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