Google Inc. 10-Q Quarterly Report April 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

Material Contracts, Statements, Certifications & more

Google Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.02: Offer Letter Between Omid Kordestani And Google Inc.

Exhibit 31.01: Certification Of Ceo Pursuant To Exchange Act Rules 13A-14(A) And 15D-14(A)

Exhibit 31.02: Certification Of Cfo Pursuant To Exchange Act Rules 13A-14(A) And 15D-14(A)

Exhibit 32.01: Certifications Of Ceo And Cfo Pursuant To 18 U.S.C. Section 1350

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