Google Financial Model
Updated for 3Q:CY08A
10/27/2008 www.COLDFINANCE.com Neil_McCluskey@yahoo.com
www.COLDFINANCE.com
posted November-10-2008
Google Financial Model Table of Contents
Quarterly and Annual Income Statement Quarterly and Annual Balance Sheet Quarterly and Annual Statement of Cashflows Quarterly and Annual Segment Reporting Annual Income Statement – Long-term Outlook Annual Balance Sheet – Long-term Outlook Annual Statement of Cashflows – Long-term Outlook CY07 – CY09 CY07 – CY09 CY07 – CY09 CY07 – CY09 CY07 – CY13 CY07 – CY13 CY07 – CY13
Neil_McCluskey@yahoo.com
posted November-10-2008
Last Reported Quarter: Last Update: FY end: Dec (in $M, except EPS) Gross revenue TAC Net Revenue Cost of sales R&D S&M G&A SBC Other Operating income Interest and other, net Pretax income Taxes Net income O/S (fully diluted) EPS (reported) EPS (w/o extra items) TAC Net Revenue Gross Margin R&D S&M G&A Operating Margin Interest and other, net Pretax Margin Tax Rate Net Margin Incremental GM Incremental Oper Inc. Y/Y Growth Net Revenue Net Income EPS Q/Q Growth Net Revenue Net Income EPS
09/30/08 10/27/08 MAR 1Q $3,664 1,125 $2,539 341 288 275 230 184 0 $1,221 131 $1,352 350 $1,002 315 $3.18 $3.68 30.7% 100.0% 86.6% 11.3% 10.8% 9.1% 48.1% 5.1% 53.2% 25.9% 13.8% 92% 35% 66% 69% 61% 14% -3% 16% 2007A JUN SEP 2Q 3Q $3,872 1,148 $2,724 405 375 319 279 242 0 $1,105 137 $1,242 317 $925 315 $2.93 $3.56 29.6% 100.0% 85.1% 13.8% 11.7% 10.2% 40.6% 5.0% 45.6% 25.5% 11.6% 79% -56% 63% 28% 43% 7% -8% -3% $4,231 1,221 $3,010 437 418 351 288 198 0 $1,318 154 $1,472 402 $1,070 317 $3.38 $3.91 28.9% 100.0% 85.5% 13.9% 11.7% 9.6% 43.8% 5.1% 48.9% 27.3% 13.4% 91% 59% 61% 46% 49% 11% 16% 10% DEC 4Q $4,827 1,440 $3,387 510 469 384 337 245 0 $1,441 167 $1,608 402 $1,206 318 $3.79 $4.43 29.8% 100.0% 84.9% 13.9% 11.3% 10.0% 42.5% 4.9% 47.5% 25.0% 11.9% 93% 13% 52% 17% 39% 13% 13% 13% FY 2007A
Google, Inc. (GOOG) Income Statement
MAR 1Q $5,186 1,486 $3,700 615 479 404 374 281 0 $1,546 167 $1,714 406 $1,307 317 $4.12 $4.84 28.7% 100.0% 83.4% 13.0% 10.9% 10.1% 41.8% 4.5% 46.3% 23.7% 11.0% 94% 29% 60% 37% 47% 46% 30% 32% 9% 8% 9% 2008E JUN SEP 2Q 3QA $5,367 1,474 $3,893 664 495 442 441 273 0 $1,578 58 $1,636 388 $1,247 318 $3.92 $4.63 27.5% 100.0% 82.9% 12.7% 11.4% 11.3% 40.5% 1.5% 42.0% 23.7% 10.0% 79% 18% 43% 35% 30% 5% -5% -4% $5,541 1,499 $4,043 664 535 444 376 280 0 $1,743 21 $1,764 418 $1,346 318 $4.24 $4.92 27.0% 100.0% 83.6% 13.2% 11.0% 9.3% 43.1% 0.5% 43.6% 23.7% 10.3% 99% 95% 34% 26% 26% 4% 8% 6% DEC 4QE $5,959 1,609 $4,350 757 555 490 390 285 0 $1,873 52 $1,925 539 $1,386 318 $4.36 $5.13 27.0% 100.0% 82.6% 12.8% 11.3% 9.0% 43.1% 1.2% 44.3% 28.0% 12.4% 92% 22% 28% 15% 16% 8% 3% 4% 37% 26% 25% FY 2008E $22,054 6,068 $15,986 2,700 2,065 1,781 1,582 1,119 0 $6,740 299 $7,039 1,752 $5,287 318 $16.64 $19.52 27.5% 100.0% 83.1% 12.9% 11.1% 9.9% 42.2% 1.9% 44.0% 24.9% 11.0% MAR 1Q $6,389 1,789 $4,600 920 565 510 395 290 0 $1,920 70 $1,990 517 $1,473 319 $4.62 $5.41 28.0% 100.0% 80.0% 12.3% 11.1% 8.6% 41.7% 1.5% 43.3% 26.0% 11.2% 95% 11% 24% 13% 12% 6% 6% 5%
Neil_McCluskey@yahoo.com 2009E JUN SEP 2Q 3Q $6,528 1,828 $4,700 940 595 520 410 300 0 $1,935 81 $2,016 524 $1,492 320 $4.66 $5.48 28.0% 100.0% 80.0% 12.7% 11.1% 8.7% 41.2% 1.7% 42.9% 26.0% 11.2% 93% 11% 21% 20% 18% 2% 1% 1% $6,806 1,906 $4,900 980 615 550 420 310 0 $2,025 82 $2,107 548 $1,559 321 $4.86 $5.63 28.0% 100.0% 80.0% 12.6% 11.2% 8.6% 41.3% 1.7% 43.0% 26.0% 11.2% 89% 32% 21% 16% 15% 4% 5% 3%
DEC 4Q $7,431 2,081 $5,350 1,070 635 600 435 325 0 $2,285 88 $2,373 617 $1,756 322 $5.45 $6.24 28.0% 100.0% 80.0% 11.9% 11.2% 8.1% 42.7% 1.6% 44.4% 26.0% 11.5% 91% 29% 23% 27% 22% 9% 13% 11%
FY 2009E $27,153 7,603 $19,550 3,910 2,410 2,180 1,660 1,225 0 $8,165 321 $8,486 2,206 $6,280 321 $19.59 $22.76 28.0% 100.0% 80.0% 12.3% 11.2% 8.5% 41.8% 1.6% 43.4% 26.0% 11.3%
$16,594 4,934 $11,660 1,693 1,550 1,330 1,134 869 0 $5,084 590 $5,674 1,470 $4,204 316 $13.29 $15.58 29.7% 100.0% 85.5% 13.3% 11.4% 9.7% 43.6% 5.1% 48.7% 25.9% 12.6%
22% 19% 17%
Last Reported Quarter: Last Update: FY end: Dec (in $M, except EPS) Cash & equiv Marketable securities A/R, net Income taxes receivable Deferred income taxes Prepaids Total C/A PPE, net Non-mktable equities Goodwill Intangible assets Deferred income taxes Prepaid Total assets Accounts payable Accrued comp Accrued expenses Accrued rev share Deferred revenue Income taxes payable Current portion of leases Total C/L Deferred revenue Options, early execution Deferred income taxes L/T taxes payable Other liabilities Total liabilities Convertible PFD Stocks Common stock Paid-in capital Deferred stock comp Accumulated other inc RE Total liab & equity Current Ratio Quick Ratio Days A/R Tangible Book Value/Share Cash/Share Cash+mkt securities/Share Debt/Share Debt/Capital ROE (annualized) ROA (annualized)
09/30/08 10/27/08 MAR 1Q $4,081 7,855 1,477 0 51 617 $14,081 $2,827 1,031 1,621 327 0 130 $20,015 $182 181 300 448 106 38 0 $1,254 $21 0 19 267 77 $1,638 $0 0 12,212 0 37 6,128 $20,015 11.2 4.4 37 $57.38 $12.96 $37.91 $0.00 0% 22.6% 20.8% 2007A JUN SEP 2Q 3Q $4,494 8,010 1,649 0 78 627 $14,858 $3,219 1,039 1,723 340 98 147 $21,424 $136 331 277 452 123 0 0 $1,319 $22 0 0 341 83 $1,764 $0 0 12,577 0 29 7,053 $21,424 11.3 4.7 39 $61.37 $14.24 $39.63 $0.00 0% 19.5% 17.9% $5,106 7,981 1,888 0 88 671 $15,734 $3,589 1,048 2,277 485 37 170 $23,341 $232 496 401 508 146 0 0 $1,783 $24 0 0 407 91 $2,304 $0 0 12,831 0 82 8,123 $23,341 8.8 3.9 41 $65.00 $16.13 $41.34 $0.00 0% 21.0% 19.1% DEC 4Q $6,082 8,137 2,163 145 69 694 $17,289 $4,039 1,060 2,299 447 33 169 $25,336 $282 588 465 522 178 0 0 $2,036 $30 0 0 478 102 $2,646 $0 0 13,241 0 113 9,335 $25,336 8.5 4.0 41 $71.05 $19.13 $44.72 $0.00 0% 22.1% 19.8% FY 2007A
Google, Inc. (GOOG) Balance Sheet
MAR 1Q $6,520 5,615 2,561 0 72 698 $15,465 $4,742 1,057 4,791 1,204 156 190 $27,605 $358 458 747 526 194 177 0 $2,460 $32 0 0 633 142 $3,267 $0 0 13,562 0 133 10,642 $27,605 6.3 3.7 45 $68.08 $20.54 $38.23 $0.00 0% 21.2% 19.2% 22.2% 19.8% 2008E JUN SEP 2Q 3QA $7,364 5,370 2,642 0 94 847 $16,317 $5,138 1,068 4,854 1,139 220 445 $29,180 $439 493 555 517 197 143 0 $2,346 $31 0 22 712 156 $3,267 $0 0 13,904 0 119 11,889 $29,180 7.0 4.3 45 $72.91 $23.15 $40.04 $0.00 0% 19.9% 17.6% $8,370 6,042 2,541 0 111 897 $17,963 $5,213 1,101 4,822 1,048 165 426 $30,738 $241 623 533 516 200 100 0 $2,212 $30 0 20 783 161 $3,207 $0 0 14,194 0 101 13,235 $30,738 8.1 4.9 42 $78.26 $26.34 $45.35 $0.00 0% 20.2% 18.0% DEC 4QE $8,632 6,542 2,781 0 113 915 $18,983 $5,649 1,111 4,822 1,021 0 435 $32,021 $253 325 360 652 150 65 0 $1,804 $31 0 20 799 164 $2,819 $0 0 14,529 0 101 14,572 $32,021 10.5 6.3 42 $82.32 $27.14 $47.71 $0.00 0% 19.5% 17.7% 20.4% 18.4% FY 2008E MAR 1Q $9,090 7,042 2,910 0 122 956 $20,120 $6,189 1,121 4,834 1,032 0 454 $33,751 $265 250 315 716 135 50 0 $1,731 $32 0 20 815 168 $2,766 $0 0 14,869 0 101 16,014 $33,751 11.6 6.9 41 $87.41 $28.49 $50.57 $0.00 0% 19.6% 17.9%
Neil_McCluskey@yahoo.com 2009E JUN SEP 2Q 3Q $9,844 7,542 2,974 0 128 1,021 $21,509 $6,646 1,131 4,847 1,043 0 485 $35,662 $279 275 330 731 140 55 0 $1,810 $33 0 20 831 171 $2,865 $0 0 15,219 0 101 17,476 $35,662 11.9 7.1 41 $93.03 $30.76 $54.33 $0.00 0% 18.7% 17.2% $10,613 8,042 3,176 0 134 1,078 $23,043 $7,077 1,141 4,859 1,054 0 512 $37,687 $293 300 345 772 145 60 0 $1,914 $34 0 20 848 174 $2,991 $0 0 15,579 0 101 19,015 $37,687 12.0 7.2 42 $98.98 $33.06 $58.11 $0.00 0% 18.5% 17.0%
DEC 4Q $11,294 8,542 3,468 0 143 1,179 $24,625 $7,682 1,151 4,872 1,065 0 560 $39,955 $307 325 360 843 150 65 0 $2,050 $35 0 20 865 178 $3,148 $0 0 15,954 0 101 20,751 $39,955 12.0 7.2 42 $105.64 $35.07 $61.60 $0.00 0% 19.6% 18.1%
FY 2009E
19.0% 17.4%
Last Reported Quarter: Last Update: FY end: Dec (in $M, except EPS) Net income Depr and amortization Amort of intangs & wrnts SBC Tax benefits from SBC In-process R&D Deferred Income Taxes Other Changes in working cap A/R Income taxes Prepaids A/P Accrued expenses Accrued rev share Deferred revs Net cash from ops Capex Purchase of securities Sale/maturity of securities Acquisition of intangibles Acq. of non-mktable equities Acquisitions, net of cash Net cash from investment Options proceeds Excess tax benes from sbc Capital leases Proceeds from warrants Notes/r from stockholders Share issuance and other Net cash from financing FX Total cash in (out) Opening cash Closing cash EBIT EBITDA FCF EBIT / share EBITDA / share FCF / share
09/30/08 10/27/08 MAR 1Q $1,002 170 35 184 (74) 0 0 (6) (154) 338 (185) (29) (140) 78 2 $1,220 ($597) (5,225) 5,079 0 0 (34) ($777) $14 74 0 0 0 0 $89 6 $537 3,545 $4,081 $1,405 $1,610 $623 $4.46 $5.11 $1.98 2007A JUN SEP 2Q 3Q $925 188 35 242 (106) 4 0 3 (171) (4) (22) (45) 161 4 17 $1,230 ($575) (2,119) 1,938 0 (10) (173) ($939) $14 106 0 0 0 0 $120 2 $412 4,081 $4,494 $1,346 $1,569 $655 $4.27 $4.98 $2.08 $1,070 207 42 198 (59) (4) 0 (4) (234) 98 (30) 95 186 54 13 $1,633 ($553) (4,412) 4,502 0 (11) (616) ($1,090) ($10) 59 0 0 0 0 $49 21 $613 4,494 $5,106 $1,516 $1,765 $1,080 $4.79 $5.58 $3.41 DEC 4Q $1,206 242 48 245 (141) 0 0 (197) (278) 314 (61) 50 212 14 38 $1,693 ($678) (4,241) 4,140 0 (13) (84) ($875) $5 141 0 0 0 0 $145 12 $975 5,106 $6,082 $1,684 $1,974 $1,015 $5.30 $6.21 $3.19
Google, Inc. (GOOG) Statement of Cashflows
FY 2007A $4,204 808 160 869 (379) 0 0 (204) (837) 745 (299) 70 419 150 70 $5,775 ($2,403) (15,997) 15,659 0 (35) (907) ($3,682) $24 379 0 0 0 0 $403 40 $2,537 3,545 $6,082 $5,953 $6,921 $3,373 $18.83 $21.89 $10.67 MAR 1Q $1,307 281 56 281 (51) 0 (38) (45) (223) 438 (42) 54 (234) (10) 7 $1,779 ($842) (2,820) 5,379 0 0 (3,125) ($1,407) ($22) 51 0 0 0 0 $29 37 $438 6,082 $6,520 $1,827 $2,164 $938 $5.76 $6.82 $2.95 2008E JUN SEP 2Q 3QA $1,247 309 83 273 (44) 0 (68) 20 (73) 90 (141) (15) 87 (6) 3 $1,766 ($698) (2,102) 2,037 0 (9) (187) ($959) ($0) 44 0 0 0 0 $44 (7) $844 6,520 $7,364 $1,851 $2,242 $1,069 $5.82 $7.05 $3.36 $1,346 309 77 280 (20) 0 20 10 78 24 43 (191) 185 12 11 $2,185 ($452) (2,893) 2,218 0 (35) 25 ($1,137) ($16) 20 0 0 0 0 $4 (45) $1,007 7,364 $8,370 $2,023 $2,409 $1,733 $6.37 $7.58 $5.45 DEC 4QE $1,386 314 27 285 (100) 0 163 3 (239) (19) (26) 12 (470) 136 (49) $1,421 ($750) (5,250) 4,750 0 (10) 0 ($1,260) $50 100 0 0 0 0 $150 (50) $261 8,370 $8,632 $2,158 $2,499 $671 $6.79 $7.86 $2.11 FY 2008E $5,287 1,213 242 1,119 (215) 0 78 (11) (458) 533 (167) (140) (432) 131 (28) $7,152 ($2,741) (13,064) 14,385 0 (55) (3,288) ($4,763) $12 215 0 0 0 0 $227 (66) $2,550 6,082 $8,632 $7,859 $9,313 $4,411 $24.73 $29.31 $13.88 MAR 1Q $1,473 335 27 290 (75) 0 (8) 3 (130) 1 (60) 13 (120) 64 (14) $1,799 ($800) (4,500) 4,000 0 (10) (125) ($1,435) $50 75 0 0 0 0 $125 (30) $459 8,632 $9,090 $2,210 $2,572 $999 $6.93 $8.06 $3.13
Neil_McCluskey@yahoo.com 2009E JUN SEP 2Q 3Q $1,492 367 27 300 (75) 0 (7) 3 (63) 21 (97) 13 40 16 6 $2,043 ($750) (4,750) 4,250 0 (10) (125) ($1,385) $50 75 0 0 0 0 $125 (30) $753 9,090 $9,844 $2,235 $2,629 $1,293 $6.98 $8.21 $4.04 $1,559 395 27 310 (75) 0 (6) 3 (202) 22 (83) 14 40 41 6 $2,049 ($750) (5,000) 4,500 0 (10) (125) ($1,385) $50 75 0 0 0 0 $125 (20) $769 9,844 $10,613 $2,335 $2,756 $1,299 $7.27 $8.59 $4.05
DEC 4Q $1,756 420 27 325 (75) 0 (9) 3 (292) 22 (149) 15 40 71 6 $2,161 ($950) (5,250) 4,750 0 (10) (125) ($1,585) $50 75 0 0 0 0 $125 (20) $681 10,613 $11,294 $2,610 $3,057 $1,211 $8.11 $9.49 $3.76
FY 2009E $6,280 1,517 106 1,225 (300) 0 (30) 14 (687) 66 (389) 54 0 191 4 $8,052 ($3,250) (19,500) 17,500 0 (40) (500) ($5,790) $200 300 0 0 0 0 $500 (100) $2,662 8,632 $11,294 $9,390 $11,013 $4,802 $29.30 $34.36 $14.98
Last Reported Quarter: Last Update: FY end: Dec (in $M, except EPS) Revenue by Segment Google web sites Network web sites Total advertising revenue Licensing and other Total revenue Revenue by Segment (Mix) Google web sites Network web sites Total advertising revenue Licensing and other Total revenue Revenue by Segment (QoQ) Google web sites Network web sites Total advertising revenue Licensing and other Total revenue Revenue by Segment (YoY) Google web sites Network web sites Total advertising revenue Licensing and other Total revenue Revenue by Geography US UK ROW Total revenue Geography (Mix) US UK ROW Total revenue Geography (QoQ) US UK ROW Total revenue Geography (YoY) US UK ROW Total revenue
09/30/08 10/27/08 MAR 1Q 2007A JUN SEP 2Q 3Q DEC 4Q FY 2007A
Google, Inc. (GOOG) Segment Results
MAR 1Q 2008E JUN SEP 2Q 3QA DEC 4QE FY 2008E MAR 1Q
Neil_McCluskey@yahoo.com 2009E JUN SEP 2Q 3Q
DEC 4Q
FY 2009E
$2,282 1,345 $3,627 37 $3,664 62% 37% 99% 1% 100% 15% 12% 14% 19% 14% 76% 45% 63% 30% 63%
$2,486 1,352 $3,838 34 $3,872 64% 35% 99% 1% 100% 9% 0% 6% -8% 6% 74% 36% 58% 25% 58%
$2,735 1,455 $4,190 42 $4,231 65% 34% 99% 1% 100% 10% 8% 9% 25% 9% 68% 40% 57% 57% 57%
$3,121 1,636 $4,757 69 $4,827 65% 34% 99% 1% 100% 14% 12% 14% 65% 14% 58% 37% 50% 127% 51%
$10,625 5,788 $16,413 181 $16,594 64% 35% 99% 1% 100%
$3,400 1,686 $5,087 100 $5,186 66% 33% 98% 2% 100% 9% 3% 7% 44% 7%
$3,530 1,655 $5,185 182 $5,367 66% 31% 97% 3% 100% 4% -2% 2% 83% 3% 42% 22% 35% 440% 39%
$3,672 1,680 $5,352 189 $5,541 66% 30% 97% 3% 100% 4% 1% 3% 4% 3% 34% 15% 28% 352% 31%
$3,933 1,966 $5,899 60 $5,959 66% 33% 99% 1% 100% 7% 17% 10% -69% 8% 26% 20% 24% -14% 23%
$14,535 6,988 $21,523 530 $22,053 66% 32% 98% 2% 100%
$4,217 2,108 $6,325 64 $6,389 66% 33% 99% 1% 100% 7% 7% 7% 7% 7%
$4,308 2,154 $6,463 65 $6,528 66% 33% 99% 1% 100% 2% 2% 2% 2% 2% 22% 30% 25% -64% 22%
$4,560 2,178 $6,738 68 $6,806 67% 32% 99% 1% 100% 6% 1% 4% 4% 4% 24% 30% 26% -64% 23%
$4,978 2,378 $7,356 74 $7,431 67% 32% 99% 1% 100% 9% 9% 9% 9% 9% 27% 21% 25% 25% 25%
$18,063 8,818 $26,881 272 $27,153 67% 32% 99% 1% 100%
68% 39% 56% 62% 56%
49% 25% 40% 172% 42%
37% 21% 31% 192% 33%
24% 25% 24% -36% 23%
24% 26% 25% -49% 23%
$1,958 578 1,127 $3,664 53% 16% 31% 100% 9% 27% 19% 14% 49% 69% 90% 63%
$2,028 600 1,245 $3,872 52% 15% 32% 100% 4% 4% 10% 6% 43% 62% 87% 58%
$2,206 661 1,365 $4,231 52% 16% 32% 100% 9% 10% 10% 9% 46% 56% 79% 57%
$2,510 676 1,641 $4,827 52% 14% 34% 100% 14% 2% 20% 14% 39% 48% 73% 51%
$8,702 2,515 5,377 $16,594 52% 15% 32% 100%
$2,535 803 1,848 $5,186 49% 15% 36% 100% 1% 19% 13% 7%
$2,567 774 2,026 $5,367 48% 14% 38% 100% 1% -4% 10% 3% 27% 29% 63% 39%
$2,691 776 2,074 $5,541 49% 14% 37% 100% 5% 0% 2% 3% 22% 17% 52% 31%
$2,834 835 2,290 $5,959 48% 14% 38% 100% 5% 8% 10% 8% 13% 23% 40% 23%
$10,628 3,187 8,238 $22,053 48% 14% 37% 100%
$2,975 895 2,519 $6,389 47% 14% 39% 100% 5% 7% 10% 7%
$2,974 914 2,639 $6,528 46% 14% 40% 100% 0% 2% 5% 2% 16% 18% 30% 22%
$3,033 953 2,820 $6,806 45% 14% 41% 100% 2% 4% 7% 4% 13% 23% 36% 23%
$3,237 1,041 3,153 $7,431 44% 14% 42% 100% 7% 9% 12% 9% 14% 25% 38% 25%
$12,219 3,803 11,131 $27,153 45% 14% 41% 100%
44% 58% 81% 56%
29% 39% 64% 42%
22% 27% 53% 33%
17% 11% 36% 23%
15% 19% 35% 23%
Neil_McCluskey@yahoo.com Long-term Outlook FY end: Dec (in $M, except EPS) Gross revenue TAC Net Revenue Cost of sales R&D S&M G&A SBC Other Operating income Interest and other, net Pretax income Taxes Net income O/S (fully diluted) EPS (reported) EPS (w/o extra items) TAC Net Revenue Gross Margin R&D S&M G&A Operating Margin Interest and other, net Pretax Margin Tax Rate Net Margin Incremental GM Incremental Oper Inc. Y/Y Growth Net Revenue Net Income EPS Q/Q Growth Net Revenue Net Income EPS 0% 81% 110% 86% 0% 60% 37% 47% FY 2006A $10,605 3,309 $7,296 899 941 790 658 458 0 $3,550 461 $4,011 934 $3,077 310 $9.94 $10.58 31.2% 100.0% 87.7% 12.9% 10.8% 9.0% 48.7% 6.3% 55.0% 23.3% 12.8% FY 2007A $16,594 4,934 $11,660 1,693 1,550 1,330 1,134 869 0 $5,084 590 $5,674 1,470 $4,204 316 $13.29 $15.58 29.7% 100.0% 85.5% 13.3% 11.4% 9.7% 43.6% 5.1% 48.7% 25.9% 12.6%
Google, Inc. (GOOG) Income Statement
FY 2008E $22,054 6,068 $15,986 2,700 2,065 1,781 1,582 1,119 0 $6,740 299 $7,039 1,752 $5,287 318 $16.64 $19.52 27.5% 100.0% 83.1% 12.9% 11.1% 9.9% 42.2% 1.9% 44.0% 24.9% 11.0% FY 2009E $27,153 7,603 $19,550 3,910 2,410 2,180 1,660 1,225 0 $8,165 321 $8,486 2,206 $6,280 321 $19.59 $22.76 28.0% 100.0% 80.0% 12.3% 11.2% 8.5% 41.8% 1.6% 43.4% 26.0% 11.3% FY 2010E $32,153 9,003 $23,150 4,630 2,810 2,570 1,820 1,410 0 $9,910 501 $10,411 2,811 $7,600 325 $23.42 $26.64 28.0% 100.0% 80.0% 12.1% 11.1% 7.9% 42.8% 2.2% 45.0% 27.0% 12.1% FY 2011E $36,319 10,169 $26,150 5,230 3,210 2,895 1,900 1,580 0 $11,335 664 $11,999 3,300 $8,699 330 $26.38 $30.50 28.0% 100.0% 80.0% 12.3% 11.1% 7.3% 43.3% 2.5% 45.9% 27.5% 12.6% FY 2012E $40,694 11,394 $29,300 5,567 3,410 3,225 1,940 1,670 0 $13,488 858 $14,346 3,945 $10,401 336 $30.97 $35.25 28.0% 100.0% 81.0% 11.6% 11.0% 6.6% 46.0% 2.9% 49.0% 27.5% 13.5% FY 2013E $48,194 13,494 $34,700 6,593 3,610 3,850 1,980 1,730 0 $16,937 1,089 $18,026 4,957 $13,069 342 $38.24 $42.59 28.0% 100.0% 81.0% 10.4% 11.1% 5.7% 48.8% 3.1% 51.9% 27.5% 14.3%
0% 37% 26% 25%
0% 22% 19% 17%
0% 18% 21% 17%
0% 13% 14% 14%
0% 12% 20% 16%
0% 18% 26% 21%
Neil_McCluskey@yahoo.com Long-term Outlook FY end: Dec (in $M, except EPS) Cash & equiv Marketable securities A/R, net Income taxes receivable Deferred income taxes Prepaids Total C/A PPE, net Non-mktable equities Goodwill Intangible assets Deferred income taxes Prepaid Total assets Accounts payable Accrued comp Accrued expenses Accrued rev share Deferred revenue Income taxes payable Current portion of leases Total C/L Deferred revenue Options, early execution Deferred income taxes L/T taxes payable Other liabilities Total liabilities Convertible PFD Stocks Common stock Paid-in capital Deferred stock comp Accumulated other inc RE Total liab & equity Current Ratio Quick Ratio Days A/R Tangible Book Value/Share Cash/Share Cash+mkt securities/Share Debt/Share Debt/Capital ROE (annualized) ROA (annualized) FY 2007A $6,082 8,137 2,163 145 69 694 $17,289 $4,039 1,060 2,299 447 33 169 $25,336 $282 588 465 522 178 0 0 $2,036 $30 0 0 478 102 $2,646 $0 0 13,241 0 113 9,335 $25,336 8.5 4.0 41 $71.05 $19.13 $44.72 $0.00 0% 21.2% 19.2% FY 2008E
Google, Inc. (GOOG) Balance Sheet
FY 2009E $11,294 8,542 3,468 0 143 1,179 $24,625 $7,682 1,151 4,872 1,065 0 560 $39,955 $307 325 360 843 150 65 0 $2,050 $35 0 20 865 178 $3,148 $0 0 15,954 0 101 20,751 $39,955 12.0 7.2 42 $105.64 $35.07 $61.60 $0.00 0% 19.0% 17.4% FY 2010E $12,953 13,542 4,106 0 171 1,565 $32,338 $9,748 1,201 4,932 1,139 0 744 $50,101 $437 462 512 1,159 206 70 0 $2,846 $48 0 20 936 192 $4,043 $0 0 17,564 0 101 28,392 $50,101 11.4 6.0 42 $135.05 $39.73 $81.27 $0.00 0% 18.3% 16.9% FY 2011E $15,976 18,542 4,638 0 198 1,907 $41,261 $11,838 1,261 5,002 1,243 0 906 $61,511 $562 594 658 1,453 259 76 0 $3,602 $60 0 20 1,013 208 $4,905 $0 0 19,344 0 101 37,161 $61,511 11.5 5.7 42 $166.45 $48.12 $103.96 $0.00 0% 16.9% 15.6% FY 2012E $17,447 26,542 5,197 0 224 2,485 $51,895 $13,918 1,331 5,082 1,377 0 1,181 $74,784 $710 751 832 1,795 320 82 0 $4,489 $74 0 20 1,097 226 $5,906 $0 0 21,214 0 101 47,562 $74,784 11.6 5.0 42 $202.13 $51.61 $130.14 $0.00 0% 16.6% 15.3% FY 2013E $19,352 36,542 6,155 0 250 3,506 $65,805 $16,094 1,411 5,172 1,541 0 1,666 $91,689 $1,010 1,068 1,183 2,469 440 89 0 $6,259 $102 0 20 1,187 244 $7,813 $0 0 23,144 0 101 60,630 $91,689 10.5 4.1 42 $247.01 $56.25 $162.47 $0.00 0% 17.1% 15.7%
$8,632 6,542 2,781 0 113 915 $18,983 $5,649 1,111 4,822 1,021 0 435 $32,021 $253 325 360 652 150 65 0 $1,804 $31 0 20 799 164 $2,819 $0 0 14,529 0 101 14,572 $32,021 10.5 6.3 42 $82.32 $27.14 $47.71 $0.00 0% 20.4% 18.4%
Neil_McCluskey@yahoo.com Long-term Outlook FY end: Dec (in $M, except EPS) Net income Depr and amortization Amort of intangs & wrnts SBC Tax benefits from SBC In-process R&D Deferred Income Taxes Other Changes in working cap A/R Income taxes Prepaids A/P Accrued expenses Accrued rev share Deferred revs Net cash from ops Capex Purchase of securities Sale/maturity of securities Acquisition of intangibles Acq. of non-mktable equities Acquisitions, net of cash Net cash from investment Options proceeds Excess tax benes from sbc Capital leases Proceeds from warrants Notes/r from stockholders Share issuance and other Net cash from financing FX Total cash in (out) Opening cash Closing cash EBIT EBITDA FCF EBIT / share EBITDA / share FCF / share FY 2006A $3,077 494 78 458 (582) 11 2 0 (624) 398 (289) 95 292 139 31 $3,581 ($1,903) (26,682) 23,107 0 (1,019) (402) ($6,899) $321 582 0 0 0 2,064 $2,966 20 ($333) 3,877 $3,545 $4,038 $4,610 $1,678 $13.05 $14.89 $5.42 FY 2007A $4,204 808 160 869 (379) 0 0 (204) 0 (837) 745 (299) 70 419 150 70 $5,775 ($2,403) (15,997) 15,659 0 (35) (907) ($3,682) $24 379 0 0 0 0 $403 40 $2,537 3,545 $6,082 $5,953 $6,921 $3,373 $18.83 $21.89 $10.67
Google, Inc. (GOOG) Statement of Cashflows
FY 2008E $5,287 1,213 242 1,119 (215) 0 (11) 0 (458) 533 (167) (140) (432) 131 (28) $7,152 ($2,741) (13,064) 14,385 0 (55) (3,288) ($4,763) $12 215 0 0 0 0 $227 (66) $2,550 6,082 $8,632 $7,859 $9,313 $4,411 $24.73 $29.31 $13.88 FY 2009E $6,280 1,517 106 1,225 (300) 0 FY 2010E $7,600 1,894 106 1,410 (360) 0 FY 2011E FY 2012E FY 2013E
$8,699 $10,401 $13,069 2,229 2,550 2,864 106 106 106 1,580 1,670 1,730 (420) (480) (540) 0 0 0
14 15 16 17 19 0 0 0 0 0 (687) (639) (532) (559) (958) 66 77 83 90 97 (389) (570) (504) (853) (1,506) 54 130 125 148 300 0 289 278 330 669 191 316 295 342 674 4 69 65 75 148 $8,052 $10,310 $11,993 $13,811 $16,645 ($3,250) (19,500) 17,500 0 (40) (500) ($5,790) $200 300 0 0 0 0 $500 (100) $2,662 8,632 $11,294 $9,390 $11,013 $4,802 $29.30 $34.36 $14.98 ($3,600) (22,900) 17,900 0 (50) (600) ($9,250) $200 360 0 0 0 0 $560 40 $1,660 11,294 $12,953 $11,320 $13,320 $6,710 $34.88 $41.05 $20.68 ($3,900) ($4,150) ($4,500) (22,650) (26,150) (28,650) 17,650 18,150 18,650 0 0 0 (60) (70) (80) (700) (800) (900) ($9,660) ($13,020) ($15,480) $200 420 0 0 0 0 $620 70 $3,023 12,953 $15,976 $12,915 $15,250 $8,093 $39.16 $46.25 $24.54 $200 480 0 0 0 0 $680 0 $1,471 15,976 $17,447 $15,158 $17,814 $9,661 $45.14 $53.05 $28.77 $200 540 0 0 0 0 $740 0 $1,905 17,447 $19,352 $18,667 $21,637 $12,145 $54.62 $63.31 $35.54