2004 Financial Tables
Full year financial tables with quarterly data.
Income Statement
(Figures in thousands, except per share amounts and EPS)
| Full Year | 2004 | ||||||
|---|---|---|---|---|---|---|---|
Revenues |
2002 | 2003 | 2004 | Q1 | Q2 | Q3 | Q4 |
| Revenues | 439,508 | 1,465,934 | 3,189,223 | 651,623 | 700,212 | 805,887 | 1,031,501 |
| Y/Y Growth Rate | 409% | 234% | 118% | 162% | 125% | 105% | 101% |
| Q/Q Growth Rate | NA | NA | NA | 27% | 7% | 15% | 28% |
| Google web sites | 306,978 | 792,063 | 1,589,032 | 303,532 | 343,442 | 411,671 | 530,388 |
| Y/Y Growth Rate | 359% | 158% | 101% | 92% | 88% | 99% | 118% |
| Q/Q Growth Rate | NA | NA | NA | 24% | 13% | 20% | 29% |
| Google Network web sites | 103,937 | 628,600 | 1,554,256 | 333,752 | 346,226 | 384,285 | 489,993 |
| Y/Y Growth Rate | NA | 505% | 147% | 311% | 194% | 120% | 92% |
| Q/Q Growth Rate | NA | NA | NA | 31% | 4% | 11% | 28% |
| Total Advertising Revenues | 410,915 | 1,420,663 | 3,143,288 | 637,284 | 689,668 | 795,956 | 1,020,381 |
| Y/Y Growth Rate | 514% | 246% | 121% | 167% | 129% | 109% | 104% |
| Q/Q Growth Rate | NA | NA | NA | 28% | 8% | 15% | 28% |
| Licensing & other revenues | 28,593 | 45,271 | 45,935 | 14,339 | 10,544 | 9,931 | 11,121 |
| Y/Y Growth Rate | 47% | 58% | 1% | 51% | 0% | -19% | -14% |
| Q/Q Growth Rate | NA | NA | NA | 10% | -26% | -6% | 12% |
| As % of Revenues | |||||||
| Google web sites | 70% | 54% | 50% | 47% | 49% | 51% | 51% |
| Google Network web sites | 24% | 43% | 49% | 51% | 49% | 48% | 48% |
| Licensing & other revenue | 6% | 3% | 1% | 2% | 2% | 1% | 1% |
| Full Year | 2004 | ||||||
|---|---|---|---|---|---|---|---|
Cost |
2002 | 2003 | 2004 | Q1 | Q2 | Q3 | Q4 |
| Cost of Revenues* | 132,575 | 634,411 | 1,468,967 | 320,474 | 328,923 | 364,095 | 455,475 |
| As % of Revenues | 30% | 43% | 46% | 49% | 47% | 45% | 44% |
| Traffic Acquisition Cost | 94,457 | 526,533 | 1,228,677 | 271,002 | 277,034 | 302,932 | 377,708 |
| As % of Revenues | 21% | 36% | 39% | 42% | 40% | 38% | 37% |
| Other Cost of Revenues* | 38,118 | 107,878 | 240,290 | 49,472 | 51,889 | 61,163 | 77,767 |
| As % of Revenues | 9% | 7% | 8% | 8% | 7% | 8% | 8% |
| Research & Development* | 40,494 | 229,605 | 395,164 | 81,284 | 91,598 | 99,529 | 122,752 |
| As % of Revenues | 9% | 16% | 12% | 12% | 13% | 12% | 12% |
| Sales & Marketing* | 48,783 | 164,935 | 295,749 | 62,050 | 70,208 | 77,092 | 86,399 |
| As % of Revenues | 11% | 11% | 9% | 10% | 10% | 10% | 8% |
| General & Administrative* | 31,190 | 94,519 | 188,151 | 32,492 | 38,525 | 53,059 | 64,076 |
| As % of Revenues | 7% | 6% | 13% | 5% | 6% | 7% | 6% |
| Settlement of dispute with Yahoo! | NA | NA | 201,000 | NA | NA | 201,000 | NA |
| As % of Revenues | NA | NA | 6% | NA | NA | 25% | NA |
| Contribution to Google Foundation | NA | NA | NA | NA | NA | NA | NA |
| As % of Revenues | NA | NA | NA | NA | NA | NA | NA |
| Total Costs & Expenses* | 253,042 | 1,123,470 | 2,549,031 | 496,300 | 529,254 | 794,775 | 728,702 |
| Y/Y Growth Rate | 235% | 344% | 127% | 203% | 156% | 143% | 71% |
| Q/Q Growth Rate | NA | NA | NA | 17% | 7% | 50% | -8% |
| Full Year | 2004 | ||||||
|---|---|---|---|---|---|---|---|
Profitability |
2002 | 2003 | 2004 | Q1 | Q2 | Q3 | Q4 |
| Income from operations | 186,466 | 342,464 | 640,192 | 155,323 | 170,958 | 11,112 | 302,799 |
| As % of Revenues | 42% | 23% | 20% | 24% | 24% | 1% | 29% |
| Net Income | 99,656 | 105,648 | 399,119 | 63,973 | 79,063 | 51,983 | 204,100 |
| As % of Revenues | 23% | 7% | 13% | 10% | 11% | 6% | 20% |
| EPS (As reported) | |||||||
| Basic | $ 0.86 | $ 0.77 | $ 2.07 | $ 0.42 | $ 0.51 | $ 0.25 | $ 0.78 |
| Diluted | $ 0.45 | $ 0.41 | $ 1.46 | $ 0.24 | $ 0.30 | $ 0.19 | $ 0.71 |
| Number of Shares ('000) | |||||||
| Basic | 115,242 | 137,697 | 193,176 | 151,084 | 155,441 | 205,007 | 261,172 |
| Diluted | 220,633 | 256,638 | 272,781 | 264,183 | 266,263 | 274,735 | 285,944 |
Balance Sheet & Cash Flow Statement
(Figures in thousands, except per share amounts and EPS)
| Full Year | 2004 | ||||||
|---|---|---|---|---|---|---|---|
| 2002 | 2003 | 2004 | Q1 | Q2 | Q3 | Q4 | |
| Cash & Marketable Securities | 146,331 | 334,718 | 2,132,297 | 454,888 | 548,687 | 1,858,356 | 2,132,297 |
| Accounts Receivable | 61,994 | 154,690 | 311,836 | 179,505 | 191,187 | 233,057 | 311,836 |
| DSO (in days, using ending AR) | 51 | 39 | 36 | 25 | 25 | 26 | 28 |
| Property and equipment, net | 53,873 | 188,255 | 378,916 | 253,006 | 320,718 | 362,609 | 378,916 |
| Total Assets | 286,892 | 871,458 | 3,313,351 | 1,079,454 | 1,328,022 | 2,888,518 | 3,313,351 |
| Cash Flow from Operations | 155,265 | 395,445 | 977,044 | 208,045 | 162,559 | 238,343 | 368,097 |
| Capital Expenditures | 37,198 | 176,801 | 318,995 | 86,037 | 96,246 | 77,632 | 59,080 |
Supplemental Information
(Figures in thousands, except per share amounts and EPS)
| Full Year | 2004 | ||||||
|---|---|---|---|---|---|---|---|
| 2002 | 2003 | 2004 | Q1 | Q2 | Q3 | Q4 | |
| Stock-based compensation | 21,635 | 229,361 | 278,746 | 76,473 | 74,761 | 67,981 | 59,531 |
| Int'l revenues as % of Total Revenues | 22% | 29% | 34% | 31% | 31% | 35% | 35% |
| Ending Permanent Headcount | 682 | 1,628 | 3,021 | 1,907 | 2,292 | 2,668 | 3,021 |
| Sequential Headcount Growth Rate | 140% | 139% | 86% | 17% | 20% | 16% | 13% |
* Includes stock-based compensation charges
