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