of Google's fourth quarter and fiscal year 2014 earnings release call will be available at http://investor.google.com/webcast.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial tables, as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available on that site.
We also announce investor information, including news and commentary about our business and financial performance, SEC filings, notices of investor events and our press and earnings releases, on our investor relations website (http://investor.google.com) and our investor relations Google+ page (https://plus.google.com/+GoogleInvestorRelations/posts).
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding our investments in areas of strategic focus, our expected SBC charges, and our plans to make significant capital expenditures. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, unforeseen changes in our hiring patterns and our need to expend capital to accommodate the growth of the business, as well as those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2013 and our most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, which are on file with the SEC and are available on our investor relations website at investor.google.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2014. All information provided in this release and in the attachments is as of January 29, 2015, and we undertake no duty to update this information unless required by law.
ABOUT NON-GAAP FINANCIAL MEASURES
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, free cash flow, and non-GAAP international revenues. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures," "Reconciliation from net cash provided by operating activities to free cash flow," and "Reconciliation from GAAP international revenues to non-GAAP international revenues" included at the end of this release.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, meaning our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income excluding expenses related to SBC, and, as applicable, other special items. Non-GAAP operating margin is defined as non-GAAP operating income divided by revenues. Google considers these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of SBC, and as applicable, other special items so that Google's management and investors can compare Google's recurring core business operating results over multiple periods. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Google's management believes that providing a non-GAAP financial measure that excludes SBC allows investors to make meaningful comparisons between Google's recurring core business operating results and those of other companies, as well as providing Google's management with an important tool for financial and operational decision making and for evaluating Google's own recurring core business operating results over different periods of time. There are a number of limitations related to the use of non-GAAP operating income versus operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes some costs, namely, SBC, that are recurring. SBC has been and will continue to be for the foreseeable future a significant recurring expense in Google's business. Second, SBC is an important part of our employees' compensation. Third, the components of the costs that we exclude in our calculation of non-GAAP operating income may differ from the components that our peer companies exclude when they report their results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.
Non-GAAP net income and EPS. We define non-GAAP net income as net income excluding expenses related to SBC and, as applicable, other special items less the related tax effects, as well as net income (loss) from discontinued operations. The tax effects of SBC and, as applicable, other special items are calculated using the tax-deductible portion of SBC, and, as applicable, other special items, and applying the entity-specific, U.S. federal and blended state tax rates. We define non-GAAP EPS as non-GAAP net income divided by the weighted average outstanding shares, on a fully-diluted basis. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that Google uses non-GAAP operating income and non-GAAP operating margin. However, in order to provide a complete picture of our recurring core business operating results, we exclude from non-GAAP net income and non-GAAP EPS the tax effects associated with SBC and, as applicable, other special items. Without excluding these tax effects, investors would only see the gross effect that excluding these expenses had on our operating results. The same limitations described above regarding Google's use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP EPS. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP EPS and evaluating non-GAAP net income and non-GAAP EPS together with net income and EPS calculated in accordance with GAAP.
Free cash flow. We define free cash flow as net cash provided by operating activities less capital expenditures. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, including information technology infrastructure and land and buildings, can be used for strategic opportunities, including investing in our business, making strategic acquisitions, and strengthening the balance sheet. Analysis of free cash flow also facilitates management's comparisons of our operating results to competitors' operating results. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating Google is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period because it excludes cash used for capital expenditures during the period. Our management compensates for this limitation by providing information about our capital expenditures on the face of the statement of cash flows and under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Google has computed free cash flow using the same consistent method from quarter to quarter and year to year.
Non-GAAP international revenues. We define non-GAAP international revenues as international revenues excluding the impact of foreign exchange rate movements and hedging activities. Non-GAAP international revenues are calculated by translating current quarter revenues using prior quarter and prior year exchange rates, as well as excluding any hedging gains realized in the current quarter. We consider non-GAAP international revenues as a useful metric as it facilitates management's internal comparison to our historical performance.
The accompanying tables have more details on the non-GAAP financial measures that are most directly comparable to GAAP financial measures and the related reconciliations between these financial measures.
Contact:
Investor Relations
investor-relations@google.com
For Media:
press@google.com
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News for Google's Investor Relations
Google Inc. Announces Fourth Quarter and Fiscal Year 2014 Results
https://investor.google.com/earnings/2014/Q4_google_earnings.html
Jan 29th 2015, 21:58
Download press release · Download financial data · Open financial data in new window
MOUNTAIN VIEW, Calif. – January 29, 2015 - Google Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter and fiscal year ended December 31, 2014.
"Google's full year revenue for 2014 was $66 billion, up 19% year on year," said Patrick Pichette, CFO of Google, "and this quarter, our revenue was $18.1 billion, despite strong currency headwinds."
Q4 Financial Summary
Google Inc. reported consolidated revenues of $18.10 billion for the quarter ended December 31, 2014, an increase of 15% compared to the fourth quarter of 2013. Google Inc. reports advertising revenues, consistent with GAAP, on a gross basis without deducting traffic acquisition costs (TAC). In the fourth quarter of 2014, TAC totaled $3.62 billion, or 22% of advertising revenues.
Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis. The non-GAAP measures, as well as free cash flow, an alternative non-GAAP measure of liquidity, are described below and are reconciled to the corresponding GAAP measures at the end of this release.
GAAP operating income in the fourth quarter of 2014 was $4.40 billion, or 24% of revenues. This compares to GAAP operating income of $4.43 billion, or 28% of revenues, in the fourth quarter of 2013. Non-GAAP operating income in the fourth quarter of 2014 was $5.60 billion, or 31% of revenues. This compares to non-GAAP operating income of $5.30 billion, or 34% of revenues, in the fourth quarter of 2013.
GAAP net income (including net income (loss) from discontinued operations) in the fourth quarter of 2014 was $4.76 billion, compared to $3.38 billion in the fourth quarter of 2013. Non-GAAP net income in the fourth quarter of 2014 was $4.74 billion, compared to $4.57 billion in the fourth quarter of 2013.
GAAP EPS (including impact from net income (loss) from discontinued operations) in the fourth quarter of 2014 was $6.91 on 688 million diluted shares outstanding, compared to $4.95 in the fourth quarter of 2013 on 682 million diluted shares outstanding. Non-GAAP EPS in the fourth quarter of 2014 was $6.88, compared to $6.70 in the fourth quarter of 2013.
Non-GAAP operating income and non-GAAP operating margin exclude stock-based compensation (SBC) expense from continuing operations. Non-GAAP net income and non-GAAP EPS exclude SBC expense from continuing operations, net of the related tax benefits, as well as net income (loss) from discontinued operations.
In the fourth quarter of 2014, the expense related to SBC from continuing operations and the related tax benefits were $1,201 million and $255 million compared to $873 million and $184 million in the fourth quarter of 2013. In addition, net income from discontinued operations in the fourth quarter of 2014 was $967 million, compared to a net loss of $506 million in the fourth quarter of 2013.
On October 29, 2014, we closed the sale of Motorola Mobile business. Financial results of Motorola Mobile are presented as Net income (loss) from discontinued operations on the Consolidated Statements of Income for the three and twelve months ended December 31, 2013 and 2014 through the date of sale. The sale resulted in a gain of $740 million, net of tax, which was included in Net income (loss) from discontinued operations on the Consolidated Statements of Income for the three and twelve months ended December 31, 2014. All references to results of our operations have been retroactively restated for all prior periods to exclude the results from Motorola Mobile.
On April 2, 2014, we issued shares of Class C capital stock as a dividend to our stockholders. Except for the number of authorized shares and par value, all references to share and per share amounts have been retroactively restated for all prior periods shown to reflect the stock split, which was effected in the form of a stock dividend.
Q4 Financial Highlights
Revenues and Monetization - Google Inc. revenues for the quarter ended December 31, 2014 were $18.10 billion, representing a 15% increase over fourth quarter of 2013 revenues of $15.71 billion.
Sites Revenues - Our sites generated revenues of $12.43 billion, or 69% of total revenues, in the fourth quarter of 2014. This represents an 18% increase over fourth quarter 2013 sites revenues of $10.54 billion.
Network Revenues - Our partner sites generated revenues of $3.72 billion, or 20% of total revenues, in the fourth quarter of 2014. This represents a 6% increase over fourth quarter 2013 network revenues of $3.52 billion.
Other Revenues - Other revenues were $1.95 billion, or 11% of total revenues, in the fourth quarter of 2014. This represents a 19% increase over fourth quarter 2013 other revenues of $1.65 billion.
International Revenues - Our revenues from outside of the United States totaled $10.23 billion, representing 56% of total revenues in the fourth quarter of 2014, compared to 58% in the third quarter of 2014 and 56% in the fourth quarter of 2013. Our revenues from the United Kingdom totaled $1.66 billion, representing 9% of total revenues in the fourth quarter of 2014, compared to 10% in the fourth quarter of 2013.
Foreign Exchange Impact on Revenues - Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the third quarter of 2014 through the fourth quarter of 2014, our revenues in the fourth quarter of 2014 would have been $541 million higher. Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the fourth quarter of 2013 through the fourth quarter of 2014, our revenues in the fourth quarter of 2014 would have been $616 million higher. In the fourth quarter of 2014, we recognized a benefit of $148 million to revenues through our foreign exchange risk management program, compared to $3 million in the fourth quarter of 2013.
Reconciliations of our non-GAAP international revenues excluding the impact of foreign exchange and hedging to GAAP international revenues are included at the end of this release.
Paid Clicks - Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of our Network members, increased approximately 14% over the fourth quarter of 2013 and increased approximately 11% over the third quarter of 2014. Sites paid clicks, which include clicks related to ads we serve on Google owned and operated properties across different geographies and devices including search, YouTube engagement ads like TrueView, and other owned and operated properties including Maps and Finance, increased approximately 25% over the fourth quarter of 2013 and increased approximately 18% over the third quarter of 2014. Network paid clicks, which include clicks related to ads served on non-Google properties participating in our AdSense for Search, AdSense for Content, and AdMob businesses, decreased approximately 11% over the fourth quarter of 2013 and decreased approximately 7% over the third quarter of 2014.
Cost-Per-Click - Average cost-per-click, which includes clicks related to ads served on Google sites and the sites of our Network members, decreased approximately 3% over the fourth quarter of 2013 and decreased approximately 3% over the third quarter of 2014. Cost-per-click for Google sites decreased approximately 8% over the fourth quarter of 2013 and decreased approximately 8% over the third quarter of 2014. Network cost-per-click increased approximately 6% over the fourth quarter of 2013 and increased approximately 10% over the third quarter of 2014.
Traffic Acquisition Costs - Traffic acquisition costs (TAC), the portion of revenues shared with Google's partners, increased to $3.62 billion in the fourth quarter of 2014, compared to $3.31 billion in the fourth quarter of 2013. TAC as a percentage of advertising revenues was 22% in the fourth quarter of 2014, compared to 24% in the fourth quarter of 2013.
The majority of TAC is related to amounts ultimately paid to our Network members, which totaled $2.66 billion in the fourth quarter of 2014. TAC also includes amounts paid to our distribution partners who distribute our browser or otherwise direct search queries to our website, which totaled $968 million in the fourth quarter of 2014.
Other Cost of Revenues - Other cost of revenues, which is comprised primarily of data center operational expenses, content acquisition costs, revenue share payments to mobile carriers and original equipment manufacturers, and hardware inventory costs, increased to $3.30 billion, or 18% of revenues, in the fourth quarter of 2014, compared to $2.94 billion, or 19% of revenues, in the fourth quarter of 2013.
Operating Expenses - Operating expenses, other than cost of revenues, were $6.78 billion in the fourth quarter of 2014, or 37% of revenues, compared to $5.03 billion in the fourth quarter of 2013, or 32% of revenues.
Depreciation and Loss on Disposal of Property and Equipment and Amortization Expenses - Depreciation and loss on disposal of property and equipment and amortization and impairment of intangibles and other assets were $1.27 billion for the fourth quarter of 2014, compared to $1.04 billion for the fourth quarter of 2013.
Stock-Based Compensation (SBC) - In the fourth quarter of 2014, the total charge related to SBC from continuing operations was $1,201 million, compared to $873 million in the fourth quarter of 2013. We currently estimate SBC charges for grants made to employees prior to December 31, 2014 to be approximately $4.30 billion for 2015. This estimate does not include expenses to be recognized related to employee stock awards that are granted after December 31, 2014.
Operating Income - GAAP operating income in the fourth quarter of 2014 was $4.40 billion, or 24% of revenues. This compares to GAAP operating income of $4.43 billion, or 28% of revenues, in the fourth quarter of 2013. Non-GAAP operating income in the fourth quarter of 2014 was $5.60 billion, or 31% of revenues. This compares to non-GAAP operating income of $5.30 billion, or 34% of revenues, in the fourth quarter of 2013.
Interest and Other Income, Net - Interest and other income, net, was $128 million in the fourth quarter of 2014, compared to $112 million in the fourth quarter of 2013.
Income Taxes - Our effective tax rate was 16% for the fourth quarter of 2014.
Net Income (Loss) from Discontinued Operations - Net income from discontinued operations in the fourth quarter of 2014 was $967 million, compared to a net loss of $506 million in the fourth quarter of 2013. Net income from discontinued operations in the fourth quarter of 2014 includes a gain of $740 million, net of tax, from the sale of Motorola Mobile business.
Net Income - GAAP consolidated net income in the fourth quarter of 2014 was $4.76 billion, compared to $3.38 billion in the fourth quarter of 2013. Non-GAAP consolidated net income was $4.74 billion in the fourth quarter of 2014, compared to $4.57 billion in the fourth quarter of 2013. GAAP EPS in the fourth quarter of 2014 was $6.91 on 688 million diluted shares outstanding, compared to $4.95 in the fourth quarter of 2013 on 682 million diluted shares outstanding. Non-GAAP EPS in the fourth quarter of 2014 was $6.88, compared to $6.70 in the fourth quarter of 2013.
Cash Flow and Capital Expenditures - Net cash provided by operating activities in the fourth quarter of 2014 totaled $6.36 billion, compared to $5.24 billion in the fourth quarter of 2013. In the fourth quarter of 2014, capital expenditures were $3.55 billion, the majority of which was for real estate purchases, production equipment, and data center construction. Free cash flow, an alternative non-GAAP measure of liquidity, is defined as net cash provided by operating activities less capital expenditures. In the fourth quarter of 2014, free cash flow was $2.81 billion compared to $2.98 billion in the fourth quarter of 2013.
We expect to continue to make significant capital expenditures.
A reconciliation of free cash flow to net cash provided by operating activities, the GAAP measure of liquidity, is included at the end of this release.
Cash - As of December 31, 2014, cash, cash equivalents, and marketable securities were $64.40 billion.
Headcount - On a worldwide basis, we employed 53,600 full-time employees as of December 31, 2014, compared to 51,564 full-time employees as of September 30, 2014.
WEBCAST AND CONFERENCE CALL INFORMATION
A live audio webcast of Google's fourth quarter and fiscal year 2014 earnings release call will be available at http://investor.google.com/webcast.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial tables, as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available on that site.
We also announce investor information, including news and commentary about our business and financial performance, SEC filings, notices of investor events and our press and earnings releases, on our investor relations website (http://investor.google.com) and our investor relations Google+ page (https://plus.google.com/+GoogleInvestorRelations/posts).
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding our investments in areas of strategic focus, our expected SBC charges, and our plans to make significant capital expenditures. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, unforeseen changes in our hiring patterns and our need to expend capital to accommodate the growth of the business, as well as those risks and uncertainties included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2013 and our most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, which are on file with the SEC and are available on our investor relations website at investor.google.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2014. All information provided in this release and in the attachments is as of January 29, 2015, and we undertake no duty to update this information unless required by law.
ABOUT NON-GAAP FINANCIAL MEASURES
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, free cash flow, and non-GAAP international revenues. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures," "Reconciliation from net cash provided by operating activities to free cash flow," and "Reconciliation from GAAP international revenues to non-GAAP international revenues" included at the end of this release.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, meaning our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income excluding expenses related to SBC, and, as applicable, other special items. Non-GAAP operating margin is defined as non-GAAP operating income divided by revenues. Google considers these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of SBC, and as applicable, other special items so that Google's management and investors can compare Google's recurring core business operating results over multiple periods. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Google's management believes that providing a non-GAAP financial measure that excludes SBC allows investors to make meaningful comparisons between Google's recurring core business operating results and those of other companies, as well as providing Google's management with an important tool for financial and operational decision making and for evaluating Google's own recurring core business operating results over different periods of time. There are a number of limitations related to the use of non-GAAP operating income versus operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes some costs, namely, SBC, that are recurring. SBC has been and will continue to be for the foreseeable future a significant recurring expense in Google's business. Second, SBC is an important part of our employees' compensation. Third, the components of the costs that we exclude in our calculation of non-GAAP operating income may differ from the components that our peer companies exclude when they report their results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.
Non-GAAP net income and EPS. We define non-GAAP net income as net income excluding expenses related to SBC and, as applicable, other special items less the related tax effects, as well as net income (loss) from discontinued operations. The tax effects of SBC and, as applicable, other special items are calculated using the tax-deductible portion of SBC, and, as applicable, other special items, and applying the entity-specific, U.S. federal and blended state tax rates. We define non-GAAP EPS as non-GAAP net income divided by the weighted average outstanding shares, on a fully-diluted basis. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that Google uses non-GAAP operating income and non-GAAP operating margin. However, in order to provide a complete picture of our recurring core business operating results, we exclude from non-GAAP net income and non-GAAP EPS the tax effects associated with SBC and, as applicable, other special items. Without excluding these tax effects, investors would only see the gross effect that excluding these expenses had on our operating results. The same limitations described above regarding Google's use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP EPS. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP EPS and evaluating non-GAAP net income and non-GAAP EPS together with net income and EPS calculated in accordance with GAAP.
Free cash flow. We define free cash flow as net cash provided by operating activities less capital expenditures. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, including information technology infrastructure and land and buildings, can be used for strategic opportunities, including investing in our business, making strategic acquisitions, and strengthening the balance sheet. Analysis of free cash flow also facilitates management's comparisons of our operating results to competitors' operating results. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating Google is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period because it excludes cash used for capital expenditures during the period. Our management compensates for this limitation by providing information about our capital expenditures on the face of the statement of cash flows and under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Google has computed free cash flow using the same consistent method from quarter to quarter and year to year.
Non-GAAP international revenues. We define non-GAAP international revenues as international revenues excluding the impact of foreign exchange rate movements and hedging activities. Non-GAAP international revenues are calculated by translating current quarter revenues using prior quarter and prior year exchange rates, as well as excluding any hedging gains realized in the current quarter. We consider non-GAAP international revenues as a useful metric as it facilitates management's internal comparison to our historical performance.
The accompanying tables have more details on the non-GAAP financial measures that are most directly comparable to GAAP financial measures and the related reconciliations between these financial measures.
Contact:
Investor Relations
investor-relations@google.com
For Media:
press@google.com
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Monday, January 5, 2015
Google News - Investor Relations - Google: Google Announces Date of Fourth Quarter 2014 Financial Results Conference Call
Google News - Investor Relations - Google
News for Google's Investor Relations
Google Announces Date of Fourth Quarter 2014 Financial Results Conference Call
https://investor.google.com/releases/2015/0105.html
Jan 5th 2015, 20:59
MOUNTAIN VIEW, Calif. (January 5, 2015) – Google Inc. (NASDAQ: GOOG, GOOGL) will hold its quarterly conference call to discuss fourth quarter 2014 financial results on Thursday, January 29th at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
The live webcast of Google's earnings conference call can be accessed at investor.google.com/webcast.html. A replay of the webcast will be available through the same link following the conference call. Please visit Google's Investor Relations website at investor.google.com on January 29, 2015 to view the earnings release prior to the conference call.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.
Contact
Investor Relations
investor-relations@google.com
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News for Google's Investor Relations
Google Announces Date of Fourth Quarter 2014 Financial Results Conference Call
https://investor.google.com/releases/2015/0105.html
Jan 5th 2015, 20:59
MOUNTAIN VIEW, Calif. (January 5, 2015) – Google Inc. (NASDAQ: GOOG, GOOGL) will hold its quarterly conference call to discuss fourth quarter 2014 financial results on Thursday, January 29th at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
The live webcast of Google's earnings conference call can be accessed at investor.google.com/webcast.html. A replay of the webcast will be available through the same link following the conference call. Please visit Google's Investor Relations website at investor.google.com on January 29, 2015 to view the earnings release prior to the conference call.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.
Contact
Investor Relations
investor-relations@google.com
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