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Google Inc. (1288776) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2015

Google Inc.

CIK: 1288776
Exhibit 99.1
Google Inc. Announces First Quarter 2015 Results
MOUNTAIN VIEW, Calif. – April 23, 2015 - Google Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended March 31, 2015.
“Google’s first quarter revenue was $17.3 billion, up 12% year on year. Excluding the net impact of foreign currency headwinds, revenue grew a healthy 17% year on year,” said Patrick Pichette, CFO of Google. “We continue to see great momentum in our mobile advertising business and opportunities with brand advertisers.”
Q1 2015 Financial Summary
Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis. Non-GAAP operating income and non-GAAP operating margin exclude stock-based compensation (SBC) expense from continuing operations. Non-GAAP net income and non-GAAP diluted EPS exclude SBC expense from continuing operations, net of the related tax benefits, as well as Net Loss from Discontinued Operations. These non-GAAP measures, as well as free cash flow, an alternative non-GAAP measure of liquidity, and non-GAAP constant currency revenues and growth, are described and reconciled to the corresponding GAAP measures at the end of this release. The following summarizes our consolidated financial results for the quarter ended March 31, 2015 (in millions, except for per share and shares outstanding information; unaudited):
 
Three Months Ended March 31, 2014
 
Three Months Ended March 31, 2015
Revenues
$
15,420

 
$
17,258

Increase in revenues year over year
19
%
 
12
%
 
 
 
 
Traffic acquisition costs (TAC)
$
3,232

 
$
3,345

 
 
 
 
GAAP operating income
$
4,115

 
$
4,447

GAAP operating margin
27
%
 
26
%
Non-GAAP operating income
$
4,954

 
$
5,650

Non-GAAP operating margin
32
%
 
33
%
 
 
 
 
GAAP net income*
$
3,452

 
$
3,586

Non-GAAP net income
$
4,299

 
$
4,532

 
 
 
 
GAAP diluted EPS*
$
5.04

 
$
5.20

Non-GAAP diluted EPS
$
6.27

 
$
6.57

Diluted shares (in thousands)
685,212

 
689,498

*GAAP net income and diluted EPS include Net Loss from Discontinued Operations for the three months ended March 31, 2014.
Q1 2015 Financial Highlights
Revenues and Monetization
Revenues by source are presented in the table below (in millions; unaudited):
 
Three Months Ended March 31, 2015
 
Change from Q1 2014 to Q1 2015 (YoY)
 
Change from Q4 2014 to Q1 2015 (QoQ)
Google websites
$
11,932

 
14
%
 
(4
)%
Google Network Members' websites*
3,576

 
1
%
 
(8
)%
Total advertising revenues**
15,508

 
11
%
 
(5
)%
Other revenues*
1,750

 
23
%
 
(2
)%
Revenues
$
17,258

 
12
%
 
(5
)%
*Prior period amounts have been adjusted to reflect the reclassification primarily related to DoubleClick ad serving software revenues from Other Revenues to Advertising Revenues from Google Network Members' Websites to conform with our current period presentation.
**Advertising revenues are generally reported on a gross basis, consistent with GAAP, without deducting TAC.
Excluding hedging gains of $311 million related to our foreign exchange risk management program, had foreign exchange rates remained constant from the first quarter of 2014 through the first quarter of 2015, our revenues in the first quarter of 2015 would have been $795 million higher. Additionally, our constant currency revenue growth in the first quarter of 2015 was 17% year over


The following information was filed by Google Inc. on Thursday, April 23, 2015 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-Q Quarterly 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-Q Quarterly 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
Acquisitions
Acquisitions (narrative) (details)
Balance Sheet Components
Balance Sheet Components (components Of Accumulated Other Comprehensive Income) (details)
Balance Sheet Components (effects On Net Income Of Amounts Reclassified From Aoci) (details)
Balance Sheet Components (note Receivable) (details)
Balance Sheet Components (property And Equipment) (details)
Balance Sheet Components (tables)
Collaboration Agreement
Collaboration Agreement (narrative) (details)
Contingencies
Debt
Debt (long-term Debt) (details)
Debt (narrative) (details)
Debt (tables)
Discontinued Operations
Discontinued Operations (narrative) (details)
Discontinued Operations (revenues And Earnings Attributable To Discontinued Operations) (details)
Discontinued Operations (tables)
Financial Instruments
Financial Instruments (cash, Cash Equivalents And Marketable Securities Measured At Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses, And Fair Value By Significant Investment Category) (details)
Financial Instruments (contractual Maturity Date Of Marketable Debt Securities) (details)
Financial Instruments (effect Of Derivative Instruments On Income And Accumulated Other Comprehensive Income) (details)
Financial Instruments (fair Values Of Outstanding Derivative Instruments) (details)
Financial Instruments (gross Unrealized Losses And Fair Values For Investments In Unrealized Loss Position) (details)
Financial Instruments (narrative) (details)
Financial Instruments (offsetting Of Financial Assets And Financial Liabilities) (details)
Financial Instruments (schedule Of Other Investments Not Readily Marketable) (details)
Financial Instruments (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (acquisition-related Intangible Assets That Are Being Amortized) (details)
Goodwill And Other Intangible Assets (changes In Carrying Amount Of Goodwill) (details)
Goodwill And Other Intangible Assets (expected Amortization Expense For Acquisition-related Intangible Assets) (details)
Goodwill And Other Intangible Assets (tables)
Google Inc. And Summary Of Significant Accounting Policies
Google Inc. And Summary Of Significant Accounting Policies (policies)
Income Taxes
Income Taxes (narrative) (details)
Information About Segments And Geographic Areas
Information About Segments And Geographic Areas (long-lived Assets By Geographic Area) (details)
Information About Segments And Geographic Areas (revenues By Geographic Area) (details)
Information About Segments And Geographic Areas (tables)
Interest And Other Income, Net
Interest And Other Income, Net (schedule Of Interest And Other Income) (details)
Interest And Other Income, Net (tables)
Net Income Per Share
Net Income Per Share (schedule Of Earnings Per Share) (details)
Net Income Per Share (tables)
Stockholders' Equity
Stockholders' Equity (narrative) (details)
Stockholders' Equity (stock Option Activity) (details)
Stockholders' Equity (tables)
Stockholders' Equity (unvested Restricted Stock Units Activity) (details)
Subsequent Events
Subsequent Events Subsequent Events (details)
CIK: 1288776
Form Type: 10-Q Quarterly Report
Accession Number: 0001288776-15-000023
Submitted to the SEC: Wed Apr 29 2015 5:19:57 PM EST
Accepted by the SEC: Wed Apr 29 2015
Period: Tuesday, March 31, 2015
Industry: Computer Programming Data Processing

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