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Google Inc. (1288776) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Google Inc.

CIK: 1288776

Exhibit 99.1

Google Announces Fourth Quarter and Fiscal Year 2011 Results

MOUNTAIN VIEW, Calif. – January 19, 2012 – Google Inc. (NASDAQ: GOOG) today announced financial results for the quarter and the fiscal year ended December 31, 2011.

“Google had a really strong quarter ending a great year. Full year revenue was up 29%, and our quarterly revenue blew past the $10 billion mark for the first time,” said Larry Page, CEO of Google. “I am super excited about the growth of Android, Gmail, and Google+, which now has 90 million users globally—well over double what I announced just three months ago. By building a meaningful relationship with our users through Google+ we will create amazing experiences across our services. I’m very excited about what we can do in 2012—there are tremendous opportunities to help users and grow our business.”

Q4 Financial Summary

Google reported revenues of $10.58 billion for the quarter ended December 31, 2011, an increase of 25% compared to the fourth quarter of 2010. Google reports its revenues, consistent with GAAP, on a gross basis without deducting traffic acquisition costs (TAC). In the fourth quarter of 2011, TAC totaled $2.45 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 at the end of this release.

 

   

GAAP operating income in the fourth quarter of 2011 was $3.51 billion, or 33% of revenues. This compares to GAAP operating income of $2.98 billion, or 35% of revenues, in the fourth quarter of 2010. Non-GAAP operating income in the fourth quarter of 2011 was $4.04 billion, or 38% of revenues. This compares to non-GAAP operating income of $3.38 billion, or 40% of revenues, in the fourth quarter of 2010.

 

   

GAAP net income in the fourth quarter of 2011 was $2.71 billion, compared to $2.54 billion in the fourth quarter of 2010. Non-GAAP net income in the fourth quarter of 2011 was $3.13 billion, compared to $2.85 billion in the fourth quarter of 2010.

 

   

GAAP EPS in the fourth quarter of 2011 was $8.22 on 329 million diluted shares outstanding, compared to $7.81 in the fourth quarter of 2010 on 326 million diluted shares outstanding. Non-GAAP EPS in the fourth quarter of 2011 was $9.50, compared to $8.75 in the fourth 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 fourth quarter of 2011, the charge related to SBC was $536 million, compared to $396 million in the fourth quarter of 2010. The tax benefit related to SBC was $114 million in the fourth quarter of 2011 and $89 million in the fourth quarter of 2010. Reconciliations of non-GAAP measures to GAAP operating income, operating margin, net income, and EPS are included at the end of this release.

Q4 Financial Highlights

Revenues – Google reported revenues of $10.58 billion in the fourth quarter of 2011, representing a 25% increase over fourth quarter 2010 revenues of $8.44 billion. Google reports its revenues, consistent with GAAP, on a gross basis without deducting TAC.

Google Sites Revenues – Google-owned sites generated revenues of $7.29 billion, or 69% of total revenues, in the fourth quarter of 2011. This represents a 29% increase over fourth quarter 2010 revenues of $5.67 billion.


The following information was filed by Google Inc. on Thursday, January 19, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Income (parenthetical)
Consolidated Statements Of Stockholders' Equity
401(k) Plan
401(k) Plan - Additional Information (detail)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (tables)
Acquisition-related Intangible Assets That Are Being Amortized (detail)
Acquisitions
Acquisitions - Additional Durational Information (detail)
Acquisitions - Additional Information (detail)
Additional Information Regarding Outstanding, Exercisable And Vested And Exercisable Stock Options (detail)
Allowance For Doubtful Accounts And Sales Credits (detail)
Assets And Liabilities Measured At Fair Value On A Recurring Basis (detail)
Cash And Investments
Cash And Investments (tables)
Cash And Investments - Additional Durational Information (detail)
Cash, Cash Equivalents, And Marketable Securities (detail)
Cash, Cash Equivalents, And Marketable Securities (parenthetical) (detail)
Changes In The Carrying Amount Of Goodwill (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Durational Information (detail)
Commitments And Contingencies - Additional Information (detail)
Components Of Aoci (detail)
Components Of Interest And Other Income, Net (detail)
Computation Of Basic And Diluted Net Income Per Share (detail)
Contractual Maturity Date Of Marketable Debt Securities (detail)
Debt
Debt (tables)
Debt - Additional Durational Information (detail)
Debt - Additional Information (detail)
Derivative Financial Instruments
Derivative Financial Instruments (tables)
Derivative Financial Instruments - Additional Information (detail)
Effect Of Derivative Instruments On Income And Other Comprehensive Income (detail)
Effect Of Derivative Instruments On Income And Other Comprehensive Income (parenthetical) (detail)
Expected Amortization Expense For Acquisition-related Intangible Assets (detail)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Additional Information (detail)
Fair Values Of Outstanding Derivative Instruments (detail)
Future Minimum Payments Under Non-cancelable Operating Leases, Along With Sublease Income Amounts (detail)
Future Principal Payments For Borrowings (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (detail)
Google Inc. And Summary Of Significant Accounting Policies
Google Inc. And Summary Of Significant Accounting Policies (policies)
Google Inc. And Summary Of Significant Accounting Policies (tables)
Google Inc. And Summary Of Significant Accounting Policies - Additional Information (detail)
Gross Unrealized Losses And Fair Values For Investments In An Unrealized Loss Position (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Durational Information (detail)
Income Taxes - Additional Information (detail)
Information About Geographic Areas
Information About Geographic Areas (tables)
Interest And Other Income, Net
Interest And Other Income, Net (tables)
Long-lived Assets By Geographic Area (detail)
Long-term Debt (detail)
Long-term Debt (parenthetical) (detail)
Net Income Per Share Of Class A And Class B Common Stock
Net Income Per Share Of Class A And Class B Common Stock (tables)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Provision For Income Taxes (detail)
Reconciliation Of Federal Statutory Income Tax Rate To Effective Income Tax Rate (detail)
Reconciliation Of Federal Statutory Income Tax Rate To Effective Income Tax Rate (parenthetical) (detail)
Reconciliations For Assets Measured And Recorded At Fair Value On A Recurring Basis, Using Significant Unobservable Inputs (level 3) (detail)
Revenues By Geographic Area (detail)
Revenues By Revenue Source (detail)
Schedule Ii: Valuation And Qualifying Accounts
Significant Components Of Deferred Tax Assets And Liabilities (detail)
Stock Option Activity (detail)
Stock Option Activity (parenthetical) (detail)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Additional Durational Information (detail)
Stockholders' Equity - Additional Information (detail)
Summary Of Activity Related To Gross Unrecognized Tax Benefits (detail)
Unrealized Gains And Losses Related To Investments In Marketable Securities Designated As Available-for-sale (detail)
Unvested Restricted Stock Units Actvity (detail)
Weighted-average Assumptions Used To Estimate The Fair Values Of The Stock Options Granted (detail)
CIK: 1288776
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-025336
Submitted to the SEC: Thu Jan 26 2012 5:12:25 PM EST
Accepted by the SEC: Thu Jan 26 2012
Period: Saturday, December 31, 2011
Industry: Computer Programming Data Processing

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