Seen at http://investor.google.com/releases/2007Q1.html
and
http://yhoo.client.shareholder.com/results.cfm
Google Inc.
Condensed Consolidated Balance Sheets
(in thousands)
December 31,
2006 *
March 31,
2007
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 3,544,671 $ 4,081,340
Marketable securities 7,699,243 7,854,579
Accounts receivable, net of allowance 1,322,340 1,477,090
Deferred income taxes, net 29,713 51,259
Prepaid revenue share, expenses and other assets 443,880 616,506
Total current assets 13,039,847 14,080,774
Prepaid revenue share, expenses and other assets, non-current 114,455 129,903
Non-marketable equity securities 1,031,850 1,030,952
Property and equipment, net 2,395,239 2,826,717
Intangible assets, net 346,841 326,526
Goodwill 1,545,119 1,620,566
Total assets $ 18,473,351
$ 20,015,438
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 211,169 $ 181,828
Accrued compensation and benefits 351,671 180,708
Accrued expenses and other current liabilities 265,872 300,068
Accrued revenue share 370,364 448,121
Deferred revenue 105,136 105,771
Income taxes payable 375 37,857
Total current liabilities 1,304,587 1,254,353
Deferred revenue, long-term 20,006 20,979
Deferred income taxes, net 40,421 18,821
Income taxes payable, long-term - 267,209
Other long-term liabilities 68,497 76,866
Stockholders' equity:
Common stock 309 310
Additional paid-in capital 11,882,906 12,211,590
Accumulated other comprehensive income 23,311 36,942
Retained earnings 5,133,314 6,128,368
Total stockholders' equity 17,039,840 18,377,210
Total liabilities and stockholders' equity $ 18,473,351
$ 20,015,438
*Derived from audited financial statements.
Google Inc.
Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended
March 31,
2006
2007
(unaudited)
Revenues $ 2,253,755 $ 3,663,971
Costs and expenses:
Cost of revenues (including stock-based compensation expense of $2,283, $4,389) 904,119 1,470,426
Research and development (including stock-based compensation expense of $73,086, $120,787) 246,599 408,384
Sales and marketing (including stock-based compensation expense of $15,929, $27,250) 190,943 302,552
General and administrative (including stock-based compensation expense of $23,366, $31,440) 169,395 261,400
Total costs and expenses
1,511,056
2,442,762
Income from operations 742,699 1,221,209
Interest income and other, net 67,919 130,728
Income before income taxes 810,618 1,351,937
Provision for income taxes 218,327 349,775
Net income $ 592,291 $ 1,002,162
Net income per share - basic
$ 2.02
$ 3.24
Net income per share - diluted
$ 1.95
$ 3.18
Shares used in per share calculation - basic
293,896
309,315
Shares used in per share calculation - diluted
304,123
314,870
Google Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended
March 31,
2006
2007
(unaudited)
Operating activities
Net income $ 592,291 $ 1,002,162
Adjustments:
Depreciation of property and equipment 95,868 170,289
Amortization of intangibles and warrants 15,290 34,703
In-process research and development 4,000 -
Stock-based compensation 114,664 183,866
Excess tax benefits from stock-based award activity (77,285) (74,084)
Other - (6,386)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable (155,221) (153,562)
Income taxes, net 216,527 337,702
Prepaid revenue share, expenses and other assets (26,525) (185,478)
Accounts payable 30,232 (29,256)
Accrued expenses and other liabilities (39,295) (139,886)
Accrued revenue share 51,216 77,864
Deferred revenue 3,042 1,659
Net cash provided by operating activities
824,804
1,219,593
Investing activities
Purchases of property and equipment (344,938) (596,893)
Purchases of marketable securities (13,111,471) (5,225,160)
Maturities and sales of marketable securities 11,755,756 5,079,364
Acquisitions, net of cash acquired, and purchases of intangible and other assets (187,964) (34,441)
Net cash used in investing activities
(1,888,617)
(777,130)
Financing activities
Net proceeds from stock-based award activity 42,611 14,426
Excess tax benefits from stock-based award activity 77,285 74,084
Net cash provided by financing activities
119,896
88,510
Effect of exchange rate changes on cash and cash equivalents 1,922 5,696
Net increase (decrease) in cash and cash equivalents (941,995) 536,669
Cash and cash equivalents at beginning of year 3,877,174 3,544,671
Cash and cash equivalents at end of period
$ 2,935,179
$ 4,081,340
Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures
The following table presents certain non-GAAP results before certain material items (in thousands, except per share amounts, unaudited):
Three months ended December 31, 2006 Three months ended March 31, 2007
GAAP Actual
As a % of
revenues
Adjustments
Non-GAAP
Results
As a % of
revenues
GAAP Actual
As a % of
revenues
Adjustments
Non-GAAP
Results
As a % of
revenues
134,427
(a)
183,866
(b)
Income from operations
$ 1,060,594
33.1%
$ 134,427
$ 1,195,021
37.3%
$ 1,221,209
33.3%
$ 183,866
$ 1,405,075
38.3%
134,427
(a)
183,866
(b)
(34,676)
(c)
(26,768)
(c)
(90,330)
(d)
(42,839)
(e)
Net income
$ 1,030,716
$ (33,418)
$ 997,298
$ 1,002,162
$ 157,098
$ 1,159,260
Net income per share - diluted
$ 3.29
$ 3.18
$ 3.18
$ 3.68
Shares used in per share calculation - diluted
313,459
313,459
314,870
314,870
(a) To eliminate $134.4 million of stock-based compensation charges recorded in the fourth quarter of 2006.
(b) To eliminate $183.9 million of stock-based compensation charges recorded in the first quarter of 2007.
(c) To eliminate income tax effects related to charges noted in (a) and (b).
(d) To eliminate $90.3 million of benefit to our provision for income taxes recorded in the fourth quarter because we reduced certain reserves recorded previously.
These reserves were no longer necessary as a result of our entering into an Advanced Pricing Agreement with the Internal Revenue Service.
(e) To eliminate $42.8 million of benefit to our provision for income taxes recorded in the fourth quarter of 2006 as a result of the enactment of the 2006 R&D tax credit.
The total benefit was $77.9 million for all of 2006 of which $42.8 million pertained to the first three quarters and the remaining $35.1 million pertained to the fourth quarter.
2007-09-27 02:57:10
·
answer #3
·
answered by John S 4
·
0⤊
0⤋