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August 10, 2015
G is for Google.
As Sergey and I wrote in the original founders letter 11 years ago, “Google is not a conventional company. We do not intend to become one.” As part of that, we also said that you could expect us to make “smaller bets in areas that might seem very speculative or even strange when compared to our current businesses.” From the start, we’ve always strived to do more, and to do important and meaningful things with the resources we have.
We did a lot of things that seemed crazy at the time. Many of those crazy things now have over a billion users, like Google Maps, YouTube, Chrome, and Android. And we haven’t stopped there. We are still trying to do things other people think are crazy but we are super excited about.
We’ve long believed that over time companies tend to get comfortable doing the same thing, just making incremental changes. But in the technology industry, where revolutionary ideas drive the next big growth areas, you need to be a bit uncomfortable to stay relevant.
Our company is operating well today, but we think we can make it cleaner and more accountable. So we are creating a new company, called Alphabet. I am really excited to be running Alphabet as CEO with help from my capable partner, Sergey, as President.
What is Alphabet? Alphabet is mostly a collection of companies. The largest of which, of course, is Google. This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main internet products contained in Alphabet instead. What do we mean by far afield? Good examples are our health efforts: Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity). Fundamentally, we believe this allows us more management scale, as we can run things independently that aren’t very related.
Alphabet is about businesses prospering through strong leaders and independence. In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them as needed. We will rigorously handle capital allocation and work to make sure each business is executing well. We'll also make sure we have a great CEO for each business, and we’ll determine their compensation. In addition, with this new structure we plan to implement segment reporting for our Q4 results, where Google financials will be provided separately than those for the rest of Alphabet businesses as a whole.
This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google. A key part of this is Sundar Pichai. Sundar has been saying the things I would have said (and sometimes better!) for quite some time now, and I’ve been tremendously enjoying our work together. He has really stepped up since October of last year, when he took on product and engineering responsibility for our internet businesses. Sergey and I have been super excited about his progress and dedication to the company. And it is clear to us and our board that it is time for Sundar to be CEO of Google. I feel very fortunate to have someone as talented as he is to run the slightly slimmed down Google and this frees up time for me to continue to scale our aspirations. I have been spending quite a bit of time with Sundar, helping him and the company in any way I can, and I will of course continue to do that. Google itself is also making all sorts of new products, and I know Sundar will always be focused on innovation—continuing to stretch boundaries. I know he deeply cares that we can continue to make big strides on our core mission to organize the world's information. Recent launches like Google Photos and Google Now using machine learning are amazing progress. Google also has some services that are run with their own identity, like YouTube. Susan is doing a great job as CEO, running a strong brand and driving incredible growth.
Sergey and I are seriously in the business of starting new things. Alphabet will also include our X lab, which incubates new efforts like Wing, our drone delivery effort. We are also stoked about growing our investment arms, Ventures and Capital, as part of this new structure.
Alphabet Inc. will replace Google Inc. as the publicly-traded entity and all shares of Google will automatically convert into the same number of shares of Alphabet, with all of the same rights. Google will become a wholly-owned subsidiary of Alphabet. Our two classes of shares will continue to trade on Nasdaq as GOOGL and GOOG.
For Sergey and me this is a very exciting new chapter in the life of Google—the birth of Alphabet. We liked the name Alphabet because it means a collection of letters that represent language, one of humanity's most important innovations, and is the core of how we index with Google search! We also like that it means alpha‑bet (Alpha is investment return above benchmark), which we strive for! I should add that we are not intending for this to be a big consumer brand with related products—the whole point is that Alphabet companies should have independence and develop their own brands.
We are excited about...
Getting more ambitious things done. Taking the long-term view. Empowering great entrepreneurs and companies to flourish. Investing at the scale of the opportunities and resources we see. Improving the transparency and oversight of what we’re doing. Making Google even better through greater focus. And hopefully... as a result of all this, improving the lives of as many people as we can.What could be better? No wonder we are excited to get to work with everyone in the Alphabet family. Don’t worry, we’re still getting used to the name too!
Larry Page
CEO, Alphabet
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MOUNTAIN VIEW, Calif. – July 16, 2015 – Google Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended June 30, 2015.
“Our strong Q2 results reflect continued growth across the breadth of our products, most notably core search, where mobile stood out, as well as YouTube and programmatic advertising”, said Ruth Porat, CFO of Google. “We are focused every day on developing big new opportunities across a wide range of businesses. We will do so with great care regarding resource allocation.”
Q2 2015 Financial Highlights
The following summarizes our consolidated financial results for the quarters ended June 30, 2014 and 2015 (in millions, except for per share information; unaudited):
|
Three Months Ended June 30, 2014 |
Three Months Ended June 30, 2015 |
||||||
|---|---|---|---|---|---|---|---|
| Revenues | $ | 15,955 | $ | 17,727 | |||
| Increase in revenues year over year | 22 | % | 11 | % | |||
| Traffic acquisition costs (TAC) | $ | 3,293 | $ | 3,377 | |||
| GAAP operating income | $ | 4,258 | $ | 4,825 | |||
| GAAP operating margin | 27 | % | 27 | % | |||
| Non-GAAP operating income | $ | 5,138 | $ | 5,957 | |||
| Non-GAAP operating margin | 32 | % | 34 | % | |||
| GAAP net income* | $ | 3,351 | $ | 3,931 | |||
| Non-GAAP net income | $ | 4,104 | $ | 4,829 | |||
| GAAP diluted EPS for Class A and B common stock* | $ | 4.88 | $ | 4.93 | |||
| GAAP diluted EPS for Class C capital stock* | $ | 4.88 | $ | 6.43 | |||
| Non-GAAP diluted EPS for Class A and B common stock and Class C capital stock | 5.98 | $ | 6.99 | ||||
| *GAAP net income and diluted EPS include Net Loss from Discontinued Operations for the three months ended June 30, 2014. | |||||||
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 the impact from Net Loss from Discontinued Operations. Non-GAAP diluted EPS also excludes the impact from the adjustment payment to Class C capital stockholders. 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.
Adjustment Payment in Relation to Class C Capital Stock Distribution
In May 2015, we paid $522 million to the holders of Class C capital stock in the form of approximately 853 thousand shares of Class C capital stock and $47 million of cash in lieu of fractional shares of Class C capital stock, in accordance with the settlement of litigation involving the authorization to distribute Class C capital stock (the Adjustment Payment). The Adjustment Payment was allocated to the numerator for calculating net income per share of Class C capital stock from net income available to all stockholders and the remaining undistributed earnings were allocated on a pro rata basis to Class A and Class B common stock and Class C capital stock based on the number of shares used in the per share computation for each class of stock. The weighted-average share impact of the Adjustment Payment is included in the denominator of both basic and diluted net income per share computations for the three and six months ended June 30, 2015.
Q2 2015 Financial Summary
Revenues and Monetization
Revenues by source (in millions; unaudited):
|
Three Months Ended June 30, 2015 |
Change from Q2 2014 to Q2 2015 (YoY) | Change from Q1 2015 to Q2 2015 (QoQ) | ||||||
|---|---|---|---|---|---|---|---|---|
| Google websites | $ | 12,402 | 13 | % | 4 | % | ||
| Google Network Members' websites | 3,621 | 2 | % | 1 | % | |||
| Total advertising revenues* | 16,023 | 11 | % | 3 | % | |||
| Other revenues | 1,704 | 17 | % | (3) | % | |||
| Revenues | $ | 17,727 | 11 | % | 3 | % | ||
| *Advertising revenues are generally reported on a gross basis, consistent with GAAP, without deducting TAC. | ||||||||
Had foreign exchange rates remained constant from the second quarter of 2014 through the second quarter of 2015, our revenues in the second quarter of 2015 would have been $1,103 million higher with a constant currency growth rate of 18% year over year. This includes a foreign exchange rate impact of $1,574 million, offset by hedging gains of $471 million related to our foreign exchange risk management program. Our constant currency revenues are presented in the financial tables following this release as well as in the accompanying materials on the Investor Relations website.
Paid clicks and cost-per-click information (unaudited):
| Change from Q2 2014 to Q2 2015 (YoY) | Change from Q1 2015 to Q2 2015 (QoQ) | ||||
|---|---|---|---|---|---|
| Aggregate paid clicks | 18 | % | 7 | % | |
| Paid clicks on Google websites | 30 | % | 10 | % | |
| Paid clicks on Google Network Members' websites | (9) | % | (2) | % | |
| Aggregate cost-per-click | (11) | % | (4) | % | |
| Cost-per-click on Google websites | (16) | % | (5) | % | |
| Cost-per-click on Google Network Members' websites | (3) | % | (3) | % | |
Costs and Expenses
Traffic acquisition costs (TAC), other cost of revenues, operating expenses, stock-based compensation expense, and depreciation and amortization expense (in millions; unaudited):
|
Three Months Ended June 30, 2014 |
Three Months Ended June 30, 2015 |
||||||
|---|---|---|---|---|---|---|---|
| TAC to Google Network Members | $ | 2,400 | $ | 2,432 | |||
| TAC to distribution partners | $ | 893 | $ | 945 | |||
| Total TAC | $ | 3,293 | $ | 3,377 | |||
| TAC to Google Network Members as % of Google Network Members' revenues | 67 | % | 67 | % | |||
| TAC to distribution partners as % of Google Website revenues | 8 | % | 8 | % | |||
| Total TAC as % of advertising revenues | 23 | % | 21 | % | |||
| Other cost of revenues | $ | 2,821 | $ | 3,206 | |||
| Other cost of revenue as % of revenues | 18 | % | 18 | % | |||
| Operating expenses (other than cost of revenues) | $ | 5,583 | $ | 6,319 | |||
| Operating expenses as % of revenues | 35 | % | 36 | % | |||
| Stock-based compensation expense* | $ | 880 | $ | 1,132 | |||
| Tax benefit related to stock-based compensation expense | $ | (195) | $ | (234) | |||
| Depreciation, amortization, and impairment charges* | $ | 1,079 | $ | 1,234 | |||
| *Included in Cost of revenues and Operating expenses. Excludes impact from discontinued operations for the three months ended June 30, 2014. | |||||||
Supplemental Information (in millions except for headcount data; unaudited)
|
Three Months Ended June 30, 2014 |
Three Months Ended June 30, 2015 |
||||||
|---|---|---|---|---|---|---|---|
| Cash, cash equivalents, and marketable securities | $ | 61,204 | $ | 69,780 | |||
| Net cash provided by operating activities | $ | 5,627 | $ | 6,985 | |||
| Capital expenditures* | $ | 2,646 | $ | 2,515 | |||
| Free cash flow | $ | 2,981 | $ | 4,470 | |||
| Effective tax rate | 22 | % | 21 | % | |||
| Headcount | 48,584 | 57,148 | |||||
| *For Q2 2015, our capital expenditures are primarily related to production equipment and data center construction. | |||||||
Adjustments to Previously Reported Financial Information
In the second quarter of 2015, we identified an incorrect classification of certain revenues between legal entities, and as a consequence, we revised our income tax expense for periods beginning in 2008 through the first quarter of 2015 in the cumulative amount of $711 million. The income tax amount is not material to the periods impacted and consolidated revenues are not impacted. We have elected to revise previously issued consolidated financial statements in our upcoming filings to correct prior periods. Please refer to the supplementary slides posted on our Investor Relations website for revised historical financial information.
In the first quarter of 2015, we reclassified revenues primarily related to DoubleClick ad serving software revenues from Other revenues to Advertising revenues from Google Network Members' Websites. Prior period amounts have been adjusted to conform with our current period presentation.
Webcast and Conference Call Information
A live audio webcast of Google’s second quarter 2015 earnings release call will be available at http://investor.google.com/webcast.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial tables, as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available on that site.
We also announce investor information, including news and commentary about our business and financial performance, SEC filings, notices of investor events and our press and earnings releases, on our investor relations website (http://investor.google.com).
Forward-Looking Statements
This press release may contain forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2014 and our most recent Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, which are on file with the SEC and are available on our investor relations website at investor.google.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2015. All information provided in this release and in the attachments is as of July 16, 2015, and we undertake no duty to update this information unless required by law.
About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP diluted EPS, free cash flow, non-GAAP constant currency revenues, and non-GAAP constant currency revenue growth. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact for foreign currency fluctuations or our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures," "Reconciliation from net cash provided by operating activities to free cash flow," and "Reconciliation from GAAP revenues to non-GAAP constant currency revenues" included at the end of this release.
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MOUNTAIN VIEW, Calif. (July 6, 2015) – Google Inc. (NASDAQ: GOOG, GOOGL) will hold its quarterly conference call to discuss second quarter 2015 financial results on Thursday, July 16th at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time).
The live webcast of Google’s earnings conference call can be accessed at investor.google.com/webcast.html. A replay of the webcast will be available through the same link following the conference call. Please visit Google’s Investor Relations website at investor.google.com on July 16, 2015 to view the earnings release prior to the conference call.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google’s innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world.
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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 year. Our constant currency revenues, which exclude the foreign exchange impact on our current period revenues and hedging gains, are presented in the financial tables following this release as well as in the accompanying materials on the Investor Relations website.
Paid clicks and cost-per-click information is in the table below (unaudited):
| Change from Q1 2014 to Q1 2015 (YoY) | Change from Q4 2014 to Q1 2015 (QoQ) | ||||
|---|---|---|---|---|---|
| Aggregate paid clicks | 13 | % | (1) | % | |
| Paid clicks on Google websites | 25 | % | (3) | % | |
| Paid clicks on Google Network Members' websites | (12) | % | 4 | % | |
| Aggregate cost-per-click | (7) | % | (5) | % | |
| Cost-per-click on Google websites | (13) | % | (3) | % | |
| Cost-per-click on Google Network Members' websites | 2 | % | (11) | % | |
Costs and Expenses
Traffic acquisition costs (TAC), other cost of revenues, operating expenses, stock-based compensation expense, and depreciation and amortization expense are presented in the table below (in millions; unaudited):
| Three Months Ended March 31, 2014 | Three Months Ended March 31, 2015 | ||||||
|---|---|---|---|---|---|---|---|
| TAC to Google Network Members | $ | 2,387 | $ | 2,432 | |||
| TAC to distribution partners | $ | 845 | $ | 913 | |||
| Total TAC | $ | 3,232 | $ | 3,345 | |||
| TAC to Google Network Members as % of Google Network Members' revenues* | 68 | % | 68 | % | |||
| TAC to distribution partners as % of Google Website revenues | 8 | % | 8 | % | |||
| Total TAC as % of advertising revenues* | 23 | % | 22 | % | |||
| Other cost of revenues | $ | 2,729 | $ | 3,011 | |||
| Other cost of revenue as % of revenues | 18 | % | 17 | % | |||
| Operating expenses (other than cost of revenues) | $ | 5,344 | $ | 6,455 | |||
| Operating expenses as % of revenues | 35 | % | 37 | % | |||
| Stock-based compensation expense** | $ | 839 | $ | 1,203 | |||
| Tax benefit related to stock-based compensation expense | $ | (190) | $ | (257) | |||
| Depreciation, amortization, and impairment charges** | $ | 1,086 | $ | 1,177 | |||
| *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. | |||||||
| **Included in Cost of revenues and Operating expenses. Excludes impact from discontinued operations for the three months ended March 31, 2014. | |||||||
Supplemental Information (in millions except for headcount data; unaudited)
| Three Months Ended March 31, 2014 | Three Months Ended March 31, 2015 | ||||||
|---|---|---|---|---|---|---|---|
| Cash, cash equivalents, and marketable securities | $ | 59,379 | $ | 65,436 | |||
| Net cash provided by operating activities | $ | 4,391 | $ | 6,617 | |||
| Capital expenditures* | $ | 2,345 | $ | 2,927 | |||
| Free cash flow | $ | 2,046 | $ | 3,690 | |||
| Effective tax rate | 18 | % | 22 | % | |||
| Headcount | 46,170 | 55,419 | |||||
| *For Q1 2015, our capital expenditures are primarily related to production equipment, data center construction, and facilities. We expect to continue to make significant capital expenditures. | |||||||
Adjustment Payment in relation to Class C Capital Stock Distribution
In January 2014, our board of directors approved the distribution of shares of Class C capital stock as a dividend to our holders of Class A and Class B common stock (the Stock Split). The Stock Split had a record date of March 27, 2014 and a payment date of April 2, 2014. In accordance with a settlement of litigation involving the authorization to distribute Class C capital stock, at the close of trading on April 2, 2015, the last trading day of the 365 day period following the first date the Class C shares traded on NASDAQ (Lookback Period), we determined that a payment (the Adjustment Payment) in the amount of $522 million was due. The amount of the Adjustment Payment was based on the percentage difference that developed between the volume-weighted average price of Class A and Class C shares during the Lookback Period, as supplied by NASDAQ Data-on-Demand, and is payable to holders of Class C capital stock as of the end of the Lookback Period in cash, Class A common stock, Class C capital stock, or a combination thereof, at the discretion of our board of directors. On April 22, 2015, our board of directors approved the Adjustment Payment to be paid on or about May 4, 2015 in shares of Class C capital stock, and cash in lieu of any fractional shares of Class C capital stock.
WEBCAST AND CONFERENCE CALL INFORMATION
A live audio webcast of Google’s first quarter 2015 earnings release call will be available at https://investor.google.com/webcast.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). This press release, the financial tables, as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available on that site.
We also announce investor information, including news and commentary about our business and financial performance, SEC filings, notices of investor events and our press and earnings releases, on our investor relations website (https://investor.google.com).
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding our investments in areas of strategic focus and our plans to make significant capital expenditures. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, unforeseen changes in our hiring patterns and our need to expend capital to accommodate the growth of the business, as well as those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2014, which is on file with the SEC and are available on our investor relations website at investor.google.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. All information provided in this release and in the attachments is as of April 23, 2015, and we undertake no duty to update this information unless required by law.
ABOUT NON-GAAP FINANCIAL MEASURES
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP diluted EPS, free cash flow, non-GAAP constant currency revenues, and non-GAAP constant currency revenue growth. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact for foreign currency fluctuations or our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures," "Reconciliation from net cash provided by operating activities to free cash flow," and "Reconciliation from GAAP revenues to non-GAAP constant currency revenues" included at the end of this release.
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MOUNTAIN VIEW, Calif. (Thursday, April 23, 2015) - Google Inc. (NASDAQ: GOOGL, GOOG) today announced the Internet availability of proxy materials for its 2015 Annual Meeting of Stockholders pursuant to the U.S. Securities and Exchange Commission’s Notice and Access rules.
Pursuant to the U.S. Securities and Exchange Commission’s Notice and Access rules, companies may satisfy their obligation to deliver proxy materials by delivering a “Notice of Internet Availability of Proxy Materials” to stockholders, providing Internet access to the proxy materials, and providing a printed set of proxy materials by mail to any stockholder who requests them. Google has elected to take full advantage of these rules in order to minimize impact on the environment and to maximize cost savings relating to the printing of the proxy materials.
Google’s Annual Report on Form 10-K for the year ended December 31, 2014 and proxy statement for its 2015 Annual Meeting of Stockholders have been filed with the U.S. Securities and Exchange Commission, and may be viewed on Google’s investor relations website at http://investor.google.com/proxy.html. Google’s stockholders may obtain hard copies of these proxy materials at no charge by following the instructions provided on its website or in the “Notice of Internet Availability of Proxy Materials.”
Google’s 2015 Annual Meeting of Stockholders will be held on Wednesday, June 3, 2015 at 9:00 a.m., local time, at Google’s corporate headquarters at 1600 Amphitheatre Parkway, Mountain View, California 94043. For your convenience, we are pleased to offer a live webcast of the Annual Meeting at http://investor.google.com/webcast.html.
About Google Inc.
Google is a global technology leader focused on improving the ways people connect with information. Google’s innovations in web search and advertising have made its website a top Internet property and its brand one of the most recognized in the world.
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