Documentos de Académico
Documentos de Profesional
Documentos de Cultura
Operational Highlights
Strong financial metrics: revenue growth, profitability, cash flow Continuing to invest in three major areas of focus:
Core ads business: search quality and monetization Businesses demonstrating high consumer success: YouTube, Android, Chrome New businesses where were investing to drive adoption and innovation: Social, Enterprise, Commerce, Local
Quarterly Revenues
$10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 178 Q1'09
3
2,595 2,484
($ in millions)
2,427
5,945
2,044 1,801 2,036 2,063
5,879
6,232
6,740
3,693
3,653
186 Q2'09
188 Q3'09
209 Q4'09
300 Q1'10
258 Q2'10
254 Q3'10
273 Q4'10
Network
269 Q1'11
310 Q2'11
385 Q3'11
Other
Google.com
52%
70% 60% 50% 40% 30%
53%
53%
53%
53%
52%
52%
52%
53%
54%
55%
48%
20% 10% 0% Q1'09
4
47%
47%
47%
47%
48%
48%
48%
47%
46%
45%
Q2'09
Q3'09
Q4'09
Q1'10 US
Q2'10
Q3'10
Q4'10
Q1'11
Q2'11
Q3'11
International
$2,000
26.9%
27.2% 27.1%
25%
23.7%
($ in millions)
$1,500
$1,000
1,436 1,453 1,559 1,721 1,711 1,732 1,805
2,069
2,038
2,110
2,210
20%
$500
$0
Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11
TAC TAC as % of Advertising Revenues
15%
Q3'10
$2,552
35%
Q2'11
$3,172
35%
Q3'11
$3,378
35%
$994
14%
$1,234
14%
$1,404
14%
$661
9%
$1,091
12%
$1,204
12%
$532
7%
$648
7%
$676
7%
$4,739
65%
$6,145
68%
$6,662
69%
Non-GAAP ($ in millions)
Cost of Revenues
Percent of revenues
Q3'10
$2,544
35%
Q2'11
$3,121
35%
Q3'11
$3,306
34%
$750
10%
$987
11%
$1,093
11%
$586
8%
$1,017
11%
$1,100
11%
$479
7%
$585
6%
$592
6%
$4,359
60%
$5,710
63%
$6,091
63%
Note: Please refer to supporting Table 1 for reconciliations of non-GAAP costs and expenses to GAAP costs and expenses
Profitability
GAAP ($ in millions except per share amounts) Income from Operations Operating Margin Net Income EPS (diluted) Non-GAAP ($ in millions except per share amounts) Income from Operations Operating Margin Net Income EPS (diluted)
$ $ $ $
Q3'10
$ 2,547 35% 2,167 6.72
Q2'11
$ 2,881 32% $ $ 2,505 7.68
Q3'11
$ 3,058 31% $ $ 2,729 8.33
Q3'10
$ 2,927 40% 2,462 7.64
Q2'11
$ 3,316 37% $ $ 2,849 8.74
Q3'11
$ 3,629 37% $ $ 3,184 9.72
Note: Please refer to supporting Table 2 for reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures
($ in millions) Net cash provided by operating activities Less purchases of property and equipment
Q3'10
$2,886
Q2'11
$3,519
Q3'11
$3,950
($757)
($917)
($680)
$2,129
$2,602
$3,270
Revenues by Geography
($ in millions) United States United Kingdom Rest of the world Total Revenues
Q3'10
$3,517 $840 $2,929 $7,286
Q2'11
$4,155 $976 $3,895 $9,026
Q3'11
$4,420 $1,047 $4,253 $9,720
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($ in millions) ROW revenues (GAAP) exclude: a) f/x impact on Q3'11 revenues using Q3'10 rates (gains)/losses b) hedging gains ROW revenues excluding f/x and hedging impact (Non-GAAP) Y/Y % (Non-GAAP)
a) f/x impact on Q2'11 revenues using Q2'10 rates (gains)/losses b) hedging gains ROW revenues excluding f/x and hedging impact (Non-GAAP) Y/Y % (Non-GAAP)
n/a (60)
(336) (4)
11
$976 $1,048 7%
($ in millions) ROW revenues (GAAP) exclude: a) f/x impact on Q3'11 revenues using Q2'11 rates (gains)/losses b) hedging gains ROW revenues excluding f/x and hedging impact (Non-GAAP) Q/Q % (Non-GAAP)
($ in millions) ROW revenues (GAAP) exclude: a) f/x impact on Q2'11 revenues using Q1'11 rates (gains)/losses b) hedging gains ROW revenues excluding f/x and hedging impact (Non-GAAP) Q/Q % (Non-GAAP)
n/a (4)
(54) (1)
n/a (10)
(138) (4)
$3,891 $4,198 8%
$3,591 $3,753 5%
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Table 1 - Reconciliations of non-GAAP costs and expenses to GAAP costs and expenses
($ in millions) Cost of revenues (GAAP) Less: Stock-based compensation expense Cost of revenues (non-GAAP) Q3'10 $ $ 2,552 (8) 2,544 As a % of Revenues (1) 35% $ 35% $ Q2'11 3,172 (51) 3,121 As a % of Revenues (1) 35% $ 35% $ Q3'11 3,378 (72) 3,306 As a % of Revenues (1) 35% 34%
Research and development (GAAP) Less: Stock-based compensation expense Research and development (non-GAAP)
$ $
14% $ 10% $
14% $ 11% $
14% 11%
Sales and marketing (GAAP) Less: Stock-based compensation expense Sales and marketing (non-GAAP)
$ $
9% $ 8% $
12% $ 11% $
12% 11%
General and administrative (GAAP) Less: Stock-based compensation expense General and administrative (non-GAAP)
$ $
7% $ 7% $
7% $ 6% $
7% 6%
Total costs and expenses (GAAP) Less: Stock-based compensation expense Total costs and expenses (non-GAAP)
$ $
65% $ 60% $
68% $ 63% $
69% 63%
(1) Percentages based on revenues of $7,286 million in Q3'10, $9,026 million in Q2'11 and $9,720 million in Q3'11.
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Table 2 - Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures
(In millions except per share amounts) Income from operations (GAAP) Add: Stock-based compensation expense Income from operations (non-GAAP) Net income (GAAP) Add: Stock-based compensation expense (net of tax) Net income (non-GAAP) Net income per share - diluted (GAAP) Net income per share - diluted (non-GAAP) Shares used in per share calculation - diluted $ $ $ $ $ $
Q3'10 2,547 380 2,927 2,167 295 2,462 6.72 7.64 322
Q2'11 2,881 435 3,316 2,505 344 2,849 7.68 8.74 326
Q3'11 3,058 571 3,629 2,729 455 3,184 8.33 9.72 327
(1) Percentages based on revenues of $7,286 million in Q3'10, $9,026 million in Q2'11 and $9,720 million in Q3'11.
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