GOOGLE INC. - FORM 8-K - EX-99.2 - FINANCIAL TABLES FOR THE QUARTER ENDED DECEMBER 31, 2012 - January 22, 2013

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Exhibit 99.2
Google Inc.
CONSOLIDATED BALANCE SHEETS
(In millions)
 
 
As of December 31, 2011
 
As of December 31, 2012
 
 
 
(unaudited)
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
9,983

 
$
14,778

Marketable securities
34,643

 
33,310

Accounts receivable, net of allowance
5,427

 
7,885

Inventories
35

 
505

Receivable under reverse repurchase agreements
745

 
700

Deferred income taxes, net
215

 
1,144

Prepaid revenue share, expenses and other assets
1,710

 
2,132

Total current assets
52,758

 
60,454

Prepaid revenue share, expenses and other assets, non-current
499

 
2,011

Non-marketable equity securities
790

 
1,469

Property and equipment, net
9,603

 
11,854

Intangible assets, net
1,578

 
7,473

Goodwill
7,346

 
10,537

Total assets
$
72,574

 
$
93,798

Liabilities and Stockholders’ Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
588

 
$
2,012

Short-term debt
1,218

 
2,549

Accrued compensation and benefits
1,818

 
2,239

Accrued expenses and other current liabilities
1,370

 
3,258

Accrued revenue share
1,168

 
1,471

Securities lending payable
2,007

 
1,673

Deferred revenue
547

 
895

Income taxes payable, net
197

 
240

Total current liabilities
8,913

 
14,337

Long-term debt
2,986

 
2,988

Deferred revenue, non-current
44

 
100

Income taxes payable, non-current
1,693

 
2,046

Deferred income taxes, net, non-current
287

 
1,872

Other long-term liabilities
506

 
740

Stockholders’ equity:
 
 
 
Common stock and additional paid-in capital
20,264

 
22,835

Accumulated other comprehensive income
276

 
538

Retained earnings
37,605

 
48,342

Total stockholders’ equity
58,145

 
71,715

Total liabilities and stockholders’ equity
$
72,574

 
$
93,798

    





Google Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except share amounts which are reflected in thousands and per share amounts)
 
 
Three Months Ended
 
Twelve Months Ended
 
December 31,
 
December 31,
 
2011
 
2012
 
2011
 
2012
 
(unaudited)
 
 
 
(unaudited)
Revenues:
 
 
 
 
 
 
 
Google (advertising and other)
$
10,584

 
$
12,905

 
$
37,905

 
$
46,039

Motorola Mobile (hardware and other)
—

 
1,514

 
—

 
4,136

Total revenues
10,584

 
14,419

 
37,905

 
50,175

Costs and expenses:
 
 
 
 
 
 
 
Cost of revenues - Google (advertising and other) (1)
3,702

 
4,963

 
13,188

 
17,176

Cost of revenues - Motorola Mobile (hardware and
other) (1)
—

 
1,250

 
—

 
3,458

Research and development (1)
1,298

 
1,935

 
5,162

 
6,793

Sales and marketing (1)
1,268

 
1,751

 
4,589

 
6,143

General and administrative (1)
809

 
1,126

 
2,724

 
3,845

Charge related to the resolution of Department of Justice investigation
—

 
—

 
500

 
—

Total costs and expenses
7,077

 
11,025

 
26,163

 
37,415

Income from operations
3,507

 
3,394

 
11,742

 
12,760

Interest and other income, net
(18
)
 
152

 
584

 
626

Income from continuing operations before income taxes
3,489

 
3,546

 
12,326

 
13,386

Provision for income taxes
784

 
639

 
2,589

 
2,598

Net income from continuing operations
2,705

 
2,907

 
9,737

 
10,788

Net loss from discontinued operations
—

 
(21
)
 
—

 
(51
)
Net Income
$
2,705

 
$
2,886

 
$
9,737

 
$
10,737

Net income (loss) per share - basic:
 
 
 
 
 
 
 
    Continuing operations
$
8.34

 
$
8.83

 
$
30.17

 
$
32.97

    Discontinued operations
—

 
(0.06
)
 
—

 
(0.16
)
Net income per share - basic
$
8.34

 
$
8.77

 
$
30.17

 
$
32.81

Net income (loss) per share - diluted
 
 
 
 
 
 
 
    Continuing operations
$
8.22

 
$
8.68

 
$
29.76

 
$
32.46

    Discontinued operations
—

 
(0.06
)
 
—

 
(0.15
)
Net income per share - diluted
$
8.22

 
$
8.62

 
$
29.76

 
$
32.31

Shares used in per share calculation - basic
324,204

 
329,363

 
322,778

 
327,213

Shares used in per share calculation - diluted
329,002

 
334,977

 
327,214

 
332,305

(1)       Includes stock-based compensation expense as follows:
 
 
 
 
 
 
 
Cost of revenues - Google (advertising and other)
$
77

 
$
101

 
$
249

 
$
359

Cost of revenues - Motorola Mobile (hardware and other)
—

 
4

 
—

 
14

Research and development
266

 
364

 
1,061

 
1,325

Sales and marketing
105

 
130

 
361

 
498

General and administrative
88

 
109

 
303

 
453

 
$
536

 
$
708

 
$
1,974

 
$
2,649







Google Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 
 
Three Months Ended
 
Twelve Months Ended
 
December 31,
 
December 31,
 
2011
 
2012
 
2011
 
2012
Operating activities
(unaudited)
 
 
 
(unaudited)
Net income
$
2,705

 
$
2,886

 
$
9,737

 
$
10,737

Adjustments:
 
 
 
 
 
 
 
Depreciation and amortization of property and equipment
385

 
630

 
1,396

 
1,988

Amortization of intangible and other assets
118

 
323

 
455

 
974

Stock-based compensation expense
536

 
716

 
1,974

 
2,692

Excess tax benefits from stock-based award activities
(25
)
 
(75
)
 
(86
)
 
(188
)
Deferred income taxes
(183
)
 
(289
)
 
343

 
(266
)
Impairment of equity investments
110

 
—

 
110

 
—

Gain on divestiture of business
—

 
—

 
—

 
(188
)
Other
3

 
(4
)
 
6

 
(28
)
Changes in assets and liabilities, net of effects of acquisitions and divestiture:
 
 
 
 
 
 
 
Accounts receivable
(909
)
 
(559
)
 
(1,156
)
 
(787
)
Income taxes, net
463

 
156

 
731

 
1,492

Inventories
(12
)
 
113

 
(30
)
 
301

Prepaid revenue share, expenses and other assets
(104
)
 
382

 
(232
)
 
(833
)
Accounts payable
29

 
(225
)
 
101

 
(499
)
Accrued expenses and other liabilities
540

 
278

 
795

 
762

Accrued revenue share
189

 
356

 
259

 
299

Deferred revenue
79

 
(19
)
 
162

 
163

Net cash provided by operating activities
3,924

 
4,669

 
14,565

 
16,619

Investing activities
 
 
 
 
 
 
 
Purchases of property and equipment
(951
)
 
(1,020
)
 
(3,438
)
 
(3,273
)
Purchases of marketable securities
(17,979
)
 
(9,164
)
 
(61,672
)
 
(33,410
)
Maturities and sales of marketable securities
15,639

 
5,380

 
48,746

 
35,180

Investments in non-marketable equity securities
(70
)
 
(450
)
 
(428
)
 
(696
)
Cash collateral related to securities lending
(1,048
)
 
(13
)
 
(354
)
 
(334
)
Investments in reverse repurchase agreements
400

 
(150
)
 
5

 
45

Acquisitions, net of cash acquired and proceeds received from divestiture, and purchases of intangibles and other assets
(550
)
 
(97
)
 
(1,900
)
 
(10,568
)
Net cash used in investing activities
(4,559
)
 
(5,514
)
 
(19,041
)
 
(13,056
)
Financing activities
 
 
 
 
 
 
 
Net proceeds (payments) related to stock-based award activities
15

 
(98
)
 
(5
)
 
(287
)
Excess tax benefits from stock-based award activities
25

 
75

 
86

 
188

Proceeds from issuance of debt, net of costs
2,125

 
3,984

 
10,905

 
16,109

Repayments of debt
(2,125
)
 
(4,653
)
 
(10,179
)
 
(14,781
)
Net cash provided by (used in) financing activities
40

 
(692
)
 
807

 
1,229

Effect of exchange rate changes on cash and cash equivalents
(52
)
 
55

 
22

 
3

Net increase (decrease) in cash and cash equivalents
(647
)
 
(1,482
)
 
(3,647
)
 
4,795

Cash and cash equivalents at beginning of period
10,630

 
16,260

 
13,630

 
9,983

Cash and cash equivalents at end of period
$
9,983

 
$
14,778

 
$
9,983

 
$
14,778






The following table presents our consolidated revenues by revenue source (in millions):
 
 
Three Months Ended
 
Twelve Months Ended
 
December 31,
 
December 31,
 
2011
 
2012
 
2011
 
2012
 
(unaudited)
 
 
 
(unaudited)
Advertising revenues:
 
 
 
 
 
 
 
Google websites
$
7,294

 
$
8,640

 
$
26,145

 
$
31,221

Google Network Members’ websites
2,880

 
3,436

 
10,386

 
12,465

Total advertising revenues
10,174

 
12,076

 
36,531

 
43,686

Other revenues
410

 
829

 
1,374

 
2,353

Total Google revenues (advertising and other)
10,584

 
12,905

 
37,905

 
46,039

Total Motorola Mobile revenues (hardware and other)
—

 
1,514

 
—

 
4,136

Consolidated revenues
$
10,584

 
$
14,419

 
$
37,905

 
$
50,175


The following table presents our Google revenues, by revenue source, as a percentage of Google revenues:
 
 
Three Months Ended
 
Twelve Months Ended
 
December 31,
 
December 31,
 
2011
 
2012
 
2011
 
2012
 
(unaudited)
 
 
 
(unaudited)
Advertising revenues:
 
 
 
 
 
 
 
Google websites
69
%
 
67
%
 
69
%
 
68
%
Google Network Members’ websites
27
%
 
27
%
 
27
%
 
27
%
Total advertising revenues
96
%
 
94
%
 
96
%
 
95
%
Other revenues
4
%
 
6
%
 
4
%
 
5
%
Google revenues
100
%
 
100
%
 
100
%
 
100
%



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