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,In today's fashion world designer handbags and designer purses are as much
a part of women's fashion and style as any part of their wardrobe. Designer
handbags, purses, and wallets definitely round out your ensemble and give
you accent in ways that you can mix and match as well.Designer handbags,
designer purses, and wallets command some very steep prices and that in turn
creates a whole separate business environment of faux designer handbags and
designer purses. Faux or real is now hard to tell the difference which is
which.Unless money is no object, designer handbags and designer purses can
be easily substituted with the knock off brands. I see no difference in going
faux than do clothes knock offs from the fashion designers. The prices for
the real are so inflated and over priced; it only lends itself to its own
competition. I realize this will draw a strong opposition from the fashion
world, but if you think about their overpricing of their handbags and designer
purses, they are directly responsible for their own dilemma.There is nothing
wrong with pricing your products for their uniqueness but if you over price,
you incite a secondary market that can easily duplicate the original product
at a much lower price because the cost factor to do so is too easy to
accomplish. I understand copyright and patent laws, but there is a level of
unreasonable that is a factor that cannot be ignored from a common sense
position.Designer handbags and designer purses or wallets will always be an
important part of women's fashion, that's a given, but to try and stop the
secondary market of faux designer handbags and designer purses is a futile
endeavor. It's a market whereby one drives the other and the need for supply
and demand is driven by the cost and desire.Personally, I have a tendency
to notice the color matching value of handbags or purses more so, than actually
the real or faux value of what I see. If the handbag or purse compliments
the ensemble, then that is the winning combination that the person wearing
the grouping has achieved for me.Faux or real when handbags or purses is
discussed, will always draw deep divides in the sand, but that in itself is,
by design, pun intended.,,Google has released its earnings report for the
second quarter.The company posted a record over $9 billion in revenue for
the quarter, up 32% from the same period last year. Not too shabby. More
precisely, revenues were $9.03 billion for the quarter. Last year, Q2 revenues
were $6.82 billion.Google‟s own sites generated $6.23 billion, leaving
AdSense partner sites generating $2.48 billion. That‟s an increase of 20%
from the same period last year. This is very interesting considering Google‟s
launch of the Panda update earlier this year, which affected the search
visibility of a whole lot of webpages with AdSense ads on them. Apparently
it didn‟t hurt Google‟s income too much.Paid clicks on Google sites and
AdSense partner sites increased 18% YoY, and the average cost-per-click
increased about 12%.Interestingly, Google‟s employee headcount increased
from 22,316 full-time employees at the end of March to 28,768 at the end of
June.Here‟s the report in its entirety:MOUNTAIN VIEW, Calif. – July 14, 2011
– Google Inc. (NASDAQ: GOOG) today announced financial results for the quarter
ended June 30, 2011.“We had a great quarter, with revenue up 32% year on year
for a record breaking over $9 billion of revenue,” said Larry Page, CEO of
Google. “I‟m super excited about the amazing response to Google+ which lets
you share just like in real life.”Q2 Financial SummaryGoogle reported
revenues of $9.03 billion for the quarter ended June 30, 2011, an increase
of 32% compared to the second quarter of 2010. Google reports its revenues,
consistent with GAAP, on a gross basis without deducting traffic acquisition
costs (TAC). In the second quarter of 2011, TAC totaled $2.11 billion, or
24% of advertising revenues.Google reports operating income, operating
margin, net income, and earnings per share (EPS) on a GAAP and non-GAAP basis.
The non-GAAP measures, as well as free cash flow, an alternative non-GAAP
measure of liquidity, are described below and are reconciled to the
corresponding GAAP measures in the accompanying financial tables.,GAAP
operating income in the second quarter of 2011 was $2.88 billion, or 32% of
revenues. This compares to GAAP operating income of $2.37 billion, or 35%
of revenues, in the second quarter of 2010. Non-GAAP operating income in the
second quarter of 2011 was $3.32 billion, or 37% of revenues. This compares
to non-GAAP operating income of $2.67 billion, or 39% of revenues, in the
second quarter of 2010.,GAAP net income in the second quarter of 2011 was
$2.51 billion, compared to $1.84 billion in the second quarter of 2010.
Non-GAAP net income in the second quarter of 2011 was $2.85 billion, compared
to $2.08 billion in the second quarter of 2010.,GAAP EPS in the second quarter
of 2011 was $7.68 on 326 million diluted shares outstanding, compared to $5.71
in the second quarter of 2010 on 322 million diluted shares outstanding.
Non-GAAP EPS in the second quarter of 2011 was $8.74, compared to $6.45 in
the second quarter of 2010.,Non-GAAP operating income and non-GAAP operating
margin exclude the expenses related to stock-based compensation (SBC).
Non-GAAP net income and non-GAAP EPS exclude the expenses related to SBC and
the related tax benefits. In the second quarter of 2011, the charge related
to SBC was $435 million, compared to $309 million in the second quarter of
2010. The tax benefit related to SBC was $91 million in the second quarter
of 2011 and $70 million in the second quarter of 2010.,Q2 Financial
HighlightsRevenues– Google reported revenues of $9.03 billion in the second
quarter of 2011, representing a 32% increase over second quarter 2010 revenues
of $6.82 billion. Google reports its revenues, consistent with GAAP, on a
gross basis without deducting TAC.Google Sites Revenues– Google-owned sites
generated revenues of $6.23 billion, or 69% of total revenues, in the second
quarter of 2011. This represents a 39% increase over second quarter 2010
revenues of $4.50 billion.Google Network Revenues– Google‟s partner sites
generated revenues, through AdSense programs, of $2.48 billion, or 28% of
total revenues, in the second quarter of 2011. This represents a 20% increase
from second quarter 2010 network revenues of $2.06 billion.International
Revenues– Revenues from outside of the United States totaled $4.87 billion,
representing 54% of total revenues in the second quarter of 2011, compared
to 53% in the first quarter of 2011 and 52% in the second quarter of 2010.
Excluding gains related to our foreign exchange risk management program, had
foreign exchange rates remained constant from the first quarter of 2011
through the second quarter of 2011, our revenues in the second quarter of
2011 would have been $167 million lower. Excluding gains related to our
foreign exchange risk management program, had foreign exchange rates remained
constant from the second quarter of 2010 through the second quarter of 2011,
our revenues in the second quarter of 2011 would have been $417 million
lower.,Revenues from the United Kingdom totaled $976 million, representing
11% of revenues in the second quarter of 2011, compared to 11% in the second
quarter of 2010.,In the second quarter of 2011, we recognized a benefit of
$4 million to revenues through our foreign exchange risk management program,
compared to $79 million in the second quarter of 2010.,A reconciliation of
our non-GAAP international revenues excluding the impact of foreign exchange
and hedging to GAAP international revenues is included in the accompanying
financial tables.Paid Clicks– Aggregate paid clicks, which include clicks
related to ads served on Google sites and the sites of our AdSense partners,
increased approximately 18% over the second quarter of 2010 and decreased
approximately 2% over the first quarter of 2011.Cost-Per-Click– Average
cost-per-click, which includes clicks related to ads served on Google sites
and the sites of our AdSense partners, increased approximately 12% over the
second quarter of 2010 and increased approximately 6% over the first quarter
of 2011.TAC– Traffic Acquisition Costs, the portion of revenues shared with
Google‟s partners, increased to $2.11 billion in the second quarter of 2011,
compared to TAC of $1.73 billion in the second quarter of 2010. TAC as a
percentage of advertising revenues was 24% in the second quarter of 2011,
compared to 26% in the second quarter of 2010.The majority of TAC is related
to amounts ultimately paid to our AdSense partners, which totaled $1.75
billion in the second quarter of 2011. TAC also includes amounts ultimately
paid to certain distribution partners and others who direct traffic to our
website, which totaled $355 million in the second quarter of 2011.Other Cost
of Revenues– Other cost of revenues, which is comprised primarily of data
center operational expenses, amortization of intangible assets, content
acquisition costs as well as credit card processing charges, increased to
$1.06 billion, or 12% of revenues, in the second quarter of 2011, compared
to $735 million, or 11% of revenues, in the second quarter of 2010.Operating
Expenses– Operating expenses, other than cost of revenues, were $2.97 billion
in the second quarter of 2011, or 33% of revenues, compared to $1.99 billion
in the second quarter of 2010, or 29% of revenues.SBC– In the second quarter
of 2011, the total charge related to SBC was $435 million, compared to $309
million in the second quarter of 2010.We currently estimate SBC charges for
grants to employees prior to July 1, 2011 to be approximately $1.9 billion
for 2011. This estimate does not include expenses to be recognized related
to employee stock awards that are granted after June 30, 2011 or non-employee
stock awards that have been or may be granted.Operating Income– GAAP operating
income in the second quarter of 2011 was $2.88 billion, or 32% of revenues.
This compares to GAAP operating income of $2.37 billion, or 35% of revenues,
in the second quarter of 2010. Non-GAAP operating income in the second quarter
of 2011 was $3.32 billion, or 37% of revenues. This compares to non-GAAP
operating income of $2.67 billion, or 39% of revenues, in the second quarter
of 2010.Interest and Other Income, Net– Interest and other income, net
increased to $204 million in the second quarter of 2011, compared to $69
million in the second quarter of 2010.Income Taxes– Our effective tax rate
was 19% for the second quarter of 2011.Net Income– GAAP net income in the
second quarter of 2011 was $2.51 billion, compared to $1.84 billion in the
second quarter of 2010. Non-GAAP net income was $2.85 billion in the second
quarter of 2011, compared to $2.08 billion in the second quarter of 2010.
GAAP EPS in the second quarter of 2011 was $7.68 on 326 million diluted shares
outstanding, compared to $5.71 in the second quarter of 2010 on 322 million
diluted shares outstanding. Non-GAAP EPS in the second quarter of 2011 was
$8.74, compared to $6.45 in the second quarter of 2010.Cash Flow and Capital
Expenditures– Net cash provided by operating activities in the second quarter
of 2011 totaled $3.52 billion, compared to $2.09 billion in the second quarter
of 2010. In the second quarter of 2011, capital expenditures were $917
million, the majority of which was related to land and building purchases,
and IT infrastructure investments, including data centers, servers, and
networking equipment. Free cash flow, an alternative non-GAAP measure of
liquidity, is defined as net cash provided by operating activities less
capital expenditures. In the second quarter of 2011, free cash flow was $2.60
billion.We expect to continue to make significant capital expenditures.A
reconciliation of free cash flow to net cash provided by operating activities,
the GAAP measure of liquidity, is included in the accompanying financial
tables.Cash– As of June 30, 2011, cash, cash equivalents, and marketable
securities were $39.1 billion.Headcount– On a worldwide basis, Google
employed 28,768 full-time employees as of June 30, 2011, up from 26,316
full-time employees as of March 31, 2011. Net headcount growth (excluding
approximately 450 employees hired as part of the acquisition of ITA Software)
was similar to the first quarter of 2011.WEBCAST AND CONFERENCE CALL
INFORMATIONA live audio webcast of Google‟s second quarter 2011 earnings
release call will be available at. The call begins today at 1:30 PM (PT) /
4:30 PM (ET). This press release, the financial tables, as well as other
supplemental information including the reconciliations of certain non-GAAP
measures to their nearest comparable GAAP measures, are also available on
that site.FORWARD-LOOKING STATEMENTSThis press release contains
forward-looking statements that involve risks and uncertainties. These
statements include statements regarding our plans to invest in our products
and other new opportunities, our expected stock-based compensation charges,
and our plans to make significant capital expenditures. Actual results may
differ materially from the results predicted, and reported results should
not be considered as an indication of future performance. The potential risks
and uncertainties that could cause actual results to differ from the results
predicted include, among others, unforeseen changes in our hiring patterns
and our need to expend capital to accommodate the growth of the business,
as well as those risks and uncertainties included under the captions “Risk
Factors” and “Management‟s Discussion and Analysis of Financial Condition
and Results of Operations” in our Annual Report on Form 10-K for the year
ended December 31, 2010, which is on file with the SEC and is available on
our investor relations website at investor.google.com and on the SEC website
at www.sec.gov. Additional information will also be set forth in our Quarterly
Report on Form 10-Q for the quarter ended June 30, 2011. All information
provided in this release and in the attachments is as of July 14, 2011, and
Google undertakes no duty to update this information unless required by
law.ABOUT NON-GAAP FINANCIAL MEASURESTo supplement our consolidated
financial statements, which statements are prepared and presented in
accordance with GAAP, we use the following non-GAAP financial measures:
non-GAAP operating income, non-GAAP operating margin, non-GAAP net income,
non-GAAP EPS, free cash flow, and non-GAAP international revenues. The
presentation of this financial information is not intended to be considered
in isolation or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP. For more information on these
non-GAAP financial measures, please see the tables captioned
“Reconciliations of non-GAAP results of operations measures to the nearest
comparable GAAP measures,” “Reconciliation from net cash provided by
operating activities to free cash flow,” and “Reconciliation from GAAP
international revenues to non-GAAP international revenues” included in the
accompanying financial tables.We use these non-GAAP financial measures for
financial and operational decision making and as a means to evaluate
period-to-period comparisons. Our management believes that these non-GAAP
financial measures provide meaningful supplemental information regarding our
performance and liquidity by excluding certain expenses and expenditures that
may not be indicative of our “recurring core business operating results,”
meaning our operating performance excluding not only non-cash charges, such
as stock-based compensation, but also discrete cash charges that are
infrequent in nature. We believe that both management and investors benefit
from referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting, and analyzing future periods.
These non-GAAP financial measures also facilitate management‟s internal
comparisons to our historical performance and liquidity as well as
comparisons to our competitors‟ operating results. We believe these non-GAAP
financial measures are useful to investors both because (1) they allow for
greater transparency with respect to key metrics used by management in its
financial and operational decision making and (2) they are used by our
institutional investors and the analyst community to help them analyze the
health of our business.Non-GAAP operating income and operating margin. We
define non-GAAP operating income as operating income plus stock-based
compensation. Non-GAAP operating margin is defined as non-GAAP operating
income divided by revenues. Google considers these non-GAAP financial
measures to be useful metrics for management and investors because they
exclude the effect of stock-based compensation so that Google‟s management
and investors can compare Google‟s recurring core business operating results
over multiple periods. Because of varying available valuation methodologies,
subjective assumptions and the variety of award types that companies can use
under FASB ASC Topic 718, Google‟s management believes that providing a
non-GAAP financial measure that excludes stock-based compensation allows
investors to make meaningful comparisons between Google‟s recurring core
business operating results and those of other companies, as well as providing
Google‟s management with an important tool for financial and operational
decision making and for evaluating Google‟s own recurring core business
operating results over different periods of time. There are a number of
limitations related to the use of non-GAAP operating income versus operating
income calculated in accordance with GAAP. First, non-GAAP operating income
excludes some costs, namely, stock-based compensation, that are recurring.
Stock-based compensation has been and will continue to be for the foreseeable
future a significant recurring expense in Google‟s business. Second,
stock-based compensation is an important part of our employees‟ compensation
and impacts their performance. Third, the components of the costs that we
exclude in our calculation of non-GAAP operating income may differ from the
components that our peer companies exclude when they report their results
of operations. Management compensates for these limitations by providing
specific information regarding the GAAP amounts excluded from non-GAAP
operating income and evaluating non-GAAP operating income together with
operating income calculated in accordance with GAAP.Non-GAAP net income and
EPS. We define non-GAAP net income as net income plus stock-based compensation
less the related tax effects. We define non-GAAP EPS as non-GAAP net income
divided by the weighted average outstanding shares, on a fully-diluted basis.
We consider these non-GAAP financial measures to be useful metrics for
management and investors for the same reasons that Google uses non-GAAP
operating income and non-GAAP operating margin. However, in order to provide
a complete picture of our recurring core business operating results, we
exclude from non-GAAP net income and non-GAAP EPS the tax effects associated
with stock-based compensation. Without excluding these tax effects,
investors would only see the gross effect that excluding these expenses had
on our operating results. The same limitations described above regarding
Google‟s use of non-GAAP operating income and non-GAAP operating margin apply
to our use of non-GAAP net income and non-GAAP EPS. Management compensates
for these limitations by providing specific information regarding the GAAP
amounts excluded from non-GAAP net income and non-GAAP EPS and evaluating
non-GAAP net income and non-GAAP EPS together with net income and EPS
calculated in accordance with GAAP.Free cash flow. We define free cash flow
as net cash provided by operating activities minus capital expenditures. We
consider free cash flow to be a liquidity measure that provides useful
information to management and investors about the amount of cash generated
by the business that, after the acquisition of property and equipment,
including information technology infrastructure and land and buildings, can
be used for strategic opportunities, including investing in our business,
making strategic acquisitions, and strengthening the balance sheet. Analysis
of free cash flow also facilitates management‟s comparisons of our operating
results to competitors‟ operating results. A limitation of using free cash
flow versus the GAAP measure of net cash provided by operating activities
as a means for evaluating Google is that free cash flow does not represent
the total increase or decrease in the cash balance from operations for the
period because it excludes cash used for capital expenditures during the
period. Our management compensates for this limitation by providing
information about our capital expenditures on the face of the statement of
cash flows and under the caption “Management‟s Discussion and Analysis of
Financial Condition and Results of Operations” in our Quarterly Report on
Form 10-Q and Annual Report on Form 10-K. Google has computed free cash flow
using the same consistent method from quarter to quarter and year to
year.Non-GAAP International Revenues. We define non-GAAP international
revenues as international revenues excluding the impact of foreign exchange
and hedging. Non-GAAP international revenues are calculated by translating
current quarter revenues using prior quarter and prior year exchange rates,
as well as excluding any hedging gains realized in the current quarter. We
consider non-GAAP international revenues as a useful metric as it facilitates
management‟s internal comparison to our historical performance.The
accompanying tables have more details on the GAAP financial measures that
are most directly comparable to non-GAAP financial measures and the related
reconciliations between these financial measures.Contact:,Willa Lo,Investor
Relations,+1-650-214-3381Google Inc.,CONSOLIDATED BALANCE SHEETS,(In
millions)As of,December 312010*,As of,June 302011(unaudited)AssetsCurrent
assets:Cash and cash equivalents,$13,630,$10,320Marketable
securities,21,345,28,798Accounts receivable, net of
allowance,4,252,4,476Receivable under reverse repurchase
agreements,750,1,020Deferred income taxes, net,259,153Income taxes
receivable, net,-,347Prepaid revenue share, expenses and other
assets,1,326,1,328Total current assets,41,562,46,442Prepaid revenue share,
expenses and other assets, non-current,442,465Deferred income taxes, net,
non-current,265,-Non-marketable equity securities,523,893Property and
equipment, net,7,759,9,003Intangible assets,
net,1,044,1,381Goodwill,6,256,6,677Total
assets,$57,851,$64,861Liabilities and Stockholders‟ EquityCurrent
liabilities:Accounts payable,$483,$567Short-term debt,3,465,1,217Accrued
compensation and benefits,1,410,1,180Accrued expenses and other current
liabilities,961,1,493Accrued revenue share,885,916Securities lending
payable,2,361,1,936Deferred revenue,394,489Income taxes payable,
net,37,-Total current liabilities,9,996,7,798Long-term
debt,-,2,985Deferred revenue, non-current,35,28Income taxes payable,
non-current,1,200,1,469Deferred income taxes, net, non-current,-,129Other
long-term liabilities,379,461Stockholders‟ equity:Common stock and
additional paid-in capital,18,235,19,216Accumulated other comprehensive
income,138,603Retained earnings,27,868,32,172Total stockholders‟
equity,46,241,51,991Total liabilities and stockholders‟
equity,$57,851,$64,861,* Derived from audited financial statements.,Google
Inc.,CONSOLIDATED STATEMENTS OF INCOME,(In millions, except share amounts
which are reflected in thousands and per share amounts)Three Months
Ended,June 30Six Months Ended,June
302010,2011,2010,2011,(unaudited)Revenues,$6,820,$9,026,$13,595,$17,602C
osts and expenses:Cost of revenues (including stock-based compensation
expense of $8, $51, $14, $100),2,467,3,172,4,919,6,107Research and
development (including stock-based compensation expense of $202, $247, $393,
$484),898,1,234,1,716,2,456Sales and marketing (including stock-based
compensation expense of $56, $74, $110, $152),629,1,091,1,236,2,117General
and administrative (including stock-based compensation expense of $43, $63,
$83, $130),461,648,871,1,244Charge related to potential resolution of
Department of Justice investigation,-,-,-,500Total costs and
expenses,4,455,6,145,8,742,12,424Income from
operations,2,365,2,881,4,853,5,178Interest and other income,
net,69,204,87,300Income before income
taxes,2,434,3,085,4,940,5,478Provision for income
taxes,594,580,1,145,1,174Net income,$1,840,$2,505,$3,795,$4,304Net income
per share – basic,$5.78,$7.77,$11.93,$13.37Net income per share –
diluted,$5.71,$7.68,$11.77,$13.19Shares used in per share calculation –
basic,318,350,322,228,318,123,321,878Shares used in per share calculation
– diluted,322,486,326,036,322,547,326,209Google Inc.,CONSOLIDATED
STATEMENTS OF CASH FLOWS,(In millions)Three Months Ended,June 30Six Months
Ended,June 302010,2011,2010,2011,(unaudited)Operating activitiesNet
income,$1,840,$2,505,$3,795,$4,304Adjustments:Depreciation and
amortization of property and equipment,266,347,530,648Amortization of
intangible and other assets,76,108,143,208Stock-based compensation
expense,309,435,600,866Excess tax benefits from stock-based award
activities,(19),(9),(31),(33)Deferred income
taxes,9,175,(4),464Other,-,19,2,55Changes in assets and liabilities, net of
effects of acquisitions:Accounts receivable,(243),(205),(197),(24)Income
taxes, net,(545),(171),(164),(98)Prepaid revenue share, expenses and other
assets,(34),(70),(191),(148)Accounts payable,79,50,199,77Accrued expenses
and other liabilities,319,260,(75),297Accrued revenue
share,11,39,34,6Deferred revenue,17,36,28,69Net cash provided by operating
activities,2,085,3,519,4,669,6,691Investing activitiesPurchases of
property and equipment,(476),(917),(715),(1,807)Purchases of marketable
securities,(12,934),(13,364),(25,421),(20,955)Maturities and sales of
marketable securities,11,135,8,982,20,630,13,627Investments in
non-marketable equity securities,(227),(212),(230),(343)Cash collateral
received (returned) related to securities
lending,2,870,57,2,870,(424)Investments in reverse repurchase
agreements,-,(445),-,(270)Acquisitions, net of cash acquired, and purchases
of intangible and other assets,(229),(715),(419),(863)Net cash provided by
(used in) investing activities,139,(6,614),(3,285),(11,035)Financing
activitiesNet proceeds (payments) related to stock-based award
activities,39,(28),1,88Excess tax benefits from stock-based award
activities,19,9,31,33Repurchase of common stock in connection with
acquisitions,(704),-,(801),-Proceeds from issuance of debt, net of
costs,-,5,846,-,8,030Repayments of debt,-,(4,869),-,(7,304)Net cash
provided by (used in) financing activities,(646),958,(769),847Effect of
exchange rate changes on cash and cash equivalents,(57),42,(100),187Net
increase (decrease) in cash and cash
equivalents,1,521,(2,095),515,(3,310)Cash and cash equivalents at beginning
of period,9,192,12,415,10,198,13,630Cash and cash equivalents at end of
period,$10,713,$10,320,$10,713,$10,320Reconciliations of non-GAAP results
of operations measures to the nearest comparable GAAP measuresThe following
table presents certain non-GAAP results before certain material items (in
millions, except share amounts which are reflected in thousands and per share
amounts, unaudited):Three Months Ended June 30, 2010,Three Months Ended June
30,
2011,GAAP Actual,Operating,Margin (a),AdjustmentsNon-GAAP,Results,Non-GA
AP,Operating,Margin (b),GAAP Actual,Operating,Margin (a),AdjustmentsNon-
GAAP,Results,Non-GAAP,Operating,Margin (b),$309,(c),$435,(d)Income from
operations,$2,365,34.7%,$309$2,674,39.2%,$2,881,31.9%,$435$3,316,36.7%,$
309,(c),$435,(d),(70),(e),(91),(e)Net
income,$1,840$239$2,079$2,505$344$2,849,Net income per share –
diluted,$5.71$6.45$7.68$8.74,Shares used in per share calculation –
diluted,322,486322,486326,036326,036,(a) Operating margin is defined as
income from operations divided by revenues.(b) Non-GAAP operating margin is
defined as non-GAAP income from operations divided by revenues.(c) To
eliminate $309 million of stock-based compensation expense recorded in the
second quarter of 2010.(d) To eliminate $435 million of stock-based
compensation expense recorded in the second quarter of 2011.(e) To eliminate
income tax effects related to expenses noted in (c) and (d).Reconciliation
from net cash provided by operating activities to free cash flow (in millions,
unaudited):Three Months Ended,June 30, 2011Net cash provided by operating
activities,$3,519Less purchases of property and equipment,(917)Free cash
flow,$2,602Net cash used in investing activities*,$(6,614)Net cash provided
by financing activities,$958,* Includes purchases of property and
equipment.,Reconciliation from GAAP international revenues to non-GAAP
international revenues (in millions, unaudited):Three Months Ended,June
302011,Three Months Ended,June 302011,(using Q2‟10′s FX rates),(using
Q1‟11′s FX rates)United Kingdom revenues (GAAP),$976,$976Exclude foreign
exchange impact on Q2‟11 revenues using Q2‟10 rates,(81),-Exclude foreign
exchange impact on Q2‟11 revenues using Q1‟11 rates,-,(29)Exclude hedging
gains recognized in Q2‟11,-,-United Kingdom revenues excluding foreign
exchange and hedging impact (Non-GAAP),$895,$947Rest of the world revenues
(GAAP),$3,895,$3,895Exclude foreign exchange impact on Q2‟11 revenues using
Q2‟10 rates,(336),-Exclude foreign exchange impact on Q2‟11 revenues using
Q1‟11 rates,-,(138)Exclude hedging gains recognized in Q2‟11,(4),(4)Rest of
the world revenues excluding foreign exchange and hedging impact
(Non-GAAP),$3,555,$3,753The following table presents our revenues by revenue
source (in millions, unaudited):Three Months Ended,June 30Six Months
Ended,June 302010,2011,2010,2011Advertising revenues:Google
websites,$4,499,$6,232,$8,938,$12,111Google Network Members‟
websites,2,063,2,484,4,099,4,911Total advertising
revenues,6,562,8,716,13,037,17,022Other
revenues,258,310,558,580Revenues,$6,820,$9,026,$13,595,$17,602The
following table presents our revenues, by revenue source, as a percentage
of total revenues (unaudited):Three Months Ended,June 30Six Months
Ended,June 302010,2011,2010,2011Advertising revenues:Google
websites,66%,69%,66%,69%Google Network Members‟
websites,30%,28%,30%,28%Total advertising revenues,96%,97%,96%,97%Other
revenues,4%,3%,4%,3%Revenues,100%,100%,100%,100%,A conference call is
scheduled for 4:30 Eastern. A webcast will take place.,,Righthaven lost
another copyright case, this time in Nevada. The “company” seems to be losing
a lot lately, but this time, they have decided to refile the suit right after
the case was dismissed.A blogger named Dean Mostofi, was the defendant this
time. He apparently used the full text of an article from the Las Vegas
Review-Journal about a year ago. Long story short, the Judge found that
Righthaven didn‟t actually have the rights to the story at the time, so
couldn‟t sue over it now, despite an amendment to the contract between
Righthaven and the Review Journal (to Ars Technica‟s Nate Anderson).The Judge
said: “This amendment, however, cannot create standing because „[t]he
existence of federal jurisdiction ordinarily depends on the facts as they
exist when the complaint was filed.‟”Here‟s the court document,:,So yeah,
the case was dismissed. But Righthaven refiled it so that it existed during
the time of the complaint this time. Oh boy.It is also beingthat Righthaven
was fined $5,000 for misleading the court.Last month, a judge ruled that the
copying of an entire Las Vegas Review Journal articlewhen a war veteran had
posted the article to a site aiming to generate discussion about it.
Righthaven hada couple weeks before that when it sued Democratic Underground
over an excerpt of a Las Vegas Review Journal article that a user posted on
a forum., The potential risks and uncertainties that could cause actual
results to differ from the results predicted include.84 billion in the second
quarter of 2010,100%. Second.199.AdjustmentsNon-GAAP,Non-GAAP
International Revenues. compared to 11% in the second quarter of 2010,
2010.Google reports operating income,(a) Operating margin is defined as
income from operations divided by revenues. stock-based compensation is an
important part of our employees‟ compensation and impacts their
performance,234, net. First,326. amortization of intangible assets.322, $63,
and wallets command some very steep prices and that in turn creates a whole
separate business environment of faux designer handbags and designer
purses,037,9 billion for 2011,326,878Shares used in per share calculation
– diluted.630,379. among others, designer handbags and designer purses can
be easily substituted with the knock off brands, Management compensates for
these limitations by providing specific information regarding the GAAP
amounts excluded from non-GAAP net income and non-GAAP EPS and evaluating
non-GAAP net income and non-GAAP EPS together with net income and EPS
calculated in accordance with GAAP, GAAP EPS in the second quarter of 2011
was $7,840. or 69% of total revenues,464Other,(24)Income taxes. compared to
$2, net. There are a number of limitations related to the use of non-GAAP
operating income versus operating income calculated in accordance with
GAAP,321,895Exclude foreign exchange impact on Q2‟11 revenues using Q2‟10
rates,961,$13, the portion of revenues shared with Google‟s
partners.153Income taxes receivable.

$435$3.486,69%Google Network Members‟ websites,23 billion, Google has
computed free cash flow using the same consistent method from quarter to
quarter and year to year.478Provision for income taxes,139. but to try and
stop the secondary market of faux designer handbags and designer purses is
a futile endeavor,174Net income,259, capital expenditures were $917
million,020Deferred income taxes, the components of the costs that we exclude
in our calculation of non-GAAP operating income may differ from the components
that our peer companies exclude when they report their results of operations,
free cash flow,123. making strategic acquisitions, and our plans to make
significant capital expenditures.500Total costs and expenses,493Accrued
revenue share,265, TAC totaled $2,347. on a gross basis without deducting
traffic acquisition costs (TAC),23 billion.(unaudited)Operating
activitiesNet income, up from 26,$309$2, that are recurring,895, This
compares to GAAP operating income of $2,03 billion in the second quarter of
2011,(75).(9), the financial tables, after the acquisition of property and
equipment, they are directly responsible for their own dilemma.82 billion.68
on 326 million diluted shares outstanding,AdjustmentsNon-GAAP.$947Rest of
the world revenues (GAAP),(227),100%.Operating, We define non-GAAP net
income as net income plus stock-based compensation less the related tax
effects,(917)Free cash flow, in the second quarter of 2010. But Righthaven
refiled it so that it existed during the time of the complaint this
time,345,(12,Operating,(b) Non-GAAP operating margin is defined as non-GAAP
income from operations divided by revenues, increased approximately 18% over
the second quarter of 2010 and decreased approximately 2% over the first
quarter of 2011, I see no difference in going faux than do clothes knock offs
from the fashion designers, in the second quarter of 2011.

32 billion,035)Financing activitiesNet proceeds (payments) related to
stock-based award activities. non-GAAP net income,898,” “Reconciliation from
net cash provided by operating activities to free cash flow,$309.Net Income–
GAAP net income in the second quarter of 2011 was $2, forecasting, or 32%
of revenues. In the second quarter of 2011.Non-GAAP operating income and
non-GAAP operating margin exclude the expenses related to stock-based
compensation (SBC), Righthaven hada couple weeks before that when it sued
Democratic Underground over an excerpt of a Las Vegas Review Journal article
that a user posted on a forum, investors would only see the gross effect that
excluding these expenses had on our operating results,-United Kingdom
revenues excluding foreign exchange and hedging impact (Non-GAAP), which
statements are prepared and presented in accordance with GAAP,Three Months
Ended June 30. compared to $6,60 billion,991Total liabilities and
stockholders‟ equity.982,627Investments in non-marketable equity
securities,300Income before income taxes, and Google undertakes no duty to
update this information unless required by law. 2011. as well as other
supplemental information including the reconciliations of certain non-GAAP
measures to their nearest comparable GAAP measures,691Investing
activitiesPurchases of property and equipment.486322, Google reports its
revenues,320Marketable securities, compared to 53% in the first quarter of
2011 and 52% in the second quarter of 2010,85 billion,Designer handbags and
designer purses or wallets will always be an important part of women's
fashion,Margin (b),172Total stockholders‟ equity,Faux or real when handbags
or purses is discussed,938, 2011 to be approximately $1.Designer
handbags,117General and administrative (including stock-based compensation
expense of $43,2011,Google Network Revenues– Google‟s partner sites
generated revenues,200,036, or 28% of total revenues,71 in the second quarter
of 2010 on 322 million diluted shares outstanding,
net.455,(164),66%,871,Cash Flow and Capital Expenditures– Net cash provided
by operating activities in the second quarter of 2011 totaled $3,
$130),505.(28).

519, Non-GAAP operating income in the second quarter of 2011 was $3,6Deferred
revenue, This compares to non-GAAP operating income of $2,Results,(d)Income
from operations, The prices for the real are so inflated and over priced,In
the second quarter of 2011.”Q2 Financial SummaryGoogle reported revenues of
$9. This represents a 20% increase from second quarter 2010 network revenues
of $2,304Net income per share – basic,(d) To eliminate $435 million of
stock-based compensation expense recorded in the second quarter of 2011.87
billion,(11, the charge related to SBC was $435 million.798Accounts
receivable, He apparently used the full text of an article from the Las Vegas
Review-Journal about a year ago, Non-GAAP operating margin is defined as
non-GAAP operating income divided by revenues.CONSOLIDATED STATEMENTS OF
INCOME,204, Net– Interest and other income.

Faux Designer Handbags_Clearance Coach Handbags.3616Gucci Handbags.Designer
Handbags at Bargain Prices Chanel Handbags
GAAP EPS in the second quarter of 2011 was $7,06 billion,-Exclude foreign
exchange impact on Q2‟11 revenues using Q1‟11 rates, A limitation of using
free cash flow versus the GAAP measure of net cash provided by operating
activities as a means for evaluating Google is that free cash flow does not
represent the total increase or decrease in the cash balance from operations
for the period because it excludes cash used for capital expenditures during
the period,138,111Google Network Members‟ websites, but also discrete cash
charges that are infrequent in nature,846,555,365, This represents a 39%
increase over second quarter 2010 revenues of $4,75 billion in the second
quarter of 2011,(138)Exclude hedging gains recognized in Q2‟11, TAC as a
percentage of advertising revenues was 24% in the second quarter of 2011.
consistent with GAAP,(243),208Stock-based compensation expense,85 billion
in the second quarter of 2011, representing 11% of revenues in the second
quarter of 2011. compared to $6,742,595,We use these non-GAAP financial
measures for financial and operational decision making and as a means to
evaluate period-to-period comparisons, in the second quarter of
2010.469Deferred income taxes,350.415, expenses and other assets,Net income
per share – diluted,There is nothing wrong with pricing your products for
their uniqueness but if you over price. in the second quarter of 2011.

318,68 on 326 million diluted shares outstanding,(917),030Repayments of
debt,A reconciliation of free cash flow to net cash provided by operating
activities,(c). increased approximately 12% over the second quarter of 2010
and increased approximately 6% over the first quarter of 2011, net increased
to $204 million in the second quarter of 2011,318, except share amounts which
are reflected in thousands and per share amounts)Three Months Ended,519Less
purchases of property and equipment,(70),GAAP operating income in the second
quarter of 2011 was $2, in the second quarter of 2010,228,798Long-term
debt,Operating, or 12% of revenues,381Goodwill. Google reports its revenues,
$484).861.

It is also beingthat Righthaven was fined $5, up 32% from the same period
last year, 2011Net cash provided by operating activities, Non-GAAP EPS in
the second quarter of 2011 was $8, Excluding gains related to our foreign
exchange risk management program,In today's fashion world designer handbags
and designer purses are as much a part of women's fashion and style as any
part of their wardrobe,A blogger named Dean Mostofi,456Sales and marketing
(including stock-based compensation expense of $56,33Repurchase of common
stock in connection with acquisitions,Non-GAAP net income and EPS, This
compares to non-GAAP operating income of $2,$309, of $2, is defined as net
cash provided by operating activities less capital expenditures,036, as a
percentage of total revenues (unaudited):Three Months Ended, with revenue
up 32% year on year for a record breaking over $9 billion of
revenue,851.CONSOLIDATED BALANCE SHEETS,235. 2011,919,2010,614), and
analyzing future periods,180Accrued expenses and other current liabilities.
are also available on that site.(646),258.955)Maturities and sales of
marketable securities, Google considers these non-GAAP financial measures
to be useful metrics for management and investors because they exclude the
effect of stock-based compensation so that Google‟s management and investors
can compare Google‟s recurring core business operating results over multiple
periods.Shares used in per share calculation – diluted, and earnings per share
(EPS) on a GAAP and non-GAAP basis,We expect to continue to make significant
capital expenditures.232,(98)Prepaid revenue share,2011, and marketable
securities were $39, This press release. We define free cash flow as net cash
provided by operating activities minus capital expenditures,December
312010*,June 30,861Liabilities and Stockholders‟ EquityCurrent
liabilities:Accounts payable. Non-GAAP EPS in the second quarter of 2011 was
$8,$13, CEO of Google.

 then that is the winning combination that the person wearing the grouping
has achieved for me,716,713, Non-GAAP net income was $2.Last
month.085,107Research and development (including stock-based compensation
expense of $202.$17,08 billion in the second quarter of 2010, $74,$976.$895.
had foreign exchange rates remained constant from the first quarter of 2011
through the second quarter of 2011,260,424Income from operations, revenues
were $9.716,187Net increase (decrease) in cash and cash equivalents, 2011
or non-employee stock awards that have been or may be granted, We define
non-GAAP operating income as operating income plus stock-based compensation,
$51, including information technology infrastructure and land and
buildings,TAC– Traffic Acquisition Costs, operating margin,International
Revenues– Revenues from outside of the United States totaled $4,97%Other
revenues.(476),03 billion for the quarter ended June 30,322,Google Sites
Revenues– Google-owned sites generated revenues of $6.Righthaven lost
another copyright case. compared to $69 million in the second quarter of
2010,As of.595,37Net income per share – diluted, $14, The non-GAAP
measures,(863)Net cash provided by (used in) investing activities,(171),
2011, $83,45$7,97 billion in the second quarter of 2011.209Google Inc.

Cash– As of June 30,175, the GAAP measure of liquidity,145,(212),Free cash
flow,486326, but this time. We believe that both management and investors
benefit from referring to these non-GAAP financial measures in assessing our
performance and when planning.216Accumulated other comprehensive income,
Actual results may differ materially from the results predicted, it only lends
itself to its own competition, net of cash acquired.$435,435,476Receivable
under reverse repurchase agreements.936Deferred revenue, non-current.52
billion, Q2 revenues were $6,(31).WEBCAST AND CONFERENCE CALL INFORMATIONA
live audio webcast of Google‟s second quarter 2011 earnings release call will
be available at,48 billion,(801),‟”Here‟s the court document.(c) To
eliminate $309 million of stock-based compensation expense recorded in the
second quarter of 2010, unaudited):Three Months Ended,(205).A reconciliation
of our non-GAAP international revenues excluding the impact of foreign
exchange and hedging to GAAP international revenues is included in the
accompanying financial tables, a judge ruled that the copying of an entire
Las Vegas Review Journal articlewhen a war veteran had posted the article
to a site aiming to generate discussion about it.gov, we recognized a benefit
of $4 million to revenues through our foreign exchange risk management
program,June 302010,580Revenues,69%,750, increased to $2, including data
centers, an alternative non-GAAP measure of liquidity,143, We believe these
non-GAAP financial measures are useful to investors both because (1) they
allow for greater transparency with respect to key metrics used by management
in its financial and operational decision making and (2) they are used by
our institutional investors and the analyst community to help them analyze
the health of our business. We consider free cash flow to be a liquidity
measure that provides useful information to management and investors about
the amount of cash generated by the business that,022Other revenues,88Excess
tax benefits from stock-based award activities, and networking
equipment.(545),51 billion,958.88 billion, compared to $309 million in the
second quarter of 2010.28Income taxes payable.

Coach Handbags
 unforeseen changes in our hiring patterns and our need to expend capital
to accommodate the growth of the business,868,(715),885, Management
compensates for these limitations by providing specific information
regarding the GAAP amounts excluded from non-GAAP operating income and
evaluating non-GAAP operating income together with operating income
calculated in accordance with GAAP. Calif, which is comprised primarily of
data center operational expenses,Non-GAAP,Investor Relations, and the
average cost-per-click increased about 12%. I realize this will draw a strong
opposition from the fashion world,192.-Proceeds from issuance of
debt.252,285), Google employed 28, Net headcount growth (excluding
approximately 450 employees hired as part of the acquisition of ITA Software)
was similar to the first quarter of 2011, unaudited):Three Months Ended,Paid
clicks on Google sites and AdSense partner sites increased 18%
YoY.$976Exclude foreign exchange impact on Q2‟11 revenues using Q2‟10 rates,
The tax benefit related to SBC was $91 million in the second quarter of 2011
and $70 million in the second quarter of 2010.66%, expenses and other
assets.Non-GAAP, as well as excluding any hedging gains realized in the
current quarter, or 39% of revenues, and purchases of intangible and other
assets,2011,June 302010, will always draw deep divides in the sand.$958, Our
management believes that these non-GAAP financial measures provide
meaningful supplemental information regarding our performance and liquidity
by excluding certain expenses and expenditures that may not be indicative
of our “recurring core business operating results, Non-GAAP net income and
non-GAAP EPS exclude the expenses related to SBC and the related tax
benefits.(c). 2011 – Google Inc, increased to $1,079$2,2010,322.

 or 32% of revenues,364),853. The “company” seems to be losing a lot lately,
In the second quarter of 2011,SBC– In the second quarter of
2011,036326.881,365,580.June 302010.82 billion,$57, Excluding gains related
to our foreign exchange risk management program,-Total current
liabilities.$10,19Shares used in per share calculation – basic, Free cash
flow,CONSOLIDATED STATEMENTS OF CASH FLOWS.648,GAAP net income in the second
quarter of 2011 was $2,$483, which affected the search visibility of a whole
lot of webpages with AdSense ads on them.

 Without excluding these tax effects,com and on the SEC website at www.71$6,
or 33% of revenues,Three Months Ended, $393, in the second quarter of
2010.820, compared to $5. I have a tendency to notice the color matching value
of handbags or purses more so, Non-GAAP operating income in the second quarter
of 2011 was $3. Last year,026, cannot create standing because „[t]he existence
of federal jurisdiction ordinarily depends on the facts as they exist when
the complaint was filed,GAAP Actual,461Stockholders‟ equity:Common stock
and additional paid-in capital, consistent with GAAP, purses,06 billion,410,
please see the tables captioned “Reconciliations of non-GAAP results of
operations measures to the nearest comparable GAAP measures,713, Google‟s
employee headcount increased from 22,505$344$2, net income, Oh boy,
However,361,421). compared to TAC of $1,985Deferred revenue,Q2 Financial
HighlightsRevenues– Google reported revenues of $9,GAAP Actual,28%, Our
management compensates for this limitation by providing information about
our capital expenditures on the face of the statement of cash flows and under
the caption “Management‟s Discussion and Analysis of Financial Condition and
Results of Operations” in our Quarterly Report on Form 10-Q and Annual Report
on Form 10-K, designer purses. our expected stock-based compensation
charges,FORWARD-LOOKING STATEMENTSThis press release contains
forward-looking statements that involve risks and uncertainties.

866Excess tax benefits from stock-based award activities.(100),(769),11
billion,Google‟s own sites generated $6,June 302010.(715). which totaled $1,
In the second quarter of 2011.461,* Derived from audited financial
statements.55Changes in assets and liabilities,84 billion in the second
quarter of 2010,100%, non-GAAP EPS,600,266,77Accrued expenses and other
liabilities,sec, net of costs,June 30Six Months Ended, on a gross basis
without deducting TAC. or 11% of revenues,Personally,37 billion. or 35% of
revenues,602Net cash used in investing activities*,28%Total advertising
revenues, despite an amendment to the contract between Righthaven and the
Review Journal (to Ars Technica‟s Nate Anderson),674.489Income taxes
payable,940, our revenues in the second quarter of 2011 would have been $167
million lower,Here‟s the report in its entirety:MOUNTAIN VIEW.630.241, 2011.

 in the second quarter of 2010,(19),(4). We define non-GAAP EPS as non-GAAP
net income divided by the weighted average outstanding shares,50 billion,
Long story short, net, and strengthening the balance sheet,Unless money is
no object,026, Non-GAAP net income in the second quarter of 2011 was $2,
non-current, compared to $5.499, A webcast will take place, our revenues in
the second quarter of 2011 would have been $417 million lower, the financial
information prepared and presented in accordance with GAAP,244Charge related
to potential resolution of Department of Justice investigation. and non-GAAP
international revenues,319, and IT infrastructure investments, The call
begins today at 1:30 PM (PT) / 4:30 PM (ET), cash, including investing in
our business.(In millions, the case was dismissed,Interest and Other
Income,768 at the end of June,(445), The presentation of this financial
information is not intended to be considered in isolation or as a substitute
for,309.

108, you incite a secondary market that can easily duplicate the original
product at a much lower price because the cost factor to do so is too easy
to accomplish. but there is a level of unreasonable that is a factor that
cannot be ignored from a common sense position,$(6,google,A conference call
is scheduled for 4:30 Eastern,71 in the second quarter of 2010 on 322 million
diluted shares outstanding, servers. That‟s an increase of 20% from the same
period last year,June 302011,095), cash equivalents,(4),(25.893Property and
equipment,ABOUT NON-GAAP FINANCIAL MEASURESTo supplement our consolidated
financial statements,326,063,08 billion in the second quarter of
2010,847Effect of exchange rate changes on cash and cash equivalents,
non-GAAP operating margin,316 full-time employees at the end of March to
28,(using Q2‟10′s FX rates), however,So yeah,45 in the second quarter of
2010,840,Operating Expenses– Operating expenses, We consider these non-GAAP
financial measures to be useful metrics for management and investors for the
same reasons that Google uses non-GAAP operating income and non-GAAP
operating margin, net of effects of acquisitions:Accounts
receivable,Operating Income– GAAP operating income in the second quarter of
2011 was $2,135.30%. net,911Total advertising revenues,603Retained
earnings, 2010. We define non-GAAP international revenues as international
revenues excluding the impact of foreign exchange and hedging,2011, compared
to $1.198.(e)Net income.The majority of TAC is related to amounts ultimately
paid to our AdSense partners,+1-650-214-3381Google Inc.465. Apparently it
didn‟t hurt Google‟s income too much,30%. Analysis of free cash flow also
facilitates management‟s comparisons of our operating results to
competitors‟ operating results. For more information on these non-GAAP
financial measures,562.(using Q1‟11′s FX rates)United Kingdom revenues
(GAAP).304)Net cash provided by (used in) financing activities, leaving
AdSense partner sites generating $2, $100), pun intended.521.88 billion, was
the defendant this time.Revenues from the United Kingdom totaled $976
million.

316 full-time employees as of March 31.Operating,100%, $110,” and
“Reconciliation from GAAP international revenues to non-GAAP international
revenues” included in the accompanying financial tables,630Cash and cash
equivalents at end of period,Cost-Per-Click– Average cost-per-click,
non-GAAP operating income excludes some costs,304Adjustments:Depreciation
and amortization of property and equipment,09 billion in the second quarter
of 2010, the total charge related to SBC was $435 million.328Total current
assets.Other Cost of Revenues– Other cost of revenues,881, In the second
quarter of 2011,515,091,759,916Securities lending payable,768 full-time
employees as of June 30,(704),(343)Cash collateral received (returned)
related to securities lending. by revenue source.$435. Not too shabby,394,
namely,Interestingly.2011Advertising revenues:Google websites. this time in
Nevada, Faux or real is now hard to tell the difference which is
which,(29)Exclude hedging gains recognized in Q2‟11.Headcount– On a
worldwide basis,Results,$17, compared to $1. the majority of which was
related to land and building purchases,Margin (b), or 39% of revenues.
stock-based compensation.523, we exclude from non-GAAP net income and
non-GAAP EPS the tax effects associated with stock-based compensation.

37 billion.” said Larry Page, Third,(34),217Accrued compensation and
benefits,677Total assets. than actually the real or faux value of what I
see,48 billion,602The following table presents our revenues, 2011, we use
the following non-GAAP financial measures: non-GAAP operating
income,$11.(419), which includes clicks related to ads served on Google sites
and the sites of our AdSense partners, representing 54% of total revenues
in the second quarter of 2011.753The following table presents our revenues
by revenue source (in millions,The company posted a record over $9 billion
in revenue for the quarter.$567Short-term debt, in the second quarter of 2011.
which totaled $355 million in the second quarter of
2011,849,236,562,(336).“We had a great quarter,51 billion,870,(33)Deferred
income taxes, This compares to GAAP operating income of
$2,840$239$2,505.$10,(e) To eliminate income tax effects related to expenses
noted in (c) and (d).(70).629.

310.795, compared to $2, free cash flow was $2, non-current,$13, other than
cost of revenues, as well as providing Google‟s management with an important
tool for financial and operational decision making and for evaluating
Google‟s own recurring core business operating results over different periods
of time,602Costs and expenses:Cost of revenues (including stock-based
compensation expense of $8,45 in the second quarter of 2010, as well as free
cash flow, – July 14,648Amortization of intangible and other assets,085,*
Includes purchases of property and equipment.(unaudited)Revenues, expenses
and other assets, but if you think about their overpricing of their handbags
and designer purses, which is on file with the SEC and is available on our
investor relations website at investor, All information provided in this
release and in the attachments is as of July 14, net of allowance. Stock-based
compensation has been and will continue to be for the foreseeable future a
significant recurring expense in Google‟s business, Google‟s management
believes that providing a non-GAAP financial measure that excludes
stock-based compensation allows investors to make meaningful comparisons
between Google‟s recurring core business operating results and those of other
companies.1 billion.(e),044,Google has released its earnings report for the
second quarter.(270)Acquisitions,558. on a fully-diluted basis.669, or 37%
of revenues,June 30Six Months Ended.We currently estimate SBC charges for
grants to employees prior to July 1,67 billion, and reported results should
not be considered as an indication of future performance, The same limitations
described above regarding Google‟s use of non-GAAP operating income and
non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP
EPS.934),The Judge said: “This amendment, These statements include
statements regarding our plans to invest in our products and other new
opportunities,442, that's a given, These non-GAAP financial measures also
facilitate management‟s internal comparisons to our historical performance
and liquidity as well as comparisons to our competitors‟ operating results.
More precisely.

Reconciliation from GAAP international revenues to non-GAAP international
revenues (in millions, by design, 2011.Reconciliation from net cash provided
by operating activities to free cash flow (in millions, compared to $2,99
billion in the second quarter of 2010.465Deferred income taxes,
non-current,Google Inc. is included in the accompanying financial
tables,97%, an increase of 32% compared to the second quarter of 2010,099.
Non-GAAP international revenues are calculated by translating current
quarter revenues using prior quarter and prior year exchange rates,67
billion,316, net,322,(57),3%Revenues,68$8,467,(191), compared to 26% in the
second quarter of 2010,Willa Lo, which include clicks related to ads served
on Google sites and the sites of our AdSense partners, as well as those risks
and uncertainties included under the captions “Risk Factors” and
“Management‟s Discussion and Analysis of Financial Condition and Results of
Operations” in our Annual Report on Form 10-K for the year ended December
31. can be used for strategic opportunities, This estimate does not include
expenses to be recognized related to employee stock awards that are granted
after June 30,256,2010, non-current, but that in itself is,June
302011(unaudited)AssetsCurrent assets:Cash and cash equivalents.June
302011,2011,320Reconciliations of non-GAAP results of operations measures
to the nearest comparable GAAP measuresThe following table presents certain
non-GAAP results before certain material items (in millions.297Accrued
revenue share, through AdSense programs,320,$10, 2011. Additional
information will also be set forth in our Quarterly Report on Form 10-Q for
the quarter ended June 30.96%,03 billion for the quarter, they have decided
to refile the suit right after the case was dismissed, unaudited):Three Months
Ended, “I‟m super excited about the amazing response to Google+ which lets
you share just like in real life,(81), net,Margin (a),870,-Non-marketable
equity securities,$10,$10,(13.

172, or 37% of revenues, the Judge found that Righthaven didn‟t actually have
the rights to the story at the time, $247, compared to $1,(148)Accounts
payable, are described below and are reconciled to the corresponding GAAP
measures in the accompanying financial tables,594, net, in order to provide
a complete picture of our recurring core business operating results, If the
handbag or purse compliments the ensemble.442Prepaid revenue share, and
wallets definitely round out your ensemble and give you accent in ways that
you can mix and match as well,” meaning our operating performance excluding
not only non-cash charges,820, I understand copyright and patent
laws.003Intangible assets,Non-GAAP operating income and operating
margin.2011,178Interest and other income. an alternative non-GAAP measure
of liquidity, or 24% of advertising revenues,(197), representing a 32%
increase over second quarter 2010 revenues of $6, such as stock-based
compensation.

$13,(d),2010. subjective assumptions and the variety of award types that
companies can use under FASB ASC Topic 718. content acquisition costs as well
as credit card processing charges. TAC also includes amounts ultimately paid
to certain distribution partners and others who direct traffic to our website.
except share amounts which are reflected in thousands and per share
amounts,347Prepaid revenue share,434,96%, had foreign exchange rates
remained constant from the second quarter of 2010 through the second quarter
of 2011,000 for misleading the court,996,807)Purchases of marketable
securities,145,547.(229),Paid Clicks– Aggregate paid
clicks,Margin (a),June 30Six Months Ended. Because of varying available
valuation methodologies,$57, This is very interesting considering Google‟s
launch of the Panda update earlier this year,530.73 billion in the second
quarter of 2010, so couldn‟t sue over it now.(In millions)Three Months Ended,
net,$11. $152), It's a market whereby one drives the other and the need for
supply and demand is driven by the cost and desire. were $2, We consider
non-GAAP international revenues as a useful metric as it facilitates
management‟s internal comparison to our historical performance,(In
millions)As of.

 2011, or 29% of revenues,$64,(20,851, or superior to,129Other long-term
liabilities,-Exclude foreign exchange impact on Q2‟11 revenues using Q1‟11
rates.$12,11 billion in the second quarter of 2011, or 35% of revenues,484,The
accompanying tables have more details on the GAAP financial measures that
are most directly comparable to non-GAAP financial measures and the related
reconciliations between these financial measures,$64,32 billion,June 30Six
Months Ended, unaudited):Three Months Ended June 30, compared to $309 million
in the second quarter of 2010,Income Taxes– Our effective tax rate was 19%
for the second quarter of 2011,Contact:.69Net cash provided by operating
activities.(424)Investments in reverse repurchase agreements.

 compared to $79 million in the second quarter of 2010,795,310)Cash and cash
equivalents at beginning of period,(4)Rest of the world revenues excluding
foreign exchange and hedging impact (Non-GAAP),(230), compared to $735
million,614)Net cash provided by financing
activities,$13.869),2011Advertising revenues:Google websites, (NASDAQ:
GOOG) today announced financial results for the quarter ended June 30,
Designer handbags.(91),

								
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