2003 Financial Tables
Full year financial tables with quarterly data.
Income Statement
(Figures in thousands, except per share amounts and EPS)
| Full Year | 2003 | ||||||
|---|---|---|---|---|---|---|---|
Revenues |
2001 | 2002 | 2003 | Q1 | Q2 | Q3 | Q4 |
| Revenues | 86,426 | 439,508 | 1,465,934 | 248,618 | 311,199 | 393,942 | 512,175 |
| Y/Y Growth Rate | 352% | 409% | 234% | 488% | 296% | 201% | 173% |
| Q/Q Growth Rate | NA | NA | NA | 32% | 25% | 27% | 30% |
| Google web sites | 66,932 | 306,978 | 792,063 | 157,900 | 183,102 | 207,239 | 243,822 |
| Y/Y Growth Rate | NA | 359% | 158% | 341% | 209% | 124% | 104% |
| Q/Q Growth Rate | NA | NA | NA | 32% | 16% | 13% | 18% |
| Google Network web sites | 0 | 103,937 | 628,600 | 81,218 | 117,583 | 174,444 | 255,355 |
| Y/Y Growth Rate | NA | NA | 505% | 17329% | 845% | 462% | 326% |
| Q/Q Growth Rate | NA | NA | NA | 35% | 45% | 48% | 46% |
| Total Advertising Revenues | 66,932 | 410,915 | 1,420,663 | 239,118 | 300,685 | 381,683 | 499,177 |
| Y/Y Growth Rate | NA | 514% | 246% | 560% | 320% | 209% | 178% |
| Q/Q Growth Rate | NA | NA | NA | 33% | 26% | 27% | 31% |
| Licensing & other revenues | 19,494 | 28,593 | 45,271 | 9,500 | 10,514 | 12,259 | 12,998 |
| Y/Y Growth Rate | NA | 47% | 58% | 57% | 53% | 73% | 51% |
| Q/Q Growth Rate | NA | NA | NA | 10% | 11% | 17% | 6% |
| As % of Revenues | |||||||
| Google web sites | 77% | 70% | 54% | 64% | 59% | 53% | 48% |
| Google Network web sites | 0% | 24% | 43% | 33% | 38% | 44% | 50% |
| Licensing & other revenue | 23% | 6% | 3% | 4% | 3% | 3% | 2% |
| Full Year | 2003 | ||||||
|---|---|---|---|---|---|---|---|
Cost |
2001 | 2002 | 2003 | Q1 | Q2 | Q3 | Q4 |
| Cost of Revenues* | 15,104 | 132,575 | 634,411 | 88,647 | 118,762 | 173,398 | 253,604 |
| As % of Revenues | 17% | 30% | 43% | 36% | 38% | 44% | 50% |
| Traffic Acquisition Cost | 0 | 94,457 | 526,533 | 70,131 | 96,559 | 143,487 | 216,356 |
| As % of Revenues | 0% | 21% | 36% | 28% | 31% | 36% | 42% |
| Other Cost of Revenues* | 15,104 | 38,118 | 107,878 | 18,516 | 22,203 | 29,911 | 37,248 |
| As % of Revenues | 17% | 9% | 7% | 7% | 7% | 8% | 7% |
| Research & Development* | 20,940 | 40,494 | 229,605 | 31,928 | 36,306 | 76,652 | 84,719 |
| As % of Revenues | 24% | 9% | 16% | 13% | 12% | 19% | 17% |
| Sales & Marketing* | 21,743 | 48,783 | 164,935 | 25,385 | 31,915 | 52,394 | 55,241 |
| As % of Revenues | 25% | 11% | 11% | 10% | 10% | 13% | 11% |
| General & Administrative* | 17,675 | 31,190 | 94,519 | 17,952 | 19,432 | 24,942 | 32,193 |
| As % of Revenues | 20% | 7% | 6% | 7% | 6% | 6% | 6% |
| Settlement of dispute with Yahoo! | NA | NA | NA | NA | NA | NA | NA |
| As % of Revenues | NA | NA | NA | NA | NA | NA | NA |
| Contribution to Google Foundation | NA | NA | |||||
| As % of Revenues | NA | NA | |||||
| Total Costs & Expenses* | 75,462 | 253,042 | 1,123,470 | 163,912 | 206,415 | 327,386 | 425,757 |
| Y/Y Growth Rate | 123% | 235% | 344% | 505% | 335% | 343% | 307% |
| Q/Q Growth Rate | NA | NA | NA | 57% | 26% | 59% | 30% |
| Full Year | 2003 | ||||||
|---|---|---|---|---|---|---|---|
Profitability |
2001 | 2002 | 2003 | Q1 | Q2 | Q3 | Q4 |
| Income from operations | 10,964 | 186,466 | 342,464 | 84,706 | 104,784 | 66,556 | 86,418 |
| As % of Revenues | 13% | 42% | 23% | 34% | 34% | 17% | 17% |
| Net Income | 6,985 | 99,656 | 105,648 | 25,800 | 32,168 | 20,426 | 27,254 |
| As % of Revenues | 8% | 23% | 7% | 10% | 10% | 5% | 5% |
| EPS (As reported) | |||||||
| Basic | $ 0.07 | $ 0.86 | $ 0.77 | $ 0.20 | $ 0.24 | $ 0.14 | $ 0.19 |
| Diluted | $ 0.04 | $ 0.45 | $ 0.41 | $ 0.10 | $ 0.12 | $ 0.08 | $ 0.10 |
| Number of Shares ('000) | |||||||
| Basic | 94,523 | 115,242 | 137,697 | 127,339 | 135,710 | 141,412 | 146,326 |
| Diluted | 186,776 | 220,633 | 256,638 | 248,687 | 257,361 | 257,943 | 262,561 |
Balance Sheet & Cash Flow Statement
(Figures in thousands, except per share amounts and EPS)
| Full Year | 2003 | ||||||
|---|---|---|---|---|---|---|---|
| 2001 | 2002 | 2003 | Q1 | Q2 | Q3 | Q4 | |
| Cash & Marketable Securities | 33,589 | 146,331 | 334,718 | 233,144 | 226,684 | 299,023 | 334,717 |
| Accounts Receivable | 18,117 | 61,994 | 154,690 | 79,811 | 98,479 | 118,879 | 154,690 |
| DSO (in days, using ending AR) | 77 | 51 | 39 | 29 | 29 | 27 | 27 |
| Property and equipment, net | 26,591 | 53,873 | 188,255 | 76,486 | 99,110 | 147,413 | 188,255 |
| Total Assets | 84,457 | 286,892 | 871,458 | 420,970 | 574,976 | 725,048 | 871,458 |
| Cash Flow from Operations | 31,089 | 155,265 | 395,445 | 113,198 | 63,976 | 131,727 | 86,544 |
| Capital Expenditures | 13,060 | 37,198 | 176,801 | 29,550 | 31,003 | 59,757 | 56,491 |
Supplemental Information
(Figures in thousands, except per share amounts and EPS)
| Full Year | 2003 | ||||||
|---|---|---|---|---|---|---|---|
| 2001 | 2002 | 2003 | Q1 | Q2 | Q3 | Q4 | |
| Stock-based compensation | 12,383 | 21,635 | 229,361 | 36,418 | 34,165 | 73,794 | 84,984 |
| Int'l revenues as % of Total Revenues | 18% | 22% | 29% | 27% | 28% | 30% | 30% |
| Ending Permanent Headcount | 284 | 682 | 1,628 | 889 | 1,154 | 1,406 | 1,628 |
| Sequential Headcount Growth Rate | NA | 140% | 139% | 30% | 30% | 22% | 16% |
* Includes stock-based compensation charges
