Prsentation PowerPoint

PARIS I PANTHEON SORBONNE - M2 Finance dentrepriseCorporate Finance 2

PrsentationGoogle Inc. est une entreprise leader dInternet.

Date de cration : 22/10/2002Pays dorigine : Etats-UnisNormes comptables : USGAAPType dindustrie : Computer Services Internet Technology HardwareAuditeur : Ernest & Young

Analyse segmente

Les rsultats

Les ratios

Feuil1Period20142013201220112010In Million USDRevenue6600155519460393790529321yoy growth18.8820.5921.4629.2823.980.018880.0205910.0214590.0292760.023976Gross Profit40688335262886324717189044068833526288632471718904% margin61.6560.3962.6965.2164.470.0616480.0603870.0626930.0652080.064473EBITDA21476191951656614079117622147619195165661407911762% margin32.5434.5735.9837.1440.120.0325390.0345740.0359830.0371430.040115Operating Profit16496154031383411632103811649615403138341163210381% margin24.9927.7430.0530.6935.410.0249940.0277440.0300480.0306870.035405Net Income1392813347115539737850513928133471155397378505% margin21.1024.0425.0925.6929.010.0211030.024040.0250940.0256880.029007EPS (GAAP)20.2719.7017.3814.8813.16yoy growth2.9213.3116.8313.1028.89Dividends per Share0.000.000.000.000.00yoy growth-----Capital Expenditures10959.007358.003273.003438.004018.00Revenus par segments en 2014Free Cash Flow11417.0011301.0013346.0011127.007063.00In millions USDCash & ST Investments64395.0058717.0048088.0044626.0034975.00Google Websites45,08568%Total Assets131133.00110920.0093798.0072574.0057851.00Google Network Members' Websites13,97121%Total Debt5237.005245.005537.004204.003465.00Total Advertsing Revenus59,05689%104500.0087309.0071715.0058145.0046241.00Other Revenus6,94511%Return on Assets11.5113.0413.8914.9317.30Total Revenus66,001Return on Common Equity14.5216.7917.7918.6620.68Enterprise Value (EV)301782.07323263.36191095.79169631.08159518.54# of Employees53600.0047756.0053861.0032467.0024400.00Other Revenus$6,945Google Websites$45,085Google Network Members' Websites$13,971

Table 1Revenu par zone gographique en 2014Etats-Unis43%Royaume-Uni10%Reste du monde47%

Google IncActivit 1 :Activit 2 :

BilanBalance SheetBILANGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Date de cloture12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYAssetsCurrent assets :Cash and cash equivalents$18,347$18,898$14,778$9,983$13,630Marketable Securities46,04839,81933,31034,64321,345Total cash, cash equivalent, and marketable securities (including securities loaned of $5,059 and 4,058)64,39558,71748,08844,62634,975Accounts receivable, net of allowance9,3838,8827,8855,4274,252Receivable under reverse repurchase agre875100700745750Deferred income taxes, net1,3221,5261,144215259Income taxes receivable, net1,2984080Prepaid revenue share, expenses and3,4123,2532,1321,7101,326Total Current Assets80,68572,88660,45452,75841,562Prepaid/Other3,2801,9762,011499442Non-marketable equity investments3,0791,9761,469790523Property and equipment, net23,88316,52411,8549,6037,759Intangible assets, net4,6076,0667,4731,5781,309Goodwill15,59911,49210,5377,3466,256Total Assets131,133110,92093,79872,57457,851Liabalities and Stockholders' EquityCurrent liabilities :Accounts Payable1,7152,4532,012588483Short-term debt2,0093,0092,5491,2183,465Accrued compensation and benefits3,0692,5022,2391,8181,410Accrued expenses and other current liabi4,4343,7553,2581,370961Accrued revenue share1,9521,7291,4711,168885Securities lending payable2,7781,3741,6732,0072,361Deferred Revenue7521,062895547394Income taxes payable, net962424019737Total Current Liabilities16,80515,90814,3378,9139,996Total Long Term Debt3,2282,2362,9882,9860Deferred revenue, non-current1041391004435Income taxes payable, non-current3,4072,638Deferred income taxes, net, non-current1,9711,9471,8722870Other long-term liabilities1,118743740506379Balancing Item - Shareholders EquityRdml. Pref. War.Convertible preferred stockClass C capital stockClass B common stockClass A common stock.Class B common stock28,76725,922000Acc Othr Comp INC2712523,37320,54018,373Retained earnings75,70661,26248,34237,60527,868Total Equity104,50087,30971,71558,14546,241Total Liabilities & Shareholders' Equity131,133110,92093,79872,57457,851

ResultatIncome StatementCOMPTE DE RESULTATGoogle IncIncome Statement - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYTotal Revenue66,00155,51946,03937,90529,321Cost and expenses :Cost of revenues25,69121,99317,17613,18810,417Research and development9,8327,1376,0835,1623,762Sales and marketing8,1316,5545,4654,5892,799General and administrative5,8514,4323,4812,7241,962Charge related to the resolution of Depa0005000Total costs and expenses49,50540,11632,20526,16318,940Income from operations16,49615,40313,83411,63210,381EBITDAInterest and other income, net763496635694415Net Income Before Taxes17,25915,89914,46912,32610,796Provision for Income Taxes3,3312,5522,9162,5892,291Net Income After Taxes13,92813,34711,5539,7378,505Net income (loss) from discontinued oper516(427)(816)00Net Income14,44412,92010,7379,7378,505Net income per share - basicBasic EPS Excluding ExtraOrdinary Items20.6120.0517.6515.0813.34Discontinued op0.76(0.64)(1.25)0.000.00Basic EPS Including ExtraOrdinary Items21.3719.4116.4115.0813.34Net income (loss) per share : dilutedDiluted EPS Excluding ExtraOrd Items20.2719.7017.3814.8813.16Discontinued op0.75(0.63)(1.23)0.000.00Diluted EPS Including ExtraOrd Items21.0219.0716.1614.8813.16

Shares used per share calculation - basic675.935665.692654.426Shares used per share calculation - diluted687.070677.618664.610

Includes stock-based compensation expense as follows :Stock-based Compensation in COR/COGS53546935924967Stock-based Compensation in R&D2,2001,6411,2741,061861Stock-based Compensation in SGA715552449361261Stock-based Compensation in SGA.725465391303187Discontinued operations104.00216.00219.00Stock Based Compensation Expenses4,279.003,343.002,692.001,974.001,376.00

Comprehensive income

Anne fiscale20142013201220112010Net income$14,444$12,920$10,737$9,737$8,505Other comprehensive income (loss):Change in foreign currency translation adjustment(996)8975(107)(124)Available-for-sale investments:Change in net unrealized gains (losses)505(392)493348232Less: reclassification adjustment for net gains included in net income(134)(162)(216)(115)(151)Net change (net of tax effect of $68, $212, $60)371(554)27723381Cash flow hedges:Change in unrealized gains6511124739196Less: reclassification adjustment for gains included in net income(124)(60)(137)(27)(120)Net change (net of tax effect of $53, $30, $196)52752(90)1276Other comprehensive income (loss)(98)(413)26213833Comprehensive income14,34612,50710,9999,8758,538

TresorerieCash Flow StatementFLUX DE TRESORERIEGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYOperating activitiesNet Income$14,444$12,920$10,737$9,737$8,505Adjustments :Depreciation3,5232,7811,9881,3961,067EBITDAAmortization and impairment of intangibl1,4561,158974455329EBITDAStock-based Compens.4,2793,3432,6921,9741,376Excess tax benefits from stock-based awa(648)(481)(188)(86)(94)Deferred income taxes(104)(437)(266)3439Gain on divestiture of businesses(740)(700)(188)00Gain on equity interest(126)Gain on sale of non-marketable equity in(159)Other87106(28)6(12)Change in assets and liabilities, net onf effects of acquisitions :Accounts Receivable(1,641)(1,307)(787)(1,156)(1,129)Income taxes, net2834011,492731102Prepaid revenue share, expenses and othe459(930)(532)(262)(414)Accounts Payable436605(499)101272Accrued expenses and other liabilities757713762795745Accrued revenue share245254299259214Deferred Revenue(175)233163162111Cash from Operating Activities22,37618,65916,61914,56511,081Investing activitiesPurchases of property and equipment(10,959)(7,358)(3,273)(3,438)(4,018)Purchases of marketable securities(56,310)(45,444)(33,410)(61,672)(43,985)Maturities and sales of marketable secur51,31538,31435,18048,74637,099Investments in non-marketable equity inv(1,227)(569)(696)(428)(320)Cash collateral related to securities le1,403(299)(334)(354)2,361Investments in reverse repurchase agreem(775)600455(750)Proceeds from divestiture of businesses3862,525Acquisitions, net of cash acquired, and(4,888)(1,448)(10,568)(1,900)(1,067)Cash from Investing Activities(21,055)(13,679)(13,056)(19,041)(10,680)Financing activitiesStock Options Exer.(2,069)(781)(287)(5)294Excess tax benefits from stock-based awa6484811888694Repurchase of common stock00(801)Proceeds from issuance of short-term deb11,62510,76816,10910,9055,246Repayments of short-term debt(11,643)(11,325)(14,781)(10,179)(1,783)Cash from Financing Activities(1,439)(857)1,2298073,050Foreign Exchange Effects(433)(3)322(19)Net Change in Cash(551)4,1204,795(3,647)3,432Net Cash - Beginning Balance18,89814,7789,98313,63010,198Net Cash - Ending Balance18,34718,89814,7789,98313,630Supplemental disclosures of cash flow informationCash Taxes Paid2,8191,9322,0341,4712,175Cash Interest Paid867274400

PresentationSummaryGoogle IncSummaryGoogle IncActivit 1 :TechnologyActivit 2 :Computer ServicesDate de cration10/22/02Pays d'origine : Etats-UnisActivit 1 :AdvertisingActivit 2 :System PlatformActivit 3 :Consumer contentActivit 4 :EntrepriseActivit 5 :CommerceActivit 6 :Hardware

AuditeurEYNormes comptables US.GAAP

SummarySummary100Google IncSummaryAnne fiscale20102011201220132014In Million's of US DollarSource/ FormulaRevenu29,32137,90546,03955,51966,001Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit18,90424,71728,86333,52640,688Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA11,77713,48316,79619,34221,475EBTDA = Operating Profit + Depreciation + AmortizationEBITDA Margin40.17%35.57%36.48%34.84%32.54%EBITDA / RevenueOperating Profit10,38111,63213,83415,40316,496Compte de rsultatOperating Profit Margin35.40%30.69%30.05%27.74%24.99%OP / RevenueNet Income8,5059,73711,55313,34713,928Compte de rsultatNet Income Margin29.01%25.69%25.09%24.04%21.10%Net Income/ RevenueEPS (GAAP)1315172020yoy growth291317133Dividends per Share00000yoy growthCapital Expenditures4,0183,4383,2737,35810,959Free Cash Flow7,06311,12713,34611,30111,417Cash & ST Investments34,97544,62648,08858,71764,395Total Assets57,85172,57493,798110,920131,133Total Debt3,4654,2045,5375,2455,237Total Equity46,24158,14571,71587,309104,500Return on Assets1715141312Return on Common Equity2119181715Enterprise Value (EV)159,519169,631191,096323,263301,782# of Employees24,40032,46753,86147,75653,600

Anne fiscale20102011201220132014Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA Margin40.17%35.57%36.48%34.84%32.54%Operating Profit Margin35.40%30.69%30.05%27.74%24.99%Net Income Margin29.01%25.69%25.09%24.04%21.10%

Anne fiscale20102011201220132014Revenu29,32137,90546,03955,51966,001Gross Profit18,90424,71728,86333,52640,688EBITDA11,77713,48316,79619,34221,475Operating Profit10,38111,63213,83415,40316,496Net Income8,5059,73711,55313,34713,928

Ratios AnalyticsRatios AnalyticsGoogle IncRatiosStatistics(LFI: 31/12/2014 LFY: 31/12/2014)DividendsValuation RatiosPer ShareDividend :0Curr Price/Rev/Shr, Anul:5.103Revenue/Shr (dil.), LFI:26.294Curr Price/Rev/Shr, LTM:5.614Revenue/Shr (dil.), LTM:96.062Price & Volume (USD)Curr Price/Rev/Shr, LFY:5.614Revenue/Shr (dil.), LFY:96.062Price Close:548Curr P/E Excl Extra, LTM:27.033EPS Excl Extra (dil.), LFI:5.505Date Last Close Price:09/04/2015P/E Excl. Extra Items:27.034EPS Excl Extra (dil.), LTM:20.273Curr P/E Normalized, LFY:26.454EPS Excl Extra (dil.), LFY:20.272Income Statement (USD, M)Curr Price/CF/Shr, Anul:18.264EPS Incl Extra (dil.), LFI:6.909Tot Revenue, LTM:66,001Curr Price/CF/Shr, LTM:19.996EPS Incl Extra (dil.), LTM:21.020EBITDA, LTM:21,475Curr Price/CF/Shr, LFY:19.996EPS Incl Extra (dil.), LFY:21.023Income Bef Tax, LTM:17,259Curr Price/Tang Bk, Tot Eqty, LFI:4.396EPS Normalized (dil.), LFY:20.716Income Aft Tax, LTM:13,928Curr Price/Tang Bk, Tot Eqty, LFY:4.396Div/Shr Comm Stk Primary, LFI:0Dilut Shrs Out Avg, LTM:687Curr EV/Tot Revenue (LFI/LTM):4.718Div/Shr Comm Stk Primary, LTM:0.000Curr EV/EBITDA (LFI/LTM):14.499Div/Shr Comm Stk Primary, LFY:0.000Profitability Ratios (%)Curr EV/EBIT (LFI/LTM):17.884Tot Cash & ST Invest/Shr, LFI:94.675Gross Profit % Margin, LTM:61.648Curr Mkt Cap (m):370 528.479Tot Cash & ST Invest/Shr, LFY:94.675EBITDA % Margin, LTM:32.54(+) Tot Debt Cap, LFI (m):5 237.000Cash Flow/Shr (dil.), LFI:7.347Oper Income % Margin, LFY:24.994(-) Cash & Equiv, LFI (m):(64 395.000)Cash Flow/Shr (dil.), LTM:26.970(=) Curr EV, LFI (m):311 370.479Cash Flow/Shr (dil.), LFY:26.970Growth Rates (%)Curr EV/Tot Revenue (LFY):4.718Bk Val/Shr, Tot Eqty, LFI:153.638Revenue, %Yr/Yr, LFY:18.880Curr EV/EBITDA (LFY):14.499Bk Val/Shr, Tot Eqty, LFY:153.638Revenue - 5 Yr. Growth Rate:22.784Curr EV/EBIT (LFY):17.884Tang Bk Value, Tot Eqty, LFI:123.930Curr Mkt Cap (m):370 528.479Tang Bk Value, Tot Eqty, LFY:123.930Financial Strength(+) Tot Debt Cap, LFY (m):5 237.000Curr Ratio, LFY:4,801(-) Cash & Equiv, LFY (m):(64 395.000)LT Debt/Tot Eqty, LFI:3.089(=) Curr EV, LFY (m):311 370.479LT Debt/Tot Assets, LFY:2.462Tot Debt/Tot Eqty, LFI:5.011Quick Ratio, LFY:4.390

Management Effectiveness (%)ROC Tot LT Cap, LTM:13.307ROA Tot Assets, LTM:11.508

Bourse

BilanBalance SheetBILANGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Date de cloture12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYAssetsCurrent assets :Cash and cash equivalents$18,347$18,898$14,778$9,983$13,630Marketable Securities46,04839,81933,31034,64321,345Total cash, cash equivalent, and marketable securities (including securities loaned of $5,059 and 4,058)64,39558,71748,08844,62634,975Accounts receivable, net of allowance9,3838,8827,8855,4274,252Receivable under reverse repurchase agre875100700745750Deferred income taxes, net1,3221,5261,144215259Income taxes receivable, net1,2984080Prepaid revenue share, expenses and3,4123,2532,1321,7101,326Total Current Assets80,68572,88660,45452,75841,562Prepaid/Other3,2801,9762,011499442Non-marketable equity investments3,0791,9761,469790523Property and equipment, net23,88316,52411,8549,6037,759Intangible assets, net4,6076,0667,4731,5781,309Goodwill15,59911,49210,5377,3466,256Total Assets131,133110,92093,79872,57457,851Liabalities and Stockholders' EquityCurrent liabilities :Accounts Payable1,7152,4532,012588483Short-term debt2,0093,0092,5491,2183,465Accrued compensation and benefits3,0692,5022,2391,8181,410Accrued expenses and other current liabi4,4343,7553,2581,370961Accrued revenue share1,9521,7291,4711,168885Securities lending payable2,7781,3741,6732,0072,361Deferred Revenue7521,062895547394Income taxes payable, net962424019737Total Current Liabilities16,80515,90814,3378,9139,996Total Long Term Debt3,2282,2362,9882,9860Deferred revenue, non-current1041391004435Income taxes payable, non-current3,4072,638Deferred income taxes, net, non-current1,9711,9471,8722870Other long-term liabilities1,118743740506379Balancing Item - Shareholders EquityRdml. Pref. War.Convertible preferred stockClass C capital stockClass B common stockClass A common stock.Class B common stock28,76725,922000Acc Othr Comp INC2712523,37320,54018,373Retained earnings75,70661,26248,34237,60527,868Total Equity104,50087,30971,71558,14546,241Total Liabilities & Shareholders' Equity131,133110,92093,79872,57457,851

ResultatIncome StatementCOMPTE DE RESULTATGoogle IncIncome Statement - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYTotal Revenue66,00155,51946,03937,90529,321Cost and expenses :Cost of revenues25,69121,99317,17613,18810,417Research and development9,8327,1376,0835,1623,762Sales and marketing8,1316,5545,4654,5892,799General and administrative5,8514,4323,4812,7241,962Charge related to the resolution of Depa0005000Total costs and expenses49,50540,11632,20526,16318,940Income from operations16,49615,40313,83411,63210,381EBITDAInterest and other income, net763496635694415Net Income Before Taxes17,25915,89914,46912,32610,796Provision for Income Taxes3,3312,5522,9162,5892,291Net Income After Taxes13,92813,34711,5539,7378,505Net income (loss) from discontinued oper516(427)(816)00Net Income14,44412,92010,7379,7378,505Net income per share - basicBasic EPS Excluding ExtraOrdinary Items20.6120.0517.6515.0813.34Discontinued op0.76(0.64)(1.25)0.000.00Basic EPS Including ExtraOrdinary Items21.3719.4116.4115.0813.34Net income (loss) per share : dilutedDiluted EPS Excluding ExtraOrd Items20.2719.7017.3814.8813.16Discontinued op0.75(0.63)(1.23)0.000.00Diluted EPS Including ExtraOrd Items21.0219.0716.1614.8813.16

Shares used per share calculation - basic675.935665.692654.426Shares used per share calculation - diluted687.070677.618664.610

Includes stock-based compensation expense as follows :Stock-based Compensation in COR/COGS53546935924967Stock-based Compensation in R&D2,2001,6411,2741,061861Stock-based Compensation in SGA715552449361261Stock-based Compensation in SGA.725465391303187Discontinued operations104.00216.00219.00Stock Based Compensation Expenses4,279.003,343.002,692.001,974.001,376.00

Comprehensive income

Anne fiscale20142013201220112010Net income$14,444$12,920$10,737$9,737$8,505Other comprehensive income (loss):Change in foreign currency translation adjustment(996)8975(107)(124)Available-for-sale investments:Change in net unrealized gains (losses)505(392)493348232Less: reclassification adjustment for net gains included in net income(134)(162)(216)(115)(151)Net change (net of tax effect of $68, $212, $60)371(554)27723381Cash flow hedges:Change in unrealized gains6511124739196Less: reclassification adjustment for gains included in net income(124)(60)(137)(27)(120)Net change (net of tax effect of $53, $30, $196)52752(90)1276Other comprehensive income (loss)(98)(413)26213833Comprehensive income14,34612,50710,9999,8758,538

TresorerieCash Flow StatementFLUX DE TRESORERIEGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYOperating activitiesNet Income$14,444$12,920$10,737$9,737$8,505Adjustments :Depreciation3,5232,7811,9881,3961,067EBITDAAmortization and impairment of intangibl1,4561,158974455329EBITDAStock-based Compens.4,2793,3432,6921,9741,376Excess tax benefits from stock-based awa(648)(481)(188)(86)(94)Deferred income taxes(104)(437)(266)3439Gain on divestiture of businesses(740)(700)(188)00Gain on equity interest(126)Gain on sale of non-marketable equity in(159)Other87106(28)6(12)Change in assets and liabilities, net onf effects of acquisitions :Accounts Receivable(1,641)(1,307)(787)(1,156)(1,129)Income taxes, net2834011,492731102Prepaid revenue share, expenses and othe459(930)(532)(262)(414)Accounts Payable436605(499)101272Accrued expenses and other liabilities757713762795745Accrued revenue share245254299259214Deferred Revenue(175)233163162111Cash from Operating Activities22,37618,65916,61914,56511,081Investing activitiesPurchases of property and equipment(10,959)(7,358)(3,273)(3,438)(4,018)Purchases of marketable securities(56,310)(45,444)(33,410)(61,672)(43,985)Maturities and sales of marketable secur51,31538,31435,18048,74637,099Investments in non-marketable equity inv(1,227)(569)(696)(428)(320)Cash collateral related to securities le1,403(299)(334)(354)2,361Investments in reverse repurchase agreem(775)600455(750)Proceeds from divestiture of businesses3862,525Acquisitions, net of cash acquired, and(4,888)(1,448)(10,568)(1,900)(1,067)Cash from Investing Activities(21,055)(13,679)(13,056)(19,041)(10,680)Financing activitiesStock Options Exer.(2,069)(781)(287)(5)294Excess tax benefits from stock-based awa6484811888694Repurchase of common stock00(801)Proceeds from issuance of short-term deb11,62510,76816,10910,9055,246Repayments of short-term debt(11,643)(11,325)(14,781)(10,179)(1,783)Cash from Financing Activities(1,439)(857)1,2298073,050Foreign Exchange Effects(433)(3)322(19)Net Change in Cash(551)4,1204,795(3,647)3,432Net Cash - Beginning Balance18,89814,7789,98313,63010,198Net Cash - Ending Balance18,34718,89814,7789,98313,630Supplemental disclosures of cash flow informationCash Taxes Paid2,8191,9322,0341,4712,175Cash Interest Paid867274400

PresentationSummaryGoogle IncSummaryGoogle IncActivit 1 :TechnologyActivit 2 :Computer ServicesDate de cration10/22/02Pays d'origine : Etats-UnisActivit 1 :AdvertisingActivit 2 :System PlatformActivit 3 :Consumer contentActivit 4 :EntrepriseActivit 5 :CommerceActivit 6 :Hardware

AuditeurEYNormes comptables US.GAAP

SummarySummary100Google IncSummaryAnne fiscale20102011201220132014In Million's of US DollarSource/ FormulaRevenu29,32137,90546,03955,51966,001Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit18,90424,71728,86333,52640,688Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA11,77713,48316,79619,34221,475EBTDA = Operating Profit + Depreciation + AmortizationEBITDA Margin40.17%35.57%36.48%34.84%32.54%EBITDA / RevenueOperating Profit10,38111,63213,83415,40316,496Compte de rsultatOperating Profit Margin35.40%30.69%30.05%27.74%24.99%OP / RevenueNet Income8,5059,73711,55313,34713,928Compte de rsultatNet Income Margin29.01%25.69%25.09%24.04%21.10%Net Income/ RevenueEPS (GAAP)1315172020yoy growth291317133Dividends per Share00000yoy growthCapital Expenditures4,0183,4383,2737,35810,959Free Cash Flow7,06311,12713,34611,30111,417Cash & ST Investments34,97544,62648,08858,71764,395Total Assets57,85172,57493,798110,920131,133Total Debt3,4654,2045,5375,2455,237Total Equity46,24158,14571,71587,309104,500Return on Assets1715141312Return on Common Equity2119181715Enterprise Value (EV)159,519169,631191,096323,263301,782# of Employees24,40032,46753,86147,75653,600

Anne fiscale20102011201220132014Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA Margin40.17%35.57%36.48%34.84%32.54%Operating Profit Margin35.40%30.69%30.05%27.74%24.99%Net Income Margin29.01%25.69%25.09%24.04%21.10%

Anne fiscale20102011201220132014Revenu29,32137,90546,03955,51966,001Gross Profit18,90424,71728,86333,52640,688EBITDA11,77713,48316,79619,34221,475Operating Profit10,38111,63213,83415,40316,496Net Income8,5059,73711,55313,34713,928

Ratios AnalyticsRatios AnalyticsGoogle IncRatiosStatistics(LFI: 31/12/2014 LFY: 31/12/2014)DividendeValuation RatiosPer ShareDividende vers :0Curr Price/Rev/Shr, Anul:5.103Revenue/Shr (dil.), LFI:26.294Curr Price/Rev/Shr, LTM:5.614Revenue/Shr (dil.), LTM:96.062Cours boursierCurr Price/Rev/Shr, LFY:5.614Revenue/Shr (dil.), LFY:96.062Valeur de l'action548Curr P/E Excl Extra, LTM:27.033EPS Excl Extra (dil.), LFI:5.505Valeur de l'entreprise301 782,074P/E Excl. Extra Items:27.034EPS Excl Extra (dil.), LTM:20.273Curr P/E Normalized, LFY:26.454EPS Excl Extra (dil.), LFY:20.272Rsultats en Millions d'USDCurr Price/CF/Shr, Anul:18.264EPS Incl Extra (dil.), LFI:6.909Revenus66,001Curr Price/CF/Shr, LTM:19.996EPS Incl Extra (dil.), LTM:21.020EBITDA21,475Curr Price/CF/Shr, LFY:19.996EPS Incl Extra (dil.), LFY:21.023Revenu avant impt17,259Curr Price/Tang Bk, Tot Eqty, LFI:4.396EPS Normalized (dil.), LFY:20.716Revenu aprs impt13,928Curr Price/Tang Bk, Tot Eqty, LFY:4.396Div/Shr Comm Stk Primary, LFI:0Curr EV/Tot Revenue (LFI/LTM):4.718Div/Shr Comm Stk Primary, LTM:0.000Ratios de profitabilit (%)Curr EV/EBITDA (LFI/LTM):14.499Div/Shr Comm Stk Primary, LFY:0.000Gross Profit % Margin :61.648Curr EV/EBIT (LFI/LTM):17.884Tot Cash & ST Invest/Shr, LFI:94.675EBITDA % Margin :32.54Curr Mkt Cap (m):370 528.479Tot Cash & ST Invest/Shr, LFY:94.675Oper Income % Margin :24.994(+) Tot Debt Cap, LFI (m):5 237.000Cash Flow/Shr (dil.), LFI:7.347(-) Cash & Equiv, LFI (m):(64 395.000)Cash Flow/Shr (dil.), LTM:26.970Taux de croissance (%)(=) Curr EV, LFI (m):311 370.479Cash Flow/Shr (dil.), LFY:26.970Crois. % du revenu en 2014 :18.880Curr EV/Tot Revenue (LFY):4.718Bk Val/Shr, Tot Eqty, LFI:153.638Crois. % Revenu - 5 ans :22.784Curr EV/EBITDA (LFY):14.499Bk Val/Shr, Tot Eqty, LFY:153.638Curr EV/EBIT (LFY):17.884Tang Bk Value, Tot Eqty, LFI:123.930Solidit financireCurr Mkt Cap (m):370 528.479Tang Bk Value, Tot Eqty, LFY:123.930Curr Ratio :4,801(+) Tot Debt Cap, LFY (m):5 237.000LT Debt/Tot Eqty :3.089(-) Cash & Equiv, LFY (m):(64 395.000)LT Debt/Tot Assets :2.462(=) Curr EV, LFY (m):311 370.479Tot Debt/Tot Eqty :5.011Quick Ratio :4.390

Management (%)ROC Tot LT Cap :13.307ROA Tot Assets :11.508

Bourse

BilanBalance SheetBILANGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Date de cloture12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYAssetsCurrent assets :Cash and cash equivalents$18,347$18,898$14,778$9,983$13,630Marketable Securities46,04839,81933,31034,64321,345Total cash, cash equivalent, and marketable securities (including securities loaned of $5,059 and 4,058)64,39558,71748,08844,62634,975Accounts receivable, net of allowance9,3838,8827,8855,4274,252Receivable under reverse repurchase agre875100700745750Deferred income taxes, net1,3221,5261,144215259Income taxes receivable, net1,2984080Prepaid revenue share, expenses and3,4123,2532,1321,7101,326Total Current Assets80,68572,88660,45452,75841,562Prepaid/Other3,2801,9762,011499442Non-marketable equity investments3,0791,9761,469790523Property and equipment, net23,88316,52411,8549,6037,759Intangible assets, net4,6076,0667,4731,5781,309Goodwill15,59911,49210,5377,3466,256Total Assets131,133110,92093,79872,57457,851Liabalities and Stockholders' EquityCurrent liabilities :Accounts Payable1,7152,4532,012588483Short-term debt2,0093,0092,5491,2183,465Accrued compensation and benefits3,0692,5022,2391,8181,410Accrued expenses and other current liabi4,4343,7553,2581,370961Accrued revenue share1,9521,7291,4711,168885Securities lending payable2,7781,3741,6732,0072,361Deferred Revenue7521,062895547394Income taxes payable, net962424019737Total Current Liabilities16,80515,90814,3378,9139,996Total Long Term Debt3,2282,2362,9882,9860Deferred revenue, non-current1041391004435Income taxes payable, non-current3,4072,638Deferred income taxes, net, non-current1,9711,9471,8722870Other long-term liabilities1,118743740506379Balancing Item - Shareholders EquityRdml. Pref. War.Convertible preferred stockClass C capital stockClass B common stockClass A common stock.Class B common stock28,76725,922000Acc Othr Comp INC2712523,37320,54018,373Retained earnings75,70661,26248,34237,60527,868Total Equity104,50087,30971,71558,14546,241Total Liabilities & Shareholders' Equity131,133110,92093,79872,57457,851

ResultatIncome StatementCOMPTE DE RESULTATGoogle IncIncome Statement - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYTotal Revenue66,00155,51946,03937,90529,321Cost and expenses :Cost of revenues25,69121,99317,17613,18810,417Research and development9,8327,1376,0835,1623,762Sales and marketing8,1316,5545,4654,5892,799General and administrative5,8514,4323,4812,7241,962Charge related to the resolution of Depa0005000Total costs and expenses49,50540,11632,20526,16318,940Income from operations16,49615,40313,83411,63210,381EBITDAInterest and other income, net763496635694415Net Income Before Taxes17,25915,89914,46912,32610,796Provision for Income Taxes3,3312,5522,9162,5892,291Net Income After Taxes13,92813,34711,5539,7378,505Net income (loss) from discontinued oper516(427)(816)00Net Income14,44412,92010,7379,7378,505Net income per share - basicBasic EPS Excluding ExtraOrdinary Items20.6120.0517.6515.0813.34Discontinued op0.76(0.64)(1.25)0.000.00Basic EPS Including ExtraOrdinary Items21.3719.4116.4115.0813.34Net income (loss) per share : dilutedDiluted EPS Excluding ExtraOrd Items20.2719.7017.3814.8813.16Discontinued op0.75(0.63)(1.23)0.000.00Diluted EPS Including ExtraOrd Items21.0219.0716.1614.8813.16

Shares used per share calculation - basic675.935665.692654.426Shares used per share calculation - diluted687.070677.618664.610

Includes stock-based compensation expense as follows :Stock-based Compensation in COR/COGS53546935924967Stock-based Compensation in R&D2,2001,6411,2741,061861Stock-based Compensation in SGA715552449361261Stock-based Compensation in SGA.725465391303187Discontinued operations104.00216.00219.00Stock Based Compensation Expenses4,279.003,343.002,692.001,974.001,376.00

Comprehensive income

Anne fiscale20142013201220112010Net income$14,444$12,920$10,737$9,737$8,505Other comprehensive income (loss):Change in foreign currency translation adjustment(996)8975(107)(124)Available-for-sale investments:Change in net unrealized gains (losses)505(392)493348232Less: reclassification adjustment for net gains included in net income(134)(162)(216)(115)(151)Net change (net of tax effect of $68, $212, $60)371(554)27723381Cash flow hedges:Change in unrealized gains6511124739196Less: reclassification adjustment for gains included in net income(124)(60)(137)(27)(120)Net change (net of tax effect of $53, $30, $196)52752(90)1276Other comprehensive income (loss)(98)(413)26213833Comprehensive income14,34612,50710,9999,8758,538

TresorerieCash Flow StatementFLUX DE TRESORERIEGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYOperating activitiesNet Income$14,444$12,920$10,737$9,737$8,505Adjustments :Depreciation3,5232,7811,9881,3961,067EBITDAAmortization and impairment of intangibl1,4561,158974455329EBITDAStock-based Compens.4,2793,3432,6921,9741,376Excess tax benefits from stock-based awa(648)(481)(188)(86)(94)Deferred income taxes(104)(437)(266)3439Gain on divestiture of businesses(740)(700)(188)00Gain on equity interest(126)Gain on sale of non-marketable equity in(159)Other87106(28)6(12)Change in assets and liabilities, net onf effects of acquisitions :Accounts Receivable(1,641)(1,307)(787)(1,156)(1,129)Income taxes, net2834011,492731102Prepaid revenue share, expenses and othe459(930)(532)(262)(414)Accounts Payable436605(499)101272Accrued expenses and other liabilities757713762795745Accrued revenue share245254299259214Deferred Revenue(175)233163162111Cash from Operating Activities22,37618,65916,61914,56511,081Investing activitiesPurchases of property and equipment(10,959)(7,358)(3,273)(3,438)(4,018)Purchases of marketable securities(56,310)(45,444)(33,410)(61,672)(43,985)Maturities and sales of marketable secur51,31538,31435,18048,74637,099Investments in non-marketable equity inv(1,227)(569)(696)(428)(320)Cash collateral related to securities le1,403(299)(334)(354)2,361Investments in reverse repurchase agreem(775)600455(750)Proceeds from divestiture of businesses3862,525Acquisitions, net of cash acquired, and(4,888)(1,448)(10,568)(1,900)(1,067)Cash from Investing Activities(21,055)(13,679)(13,056)(19,041)(10,680)Financing activitiesStock Options Exer.(2,069)(781)(287)(5)294Excess tax benefits from stock-based awa6484811888694Repurchase of common stock00(801)Proceeds from issuance of short-term deb11,62510,76816,10910,9055,246Repayments of short-term debt(11,643)(11,325)(14,781)(10,179)(1,783)Cash from Financing Activities(1,439)(857)1,2298073,050Foreign Exchange Effects(433)(3)322(19)Net Change in Cash(551)4,1204,795(3,647)3,432Net Cash - Beginning Balance18,89814,7789,98313,63010,198Net Cash - Ending Balance18,34718,89814,7789,98313,630Supplemental disclosures of cash flow informationCash Taxes Paid2,8191,9322,0341,4712,175Cash Interest Paid867274400

PresentationSummaryGoogle IncSummaryGoogle IncActivit 1 :TechnologyActivit 2 :Computer ServicesDate de cration10/22/02Pays d'origine : Etats-UnisActivit 1 :AdvertisingActivit 2 :System PlatformActivit 3 :Consumer contentActivit 4 :EntrepriseActivit 5 :CommerceActivit 6 :Hardware

AuditeurEYNormes comptables US.GAAP

SummarySummary100Google IncSummaryAnne fiscale20102011201220132014In Million's of US DollarSource/ FormulaRevenu29,32137,90546,03955,51966,001Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit18,90424,71728,86333,52640,688Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA11,77713,48316,79619,34221,475EBTDA = Operating Profit + Depreciation + AmortizationEBITDA Margin40.17%35.57%36.48%34.84%32.54%EBITDA / RevenueOperating Profit10,38111,63213,83415,40316,496Compte de rsultatOperating Profit Margin35.40%30.69%30.05%27.74%24.99%OP / RevenueNet Income8,5059,73711,55313,34713,928Compte de rsultatNet Income Margin29.01%25.69%25.09%24.04%21.10%Net Income/ RevenueEPS (GAAP)1315172020yoy growth291317133Dividends per Share00000yoy growthCapital Expenditures4,0183,4383,2737,35810,959Free Cash Flow7,06311,12713,34611,30111,417Cash & ST Investments34,97544,62648,08858,71764,395Total Assets57,85172,57493,798110,920131,133Total Debt3,4654,2045,5375,2455,237Total Equity46,24158,14571,71587,309104,500Return on Assets1715141312Return on Common Equity2119181715Enterprise Value (EV)159,519169,631191,096323,263301,782# of Employees24,40032,46753,86147,75653,600

Anne fiscale20102011201220132014Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA Margin40.17%35.57%36.48%34.84%32.54%Operating Profit Margin35.40%30.69%30.05%27.74%24.99%Net Income Margin29.01%25.69%25.09%24.04%21.10%

Anne fiscale20102011201220132014Revenu29,32137,90546,03955,51966,001Gross Profit18,90424,71728,86333,52640,688EBITDA11,77713,48316,79619,34221,475Operating Profit10,38111,63213,83415,40316,496Net Income8,5059,73711,55313,34713,928

Ratios AnalyticsRatios AnalyticsGoogle IncRatiosStatistics(LFI: 31/12/2014 LFY: 31/12/2014)DividendeValuation RatiosPer ShareDividende vers :0Curr Price/Rev/Shr, Anul:5.103Revenue/Shr (dil.), LFI:26.294Curr Price/Rev/Shr, LTM:5.614Revenue/Shr (dil.), LTM:96.062Cours boursierCurr Price/Rev/Shr, LFY:5.614Revenue/Shr (dil.), LFY:96.062Valeur de l'action548Curr P/E Excl Extra, LTM:27.033EPS Excl Extra (dil.), LFI:5.505Valeur de l'entreprise301 782,074P/E Excl. Extra Items:27.034EPS Excl Extra (dil.), LTM:20.273Curr P/E Normalized, LFY:26.454EPS Excl Extra (dil.), LFY:20.272Rsultats en Millions d'USDCurr Price/CF/Shr, Anul:18.264EPS Incl Extra (dil.), LFI:6.909Revenus66,001Curr Price/CF/Shr, LTM:19.996EPS Incl Extra (dil.), LTM:21.020EBITDA21,475Curr Price/CF/Shr, LFY:19.996EPS Incl Extra (dil.), LFY:21.023Revenu avant impt17,259Curr Price/Tang Bk, Tot Eqty, LFI:4.396EPS Normalized (dil.), LFY:20.716Revenu aprs impt13,928Curr Price/Tang Bk, Tot Eqty, LFY:4.396Div/Shr Comm Stk Primary, LFI:0Curr EV/Tot Revenue (LFI/LTM):4.718Div/Shr Comm Stk Primary, LTM:0.000Ratios de profitabilit (%)Curr EV/EBITDA (LFI/LTM):14.499Div/Shr Comm Stk Primary, LFY:0.000Gross Profit % Margin :61.648Curr EV/EBIT (LFI/LTM):17.884Tot Cash & ST Invest/Shr, LFI:94.675EBITDA % Margin :32.54Curr Mkt Cap (m):370 528.479Tot Cash & ST Invest/Shr, LFY:94.675Oper Income % Margin :24.994(+) Tot Debt Cap, LFI (m):5 237.000Cash Flow/Shr (dil.), LFI:7.347(-) Cash & Equiv, LFI (m):(64 395.000)Cash Flow/Shr (dil.), LTM:26.970Taux de croissance (%)(=) Curr EV, LFI (m):311 370.479Cash Flow/Shr (dil.), LFY:26.970Crois. % du revenu en 2014 :18.880Curr EV/Tot Revenue (LFY):4.718Bk Val/Shr, Tot Eqty, LFI:153.638Crois. % Revenu - 5 ans :22.784Curr EV/EBITDA (LFY):14.499Bk Val/Shr, Tot Eqty, LFY:153.638Curr EV/EBIT (LFY):17.884Tang Bk Value, Tot Eqty, LFI:123.930Solidit financireCurr Mkt Cap (m):370 528.479Tang Bk Value, Tot Eqty, LFY:123.930Curr Ratio :4,801(+) Tot Debt Cap, LFY (m):5 237.000LT Debt/Tot Eqty :3.089(-) Cash & Equiv, LFY (m):(64 395.000)LT Debt/Tot Assets :2.462(=) Curr EV, LFY (m):311 370.479Tot Debt/Tot Eqty :5.011Quick Ratio :4.390

Management (%)ROC Tot LT Cap :13.307ROA Tot Assets :11.508

Bourse

BilanBalance SheetBILANGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Date de cloture12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYAssetsCurrent assets :Cash and cash equivalents$18,347$18,898$14,778$9,983$13,630Marketable Securities46,04839,81933,31034,64321,345Total cash, cash equivalent, and marketable securities (including securities loaned of $5,059 and 4,058)64,39558,71748,08844,62634,975Accounts receivable, net of allowance9,3838,8827,8855,4274,252Receivable under reverse repurchase agre875100700745750Deferred income taxes, net1,3221,5261,144215259Income taxes receivable, net1,2984080Prepaid revenue share, expenses and3,4123,2532,1321,7101,326Total Current Assets80,68572,88660,45452,75841,562Prepaid/Other3,2801,9762,011499442Non-marketable equity investments3,0791,9761,469790523Property and equipment, net23,88316,52411,8549,6037,759Intangible assets, net4,6076,0667,4731,5781,309Goodwill15,59911,49210,5377,3466,256Total Assets131,133110,92093,79872,57457,851Liabalities and Stockholders' EquityCurrent liabilities :Accounts Payable1,7152,4532,012588483Short-term debt2,0093,0092,5491,2183,465Accrued compensation and benefits3,0692,5022,2391,8181,410Accrued expenses and other current liabi4,4343,7553,2581,370961Accrued revenue share1,9521,7291,4711,168885Securities lending payable2,7781,3741,6732,0072,361Deferred Revenue7521,062895547394Income taxes payable, net962424019737Total Current Liabilities16,80515,90814,3378,9139,996Total Long Term Debt3,2282,2362,9882,9860Deferred revenue, non-current1041391004435Income taxes payable, non-current3,4072,638Deferred income taxes, net, non-current1,9711,9471,8722870Other long-term liabilities1,118743740506379Balancing Item - Shareholders EquityRdml. Pref. War.Convertible preferred stockClass C capital stockClass B common stockClass A common stock.Class B common stock28,76725,922000Acc Othr Comp INC2712523,37320,54018,373Retained earnings75,70661,26248,34237,60527,868Total Equity104,50087,30971,71558,14546,241Total Liabilities & Shareholders' Equity131,133110,92093,79872,57457,851

ResultatIncome StatementCOMPTE DE RESULTATGoogle IncIncome Statement - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYTotal Revenue66,00155,51946,03937,90529,321Cost and expenses :Cost of revenues25,69121,99317,17613,18810,417Research and development9,8327,1376,0835,1623,762Sales and marketing8,1316,5545,4654,5892,799General and administrative5,8514,4323,4812,7241,962Charge related to the resolution of Depa0005000Total costs and expenses49,50540,11632,20526,16318,940Income from operations16,49615,40313,83411,63210,381EBITDAInterest and other income, net763496635694415Net Income Before Taxes17,25915,89914,46912,32610,796Provision for Income Taxes3,3312,5522,9162,5892,291Net Income After Taxes13,92813,34711,5539,7378,505Net income (loss) from discontinued oper516(427)(816)00Net Income14,44412,92010,7379,7378,505Net income per share - basicBasic EPS Excluding ExtraOrdinary Items20.6120.0517.6515.0813.34Discontinued op0.76(0.64)(1.25)0.000.00Basic EPS Including ExtraOrdinary Items21.3719.4116.4115.0813.34Net income (loss) per share : dilutedDiluted EPS Excluding ExtraOrd Items20.2719.7017.3814.8813.16Discontinued op0.75(0.63)(1.23)0.000.00Diluted EPS Including ExtraOrd Items21.0219.0716.1614.8813.16

Shares used per share calculation - basic675.935665.692654.426Shares used per share calculation - diluted687.070677.618664.610

Includes stock-based compensation expense as follows :Stock-based Compensation in COR/COGS53546935924967Stock-based Compensation in R&D2,2001,6411,2741,061861Stock-based Compensation in SGA715552449361261Stock-based Compensation in SGA.725465391303187Discontinued operations104.00216.00219.00Stock Based Compensation Expenses4,279.003,343.002,692.001,974.001,376.00

Comprehensive income

Anne fiscale20142013201220112010Net income$14,444$12,920$10,737$9,737$8,505Other comprehensive income (loss):Change in foreign currency translation adjustment(996)8975(107)(124)Available-for-sale investments:Change in net unrealized gains (losses)505(392)493348232Less: reclassification adjustment for net gains included in net income(134)(162)(216)(115)(151)Net change (net of tax effect of $68, $212, $60)371(554)27723381Cash flow hedges:Change in unrealized gains6511124739196Less: reclassification adjustment for gains included in net income(124)(60)(137)(27)(120)Net change (net of tax effect of $53, $30, $196)52752(90)1276Other comprehensive income (loss)(98)(413)26213833Comprehensive income14,34612,50710,9999,8758,538

TresorerieCash Flow StatementFLUX DE TRESORERIEGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYOperating activitiesNet Income$14,444$12,920$10,737$9,737$8,505Adjustments :Depreciation3,5232,7811,9881,3961,067EBITDAAmortization and impairment of intangibl1,4561,158974455329EBITDAStock-based Compens.4,2793,3432,6921,9741,376Excess tax benefits from stock-based awa(648)(481)(188)(86)(94)Deferred income taxes(104)(437)(266)3439Gain on divestiture of businesses(740)(700)(188)00Gain on equity interest(126)Gain on sale of non-marketable equity in(159)Other87106(28)6(12)Change in assets and liabilities, net onf effects of acquisitions :Accounts Receivable(1,641)(1,307)(787)(1,156)(1,129)Income taxes, net2834011,492731102Prepaid revenue share, expenses and othe459(930)(532)(262)(414)Accounts Payable436605(499)101272Accrued expenses and other liabilities757713762795745Accrued revenue share245254299259214Deferred Revenue(175)233163162111Cash from Operating Activities22,37618,65916,61914,56511,081Investing activitiesPurchases of property and equipment(10,959)(7,358)(3,273)(3,438)(4,018)Purchases of marketable securities(56,310)(45,444)(33,410)(61,672)(43,985)Maturities and sales of marketable secur51,31538,31435,18048,74637,099Investments in non-marketable equity inv(1,227)(569)(696)(428)(320)Cash collateral related to securities le1,403(299)(334)(354)2,361Investments in reverse repurchase agreem(775)600455(750)Proceeds from divestiture of businesses3862,525Acquisitions, net of cash acquired, and(4,888)(1,448)(10,568)(1,900)(1,067)Cash from Investing Activities(21,055)(13,679)(13,056)(19,041)(10,680)Financing activitiesStock Options Exer.(2,069)(781)(287)(5)294Excess tax benefits from stock-based awa6484811888694Repurchase of common stock00(801)Proceeds from issuance of short-term deb11,62510,76816,10910,9055,246Repayments of short-term debt(11,643)(11,325)(14,781)(10,179)(1,783)Cash from Financing Activities(1,439)(857)1,2298073,050Foreign Exchange Effects(433)(3)322(19)Net Change in Cash(551)4,1204,795(3,647)3,432Net Cash - Beginning Balance18,89814,7789,98313,63010,198Net Cash - Ending Balance18,34718,89814,7789,98313,630Supplemental disclosures of cash flow informationCash Taxes Paid2,8191,9322,0341,4712,175Cash Interest Paid867274400

PresentationSummaryGoogle IncSummaryGoogle IncActivit 1 :TechnologyActivit 2 :Computer ServicesDate de cration10/22/02Pays d'origine : Etats-UnisActivit 1 :AdvertisingActivit 2 :System PlatformActivit 3 :Consumer contentActivit 4 :EntrepriseActivit 5 :CommerceActivit 6 :Hardware

AuditeurEYNormes comptables US.GAAP

SummarySummary100Google IncSummaryAnne fiscale20102011201220132014In Million's of US DollarSource/ FormulaRevenu29,32137,90546,03955,51966,001Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit18,90424,71728,86333,52640,688Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA11,77713,48316,79619,34221,475EBTDA = Operating Profit + Depreciation + AmortizationEBITDA Margin40.17%35.57%36.48%34.84%32.54%EBITDA / RevenueOperating Profit10,38111,63213,83415,40316,496Compte de rsultatOperating Profit Margin35.40%30.69%30.05%27.74%24.99%OP / RevenueNet Income8,5059,73711,55313,34713,928Compte de rsultatNet Income Margin29.01%25.69%25.09%24.04%21.10%Net Income/ RevenueEPS (GAAP)1315172020yoy growth291317133Dividends per Share00000yoy growthCapital Expenditures4,0183,4383,2737,35810,959Free Cash Flow7,06311,12713,34611,30111,417Cash & ST Investments34,97544,62648,08858,71764,395Total Assets57,85172,57493,798110,920131,133Total Debt3,4654,2045,5375,2455,237Total Equity46,24158,14571,71587,309104,500Return on Assets1715141312Return on Common Equity2119181715Enterprise Value (EV)159,519169,631191,096323,263301,782# of Employees24,40032,46753,86147,75653,600

Anne fiscale20102011201220132014Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA Margin40.17%35.57%36.48%34.84%32.54%Operating Profit Margin35.40%30.69%30.05%27.74%24.99%Net Income Margin29.01%25.69%25.09%24.04%21.10%

Anne fiscale20102011201220132014Revenu29,32137,90546,03955,51966,001Gross Profit18,90424,71728,86333,52640,688EBITDA11,77713,48316,79619,34221,475Operating Profit10,38111,63213,83415,40316,496Net Income8,5059,73711,55313,34713,928

Ratios AnalyticsRatios AnalyticsGoogle IncRatiosStatistics(LFI: 31/12/2014 LFY: 31/12/2014)DividendeValuation RatiosPer ShareDividende vers :0Curr Price/Rev/Shr, Anul:5.103Revenue/Shr (dil.), LFI:26.294Curr Price/Rev/Shr, LTM:5.614Revenue/Shr (dil.), LTM:96.062Cours boursierCurr Price/Rev/Shr, LFY:5.614Revenue/Shr (dil.), LFY:96.062Valeur de l'action548Curr P/E Excl Extra, LTM:27.033EPS Excl Extra (dil.), LFI:5.505Valeur de l'entreprise301 782,074P/E Excl. Extra Items:27.034EPS Excl Extra (dil.), LTM:20.273Curr P/E Normalized, LFY:26.454EPS Excl Extra (dil.), LFY:20.272Rsultats en Millions d'USDCurr Price/CF/Shr, Anul:18.264EPS Incl Extra (dil.), LFI:6.909Revenus66,001Curr Price/CF/Shr, LTM:19.996EPS Incl Extra (dil.), LTM:21.020EBITDA21,475Curr Price/CF/Shr, LFY:19.996EPS Incl Extra (dil.), LFY:21.023Revenu avant impt17,259Curr Price/Tang Bk, Tot Eqty, LFI:4.396EPS Normalized (dil.), LFY:20.716Revenu aprs impt13,928Curr Price/Tang Bk, Tot Eqty, LFY:4.396Div/Shr Comm Stk Primary, LFI:0Curr EV/Tot Revenue (LFI/LTM):4.718Div/Shr Comm Stk Primary, LTM:0.000Ratios de profitabilit (%)Curr EV/EBITDA (LFI/LTM):14.499Div/Shr Comm Stk Primary, LFY:0.000Gross Profit % Margin :61.648Curr EV/EBIT (LFI/LTM):17.884Tot Cash & ST Invest/Shr, LFI:94.675EBITDA % Margin :32.54Curr Mkt Cap (m):370 528.479Tot Cash & ST Invest/Shr, LFY:94.675Oper Income % Margin :24.994(+) Tot Debt Cap, LFI (m):5 237.000Cash Flow/Shr (dil.), LFI:7.347(-) Cash & Equiv, LFI (m):(64 395.000)Cash Flow/Shr (dil.), LTM:26.970Taux de croissance (%)(=) Curr EV, LFI (m):311 370.479Cash Flow/Shr (dil.), LFY:26.970Crois. % du revenu en 2014 :18.880Curr EV/Tot Revenue (LFY):4.718Bk Val/Shr, Tot Eqty, LFI:153.638Crois. % Revenu - 5 ans :22.784Curr EV/EBITDA (LFY):14.499Bk Val/Shr, Tot Eqty, LFY:153.638Curr EV/EBIT (LFY):17.884Tang Bk Value, Tot Eqty, LFI:123.930Financial StrengthCurr Mkt Cap (m):370 528.479Tang Bk Value, Tot Eqty, LFY:123.930Curr Ratio :4,801(+) Tot Debt Cap, LFY (m):5 237.000LT Debt/Tot Eqty :3.089(-) Cash & Equiv, LFY (m):(64 395.000)LT Debt/Tot Assets :2.462(=) Curr EV, LFY (m):311 370.479Tot Debt/Tot Eqty :5.011Quick Ratio :4.390

Management Effectiveness (%)ROC Tot LT Cap :13.307ROA Tot Assets :11.508

Bourse

BilanBalance SheetBILANGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Date de cloture12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYAssetsCurrent assets :Cash and cash equivalents$18,347$18,898$14,778$9,983$13,630Marketable Securities46,04839,81933,31034,64321,345Total cash, cash equivalent, and marketable securities (including securities loaned of $5,059 and 4,058)64,39558,71748,08844,62634,975Accounts receivable, net of allowance9,3838,8827,8855,4274,252Receivable under reverse repurchase agre875100700745750Deferred income taxes, net1,3221,5261,144215259Income taxes receivable, net1,2984080Prepaid revenue share, expenses and3,4123,2532,1321,7101,326Total Current Assets80,68572,88660,45452,75841,562Prepaid/Other3,2801,9762,011499442Non-marketable equity investments3,0791,9761,469790523Property and equipment, net23,88316,52411,8549,6037,759Intangible assets, net4,6076,0667,4731,5781,309Goodwill15,59911,49210,5377,3466,256Total Assets131,133110,92093,79872,57457,851Liabalities and Stockholders' EquityCurrent liabilities :Accounts Payable1,7152,4532,012588483Short-term debt2,0093,0092,5491,2183,465Accrued compensation and benefits3,0692,5022,2391,8181,410Accrued expenses and other current liabi4,4343,7553,2581,370961Accrued revenue share1,9521,7291,4711,168885Securities lending payable2,7781,3741,6732,0072,361Deferred Revenue7521,062895547394Income taxes payable, net962424019737Total Current Liabilities16,80515,90814,3378,9139,996Total Long Term Debt3,2282,2362,9882,9860Deferred revenue, non-current1041391004435Income taxes payable, non-current3,4072,638Deferred income taxes, net, non-current1,9711,9471,8722870Other long-term liabilities1,118743740506379Balancing Item - Shareholders EquityRdml. Pref. War.Convertible preferred stockClass C capital stockClass B common stockClass A common stock.Class B common stock28,76725,922000Acc Othr Comp INC2712523,37320,54018,373Retained earnings75,70661,26248,34237,60527,868Total Equity104,50087,30971,71558,14546,241Total Liabilities & Shareholders' Equity131,133110,92093,79872,57457,851

ResultatIncome StatementCOMPTE DE RESULTATGoogle IncIncome Statement - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYTotal Revenue66,00155,51946,03937,90529,321Cost and expenses :Cost of revenues25,69121,99317,17613,18810,417Research and development9,8327,1376,0835,1623,762Sales and marketing8,1316,5545,4654,5892,799General and administrative5,8514,4323,4812,7241,962Charge related to the resolution of Depa0005000Total costs and expenses49,50540,11632,20526,16318,940Income from operations16,49615,40313,83411,63210,381EBITDAInterest and other income, net763496635694415Net Income Before Taxes17,25915,89914,46912,32610,796Provision for Income Taxes3,3312,5522,9162,5892,291Net Income After Taxes13,92813,34711,5539,7378,505Net income (loss) from discontinued oper516(427)(816)00Net Income14,44412,92010,7379,7378,505Net income per share - basicBasic EPS Excluding ExtraOrdinary Items20.6120.0517.6515.0813.34Discontinued op0.76(0.64)(1.25)0.000.00Basic EPS Including ExtraOrdinary Items21.3719.4116.4115.0813.34Net income (loss) per share : dilutedDiluted EPS Excluding ExtraOrd Items20.2719.7017.3814.8813.16Discontinued op0.75(0.63)(1.23)0.000.00Diluted EPS Including ExtraOrd Items21.0219.0716.1614.8813.16

Shares used per share calculation - basic675.935665.692654.426Shares used per share calculation - diluted687.070677.618664.610

Includes stock-based compensation expense as follows :Stock-based Compensation in COR/COGS53546935924967Stock-based Compensation in R&D2,2001,6411,2741,061861Stock-based Compensation in SGA715552449361261Stock-based Compensation in SGA.725465391303187Discontinued operations104.00216.00219.00Stock Based Compensation Expenses4,279.003,343.002,692.001,974.001,376.00

Comprehensive income

Anne fiscale20142013201220112010Net income$14,444$12,920$10,737$9,737$8,505Other comprehensive income (loss):Change in foreign currency translation adjustment(996)8975(107)(124)Available-for-sale investments:Change in net unrealized gains (losses)505(392)493348232Less: reclassification adjustment for net gains included in net income(134)(162)(216)(115)(151)Net change (net of tax effect of $68, $212, $60)371(554)27723381Cash flow hedges:Change in unrealized gains6511124739196Less: reclassification adjustment for gains included in net income(124)(60)(137)(27)(120)Net change (net of tax effect of $53, $30, $196)52752(90)1276Other comprehensive income (loss)(98)(413)26213833Comprehensive income14,34612,50710,9999,8758,538

TresorerieCash Flow StatementFLUX DE TRESORERIEGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYOperating activitiesNet Income$14,444$12,920$10,737$9,737$8,505Adjustments :Depreciation3,5232,7811,9881,3961,067EBITDAAmortization and impairment of intangibl1,4561,158974455329EBITDAStock-based Compens.4,2793,3432,6921,9741,376Excess tax benefits from stock-based awa(648)(481)(188)(86)(94)Deferred income taxes(104)(437)(266)3439Gain on divestiture of businesses(740)(700)(188)00Gain on equity interest(126)Gain on sale of non-marketable equity in(159)Other87106(28)6(12)Change in assets and liabilities, net onf effects of acquisitions :Accounts Receivable(1,641)(1,307)(787)(1,156)(1,129)Income taxes, net2834011,492731102Prepaid revenue share, expenses and othe459(930)(532)(262)(414)Accounts Payable436605(499)101272Accrued expenses and other liabilities757713762795745Accrued revenue share245254299259214Deferred Revenue(175)233163162111Cash from Operating Activities22,37618,65916,61914,56511,081Investing activitiesPurchases of property and equipment(10,959)(7,358)(3,273)(3,438)(4,018)Purchases of marketable securities(56,310)(45,444)(33,410)(61,672)(43,985)Maturities and sales of marketable secur51,31538,31435,18048,74637,099Investments in non-marketable equity inv(1,227)(569)(696)(428)(320)Cash collateral related to securities le1,403(299)(334)(354)2,361Investments in reverse repurchase agreem(775)600455(750)Proceeds from divestiture of businesses3862,525Acquisitions, net of cash acquired, and(4,888)(1,448)(10,568)(1,900)(1,067)Cash from Investing Activities(21,055)(13,679)(13,056)(19,041)(10,680)Financing activitiesStock Options Exer.(2,069)(781)(287)(5)294Excess tax benefits from stock-based awa6484811888694Repurchase of common stock00(801)Proceeds from issuance of short-term deb11,62510,76816,10910,9055,246Repayments of short-term debt(11,643)(11,325)(14,781)(10,179)(1,783)Cash from Financing Activities(1,439)(857)1,2298073,050Foreign Exchange Effects(433)(3)322(19)Net Change in Cash(551)4,1204,795(3,647)3,432Net Cash - Beginning Balance18,89814,7789,98313,63010,198Net Cash - Ending Balance18,34718,89814,7789,98313,630Supplemental disclosures of cash flow informationCash Taxes Paid2,8191,9322,0341,4712,175Cash Interest Paid867274400

PresentationSummaryGoogle IncSummaryGoogle IncActivit 1 :TechnologyActivit 2 :Computer ServicesDate de cration10/22/02Pays d'origine : Etats-UnisActivit 1 :AdvertisingActivit 2 :System PlatformActivit 3 :Consumer contentActivit 4 :EntrepriseActivit 5 :CommerceActivit 6 :Hardware

AuditeurEYNormes comptables US.GAAP

SummarySummary100Google IncSummaryAnne fiscale20102011201220132014In Million's of US DollarSource/ FormulaRevenu29,32137,90546,03955,51966,001Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit18,90424,71728,86333,52640,688Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA11,77713,48316,79619,34221,475EBTDA = Operating Profit + Depreciation + AmortizationEBITDA Margin40.17%35.57%36.48%34.84%32.54%EBITDA / RevenueOperating Profit10,38111,63213,83415,40316,496Compte de rsultatOperating Profit Margin35.40%30.69%30.05%27.74%24.99%OP / RevenueNet Income8,5059,73711,55313,34713,928Compte de rsultatNet Income Margin29.01%25.69%25.09%24.04%21.10%Net Income/ RevenueEPS (GAAP)1315172020yoy growth291317133Dividends per Share00000yoy growthCapital Expenditures4,0183,4383,2737,35810,959Free Cash Flow7,06311,12713,34611,30111,417Cash & ST Investments34,97544,62648,08858,71764,395Total Assets57,85172,57493,798110,920131,133Total Debt3,4654,2045,5375,2455,237Total Equity46,24158,14571,71587,309104,500Return on Assets1715141312Return on Common Equity2119181715Enterprise Value (EV)159,519169,631191,096323,263301,782# of Employees24,40032,46753,86147,75653,600

Anne fiscale20102011201220132014Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA Margin40.17%35.57%36.48%34.84%32.54%Operating Profit Margin35.40%30.69%30.05%27.74%24.99%Net Income Margin29.01%25.69%25.09%24.04%21.10%

Anne fiscale20102011201220132014Revenu29,32137,90546,03955,51966,001Gross Profit18,90424,71728,86333,52640,688EBITDA11,77713,48316,79619,34221,475Operating Profit10,38111,63213,83415,40316,496Net Income8,5059,73711,55313,34713,928

Ratios AnalyticsRatios AnalyticsGoogle IncRatiosStatistics(LFI: 31/12/2014 LFY: 31/12/2014)DividendeValuation RatiosPer ShareDividende vers :0Curr Price/Rev/Shr, Anul:5.103Revenue/Shr (dil.), LFI:26.294Curr Price/Rev/Shr, LTM:5.614Revenue/Shr (dil.), LTM:96.062Cours boursierCurr Price/Rev/Shr, LFY:5.614Revenue/Shr (dil.), LFY:96.062Valeur de l'action548Curr P/E Excl Extra, LTM:27.033EPS Excl Extra (dil.), LFI:5.505Valeur de l'entreprise301 782,074P/E Excl. Extra Items:27.034EPS Excl Extra (dil.), LTM:20.273Curr P/E Normalized, LFY:26.454EPS Excl Extra (dil.), LFY:20.272Rsultats en Millions d'USDCurr Price/CF/Shr, Anul:18.264EPS Incl Extra (dil.), LFI:6.909Revenus66,001Curr Price/CF/Shr, LTM:19.996EPS Incl Extra (dil.), LTM:21.020EBITDA21,475Curr Price/CF/Shr, LFY:19.996EPS Incl Extra (dil.), LFY:21.023Revenu avant impt17,259Curr Price/Tang Bk, Tot Eqty, LFI:4.396EPS Normalized (dil.), LFY:20.716Revenu aprs impt13,928Curr Price/Tang Bk, Tot Eqty, LFY:4.396Div/Shr Comm Stk Primary, LFI:0Curr EV/Tot Revenue (LFI/LTM):4.718Div/Shr Comm Stk Primary, LTM:0.000Ratios de profitabilit (%)Curr EV/EBITDA (LFI/LTM):14.499Div/Shr Comm Stk Primary, LFY:0.000Gross Profit % Margin :61.648Curr EV/EBIT (LFI/LTM):17.884Tot Cash & ST Invest/Shr, LFI:94.675EBITDA % Margin :32.54Curr Mkt Cap (m):370 528.479Tot Cash & ST Invest/Shr, LFY:94.675Oper Income % Margin :24.994(+) Tot Debt Cap, LFI (m):5 237.000Cash Flow/Shr (dil.), LFI:7.347(-) Cash & Equiv, LFI (m):(64 395.000)Cash Flow/Shr (dil.), LTM:26.970Taux de croissance (%)(=) Curr EV, LFI (m):311 370.479Cash Flow/Shr (dil.), LFY:26.970Crois. % du revenu en 2014 :18.880Curr EV/Tot Revenue (LFY):4.718Bk Val/Shr, Tot Eqty, LFI:153.638Crois. % Revenu - 5 ans :22.784Curr EV/EBITDA (LFY):14.499Bk Val/Shr, Tot Eqty, LFY:153.638Curr EV/EBIT (LFY):17.884Tang Bk Value, Tot Eqty, LFI:123.930Financial StrengthCurr Mkt Cap (m):370 528.479Tang Bk Value, Tot Eqty, LFY:123.930Curr Ratio :4,801(+) Tot Debt Cap, LFY (m):5 237.000LT Debt/Tot Eqty :3.089(-) Cash & Equiv, LFY (m):(64 395.000)LT Debt/Tot Assets :2.462(=) Curr EV, LFY (m):311 370.479Tot Debt/Tot Eqty :5.011Quick Ratio :4.390

Management Effectiveness (%)ROC Tot LT Cap :13.307ROA Tot Assets :11.508

Bourse

BilanBalance SheetBILANGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Date de cloture12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYAssetsCurrent assets :Cash and cash equivalents$18,347$18,898$14,778$9,983$13,630Marketable Securities46,04839,81933,31034,64321,345Total cash, cash equivalent, and marketable securities (including securities loaned of $5,059 and 4,058)64,39558,71748,08844,62634,975Accounts receivable, net of allowance9,3838,8827,8855,4274,252Receivable under reverse repurchase agre875100700745750Deferred income taxes, net1,3221,5261,144215259Income taxes receivable, net1,2984080Prepaid revenue share, expenses and3,4123,2532,1321,7101,326Total Current Assets80,68572,88660,45452,75841,562Prepaid/Other3,2801,9762,011499442Non-marketable equity investments3,0791,9761,469790523Property and equipment, net23,88316,52411,8549,6037,759Intangible assets, net4,6076,0667,4731,5781,309Goodwill15,59911,49210,5377,3466,256Total Assets131,133110,92093,79872,57457,851Liabalities and Stockholders' EquityCurrent liabilities :Accounts Payable1,7152,4532,012588483Short-term debt2,0093,0092,5491,2183,465Accrued compensation and benefits3,0692,5022,2391,8181,410Accrued expenses and other current liabi4,4343,7553,2581,370961Accrued revenue share1,9521,7291,4711,168885Securities lending payable2,7781,3741,6732,0072,361Deferred Revenue7521,062895547394Income taxes payable, net962424019737Total Current Liabilities16,80515,90814,3378,9139,996Total Long Term Debt3,2282,2362,9882,9860Deferred revenue, non-current1041391004435Income taxes payable, non-current3,4072,638Deferred income taxes, net, non-current1,9711,9471,8722870Other long-term liabilities1,118743740506379Balancing Item - Shareholders EquityRdml. Pref. War.Convertible preferred stockClass C capital stockClass B common stockClass A common stock.Class B common stock28,76725,922000Acc Othr Comp INC2712523,37320,54018,373Retained earnings75,70661,26248,34237,60527,868Total Equity104,50087,30971,71558,14546,241Total Liabilities & Shareholders' Equity131,133110,92093,79872,57457,851

ResultatIncome StatementCOMPTE DE RESULTATGoogle IncIncome Statement - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYTotal Revenue66,00155,51946,03937,90529,321Cost and expenses :Cost of revenues25,69121,99317,17613,18810,417Research and development9,8327,1376,0835,1623,762Sales and marketing8,1316,5545,4654,5892,799General and administrative5,8514,4323,4812,7241,962Charge related to the resolution of Depa0005000Total costs and expenses49,50540,11632,20526,16318,940Income from operations16,49615,40313,83411,63210,381EBITDAInterest and other income, net763496635694415Net Income Before Taxes17,25915,89914,46912,32610,796Provision for Income Taxes3,3312,5522,9162,5892,291Net Income After Taxes13,92813,34711,5539,7378,505Net income (loss) from discontinued oper516(427)(816)00Net Income14,44412,92010,7379,7378,505Net income per share - basicBasic EPS Excluding ExtraOrdinary Items20.6120.0517.6515.0813.34Discontinued op0.76(0.64)(1.25)0.000.00Basic EPS Including ExtraOrdinary Items21.3719.4116.4115.0813.34Net income (loss) per share : dilutedDiluted EPS Excluding ExtraOrd Items20.2719.7017.3814.8813.16Discontinued op0.75(0.63)(1.23)0.000.00Diluted EPS Including ExtraOrd Items21.0219.0716.1614.8813.16

Shares used per share calculation - basic675.935665.692654.426Shares used per share calculation - diluted687.070677.618664.610

Includes stock-based compensation expense as follows :Stock-based Compensation in COR/COGS53546935924967Stock-based Compensation in R&D2,2001,6411,2741,061861Stock-based Compensation in SGA715552449361261Stock-based Compensation in SGA.725465391303187Discontinued operations104.00216.00219.00Stock Based Compensation Expenses4,279.003,343.002,692.001,974.001,376.00

Comprehensive income

Anne fiscale20142013201220112010Net income$14,444$12,920$10,737$9,737$8,505Other comprehensive income (loss):Change in foreign currency translation adjustment(996)8975(107)(124)Available-for-sale investments:Change in net unrealized gains (losses)505(392)493348232Less: reclassification adjustment for net gains included in net income(134)(162)(216)(115)(151)Net change (net of tax effect of $68, $212, $60)371(554)27723381Cash flow hedges:Change in unrealized gains6511124739196Less: reclassification adjustment for gains included in net income(124)(60)(137)(27)(120)Net change (net of tax effect of $53, $30, $196)52752(90)1276Other comprehensive income (loss)(98)(413)26213833Comprehensive income14,34612,50710,9999,8758,538

TresorerieCash Flow StatementFLUX DE TRESORERIEGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYOperating activitiesNet Income$14,444$12,920$10,737$9,737$8,505Adjustments :Depreciation3,5232,7811,9881,3961,067EBITDAAmortization and impairment of intangibl1,4561,158974455329EBITDAStock-based Compens.4,2793,3432,6921,9741,376Excess tax benefits from stock-based awa(648)(481)(188)(86)(94)Deferred income taxes(104)(437)(266)3439Gain on divestiture of businesses(740)(700)(188)00Gain on equity interest(126)Gain on sale of non-marketable equity in(159)Other87106(28)6(12)Change in assets and liabilities, net onf effects of acquisitions :Accounts Receivable(1,641)(1,307)(787)(1,156)(1,129)Income taxes, net2834011,492731102Prepaid revenue share, expenses and othe459(930)(532)(262)(414)Accounts Payable436605(499)101272Accrued expenses and other liabilities757713762795745Accrued revenue share245254299259214Deferred Revenue(175)233163162111Cash from Operating Activities22,37618,65916,61914,56511,081Investing activitiesPurchases of property and equipment(10,959)(7,358)(3,273)(3,438)(4,018)Purchases of marketable securities(56,310)(45,444)(33,410)(61,672)(43,985)Maturities and sales of marketable secur51,31538,31435,18048,74637,099Investments in non-marketable equity inv(1,227)(569)(696)(428)(320)Cash collateral related to securities le1,403(299)(334)(354)2,361Investments in reverse repurchase agreem(775)600455(750)Proceeds from divestiture of businesses3862,525Acquisitions, net of cash acquired, and(4,888)(1,448)(10,568)(1,900)(1,067)Cash from Investing Activities(21,055)(13,679)(13,056)(19,041)(10,680)Financing activitiesStock Options Exer.(2,069)(781)(287)(5)294Excess tax benefits from stock-based awa6484811888694Repurchase of common stock00(801)Proceeds from issuance of short-term deb11,62510,76816,10910,9055,246Repayments of short-term debt(11,643)(11,325)(14,781)(10,179)(1,783)Cash from Financing Activities(1,439)(857)1,2298073,050Foreign Exchange Effects(433)(3)322(19)Net Change in Cash(551)4,1204,795(3,647)3,432Net Cash - Beginning Balance18,89814,7789,98313,63010,198Net Cash - Ending Balance18,34718,89814,7789,98313,630Supplemental disclosures of cash flow informationCash Taxes Paid2,8191,9322,0341,4712,175Cash Interest Paid867274400

PresentationSummaryGoogle IncSummaryGoogle IncActivit 1 :TechnologyActivit 2 :Computer ServicesDate de cration10/22/02Pays d'origine : Etats-UnisActivit 1 :AdvertisingActivit 2 :System PlatformActivit 3 :Consumer contentActivit 4 :EntrepriseActivit 5 :CommerceActivit 6 :Hardware

AuditeurEYNormes comptables US.GAAP

SummarySummary100Google IncSummaryAnne fiscale20102011201220132014In Million's of US DollarSource/ FormulaRevenu29,32137,90546,03955,51966,001Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit18,90424,71728,86333,52640,688Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA11,77713,48316,79619,34221,475EBTDA = Operating Profit + Depreciation + AmortizationEBITDA Margin40.17%35.57%36.48%34.84%32.54%EBITDA / RevenueOperating Profit10,38111,63213,83415,40316,496Compte de rsultatOperating Profit Margin35.40%30.69%30.05%27.74%24.99%OP / RevenueNet Income8,5059,73711,55313,34713,928Compte de rsultatNet Income Margin29.01%25.69%25.09%24.04%21.10%Net Income/ RevenueEPS (GAAP)1315172020yoy growth291317133Dividends per Share00000yoy growthCapital Expenditures4,0183,4383,2737,35810,959Free Cash Flow7,06311,12713,34611,30111,417Cash & ST Investments34,97544,62648,08858,71764,395Total Assets57,85172,57493,798110,920131,133Total Debt3,4654,2045,5375,2455,237Total Equity46,24158,14571,71587,309104,500Return on Assets1715141312Return on Common Equity2119181715Enterprise Value (EV)159,519169,631191,096323,263301,782# of Employees24,40032,46753,86147,75653,600

Anne fiscale20102011201220132014Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA Margin40.17%35.57%36.48%34.84%32.54%Operating Profit Margin35.40%30.69%30.05%27.74%24.99%Net Income Margin29.01%25.69%25.09%24.04%21.10%

Anne fiscale20102011201220132014Revenu29,32137,90546,03955,51966,001Gross Profit18,90424,71728,86333,52640,688EBITDA11,77713,48316,79619,34221,475Operating Profit10,38111,63213,83415,40316,496Net Income8,5059,73711,55313,34713,928

Ratios AnalyticsRatios AnalyticsGoogle IncRatiosStatistics(LFI: 31/12/2014 LFY: 31/12/2014)DividendeValuation RatiosPer ShareDividende vers :0Curr Price/Rev/Shr, Anul:5.103Revenue/Shr (dil.), LFI:26.294Curr Price/Rev/Shr, LTM:5.614Revenue/Shr (dil.), LTM:96.062Cours boursierCurr Price/Rev/Shr, LFY:5.614Revenue/Shr (dil.), LFY:96.062Valeur de l'action548Curr P/E Excl Extra, LTM:27.033EPS Excl Extra (dil.), LFI:5.505Valeur de l'entreprise301 782,074P/E Excl. Extra Items:27.034EPS Excl Extra (dil.), LTM:20.273Curr P/E Normalized, LFY:26.454EPS Excl Extra (dil.), LFY:20.272Rsultats en Millions d'USDCurr Price/CF/Shr, Anul:18.264EPS Incl Extra (dil.), LFI:6.909Revenus66,001Curr Price/CF/Shr, LTM:19.996EPS Incl Extra (dil.), LTM:21.020EBITDA21,475Curr Price/CF/Shr, LFY:19.996EPS Incl Extra (dil.), LFY:21.023Revenu avant impt17,259Curr Price/Tang Bk, Tot Eqty, LFI:4.396EPS Normalized (dil.), LFY:20.716Revenu aprs impt13,928Curr Price/Tang Bk, Tot Eqty, LFY:4.396Div/Shr Comm Stk Primary, LFI:0Curr EV/Tot Revenue (LFI/LTM):4.718Div/Shr Comm Stk Primary, LTM:0.000Ratios de profitabilit (%)Curr EV/EBITDA (LFI/LTM):14.499Div/Shr Comm Stk Primary, LFY:0.000Gross Profit % Margin :61.648Curr EV/EBIT (LFI/LTM):17.884Tot Cash & ST Invest/Shr, LFI:94.675EBITDA % Margin :32.54Curr Mkt Cap (m):370 528.479Tot Cash & ST Invest/Shr, LFY:94.675Oper Income % Margin :24.994(+) Tot Debt Cap, LFI (m):5 237.000Cash Flow/Shr (dil.), LFI:7.347(-) Cash & Equiv, LFI (m):(64 395.000)Cash Flow/Shr (dil.), LTM:26.970Taux de croissance (%)(=) Curr EV, LFI (m):311 370.479Cash Flow/Shr (dil.), LFY:26.970Crois. % du revenu en 2014 :18.880Curr EV/Tot Revenue (LFY):4.718Bk Val/Shr, Tot Eqty, LFI:153.638Crois. % Revenu - 5 ans :22.784Curr EV/EBITDA (LFY):14.499Bk Val/Shr, Tot Eqty, LFY:153.638Curr EV/EBIT (LFY):17.884Tang Bk Value, Tot Eqty, LFI:123.930Solidit financireCurr Mkt Cap (m):370 528.479Tang Bk Value, Tot Eqty, LFY:123.930Curr Ratio :4,801(+) Tot Debt Cap, LFY (m):5 237.000LT Debt/Tot Eqty :3.089(-) Cash & Equiv, LFY (m):(64 395.000)LT Debt/Tot Assets :2.462(=) Curr EV, LFY (m):311 370.479Tot Debt/Tot Eqty :5.011Quick Ratio :4.390

Management Effectiveness (%)ROC Tot LT Cap :13.307ROA Tot Assets :11.508

Bourse

BilanBalance SheetBILANGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Date de cloture12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYAssetsCurrent assets :Cash and cash equivalents$18,347$18,898$14,778$9,983$13,630Marketable Securities46,04839,81933,31034,64321,345Total cash, cash equivalent, and marketable securities (including securities loaned of $5,059 and 4,058)64,39558,71748,08844,62634,975Accounts receivable, net of allowance9,3838,8827,8855,4274,252Receivable under reverse repurchase agre875100700745750Deferred income taxes, net1,3221,5261,144215259Income taxes receivable, net1,2984080Prepaid revenue share, expenses and3,4123,2532,1321,7101,326Total Current Assets80,68572,88660,45452,75841,562Prepaid/Other3,2801,9762,011499442Non-marketable equity investments3,0791,9761,469790523Property and equipment, net23,88316,52411,8549,6037,759Intangible assets, net4,6076,0667,4731,5781,309Goodwill15,59911,49210,5377,3466,256Total Assets131,133110,92093,79872,57457,851Liabalities and Stockholders' EquityCurrent liabilities :Accounts Payable1,7152,4532,012588483Short-term debt2,0093,0092,5491,2183,465Accrued compensation and benefits3,0692,5022,2391,8181,410Accrued expenses and other current liabi4,4343,7553,2581,370961Accrued revenue share1,9521,7291,4711,168885Securities lending payable2,7781,3741,6732,0072,361Deferred Revenue7521,062895547394Income taxes payable, net962424019737Total Current Liabilities16,80515,90814,3378,9139,996Total Long Term Debt3,2282,2362,9882,9860Deferred revenue, non-current1041391004435Income taxes payable, non-current3,4072,638Deferred income taxes, net, non-current1,9711,9471,8722870Other long-term liabilities1,118743740506379Balancing Item - Shareholders EquityRdml. Pref. War.Convertible preferred stockClass C capital stockClass B common stockClass A common stock.Class B common stock28,76725,922000Acc Othr Comp INC2712523,37320,54018,373Retained earnings75,70661,26248,34237,60527,868Total Equity104,50087,30971,71558,14546,241Total Liabilities & Shareholders' Equity131,133110,92093,79872,57457,851

ResultatIncome StatementCOMPTE DE RESULTATGoogle IncIncome Statement - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYTotal Revenue66,00155,51946,03937,90529,321Cost and expenses :Cost of revenues25,69121,99317,17613,18810,417Research and development9,8327,1376,0835,1623,762Sales and marketing8,1316,5545,4654,5892,799General and administrative5,8514,4323,4812,7241,962Charge related to the resolution of Depa0005000Total costs and expenses49,50540,11632,20526,16318,940Income from operations16,49615,40313,83411,63210,381EBITDAInterest and other income, net763496635694415Net Income Before Taxes17,25915,89914,46912,32610,796Provision for Income Taxes3,3312,5522,9162,5892,291Net Income After Taxes13,92813,34711,5539,7378,505Net income (loss) from discontinued oper516(427)(816)00Net Income14,44412,92010,7379,7378,505Net income per share - basicBasic EPS Excluding ExtraOrdinary Items20.6120.0517.6515.0813.34Discontinued op0.76(0.64)(1.25)0.000.00Basic EPS Including ExtraOrdinary Items21.3719.4116.4115.0813.34Net income (loss) per share : dilutedDiluted EPS Excluding ExtraOrd Items20.2719.7017.3814.8813.16Discontinued op0.75(0.63)(1.23)0.000.00Diluted EPS Including ExtraOrd Items21.0219.0716.1614.8813.16

Shares used per share calculation - basic675.935665.692654.426Shares used per share calculation - diluted687.070677.618664.610

Includes stock-based compensation expense as follows :Stock-based Compensation in COR/COGS53546935924967Stock-based Compensation in R&D2,2001,6411,2741,061861Stock-based Compensation in SGA715552449361261Stock-based Compensation in SGA.725465391303187Discontinued operations104.00216.00219.00Stock Based Compensation Expenses4,279.003,343.002,692.001,974.001,376.00

Comprehensive income

Anne fiscale20142013201220112010Net income$14,444$12,920$10,737$9,737$8,505Other comprehensive income (loss):Change in foreign currency translation adjustment(996)8975(107)(124)Available-for-sale investments:Change in net unrealized gains (losses)505(392)493348232Less: reclassification adjustment for net gains included in net income(134)(162)(216)(115)(151)Net change (net of tax effect of $68, $212, $60)371(554)27723381Cash flow hedges:Change in unrealized gains6511124739196Less: reclassification adjustment for gains included in net income(124)(60)(137)(27)(120)Net change (net of tax effect of $53, $30, $196)52752(90)1276Other comprehensive income (loss)(98)(413)26213833Comprehensive income14,34612,50710,9999,8758,538

TresorerieCash Flow StatementFLUX DE TRESORERIEGoogle IncBalance Sheet (Differentiates) - Annual - Company Specific in Units of MillionsAnne fiscale20142013201220112010Period End Date:12/31/1412/31/1312/31/1212/31/1112/31/10

Accounting Standard:U.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPU.S. GAAPOriginally Reported Unit:MillionsMillionsThousandsThousandsThousandsReporting Currency:USDUSDUSDUSDUSDSource10-K10-K10-K10-K10-K

Auditor Code:EYEYEYEYEYOperating activitiesNet Income$14,444$12,920$10,737$9,737$8,505Adjustments :Depreciation3,5232,7811,9881,3961,067EBITDAAmortization and impairment of intangibl1,4561,158974455329EBITDAStock-based Compens.4,2793,3432,6921,9741,376Excess tax benefits from stock-based awa(648)(481)(188)(86)(94)Deferred income taxes(104)(437)(266)3439Gain on divestiture of businesses(740)(700)(188)00Gain on equity interest(126)Gain on sale of non-marketable equity in(159)Other87106(28)6(12)Change in assets and liabilities, net onf effects of acquisitions :Accounts Receivable(1,641)(1,307)(787)(1,156)(1,129)Income taxes, net2834011,492731102Prepaid revenue share, expenses and othe459(930)(532)(262)(414)Accounts Payable436605(499)101272Accrued expenses and other liabilities757713762795745Accrued revenue share245254299259214Deferred Revenue(175)233163162111Cash from Operating Activities22,37618,65916,61914,56511,081Investing activitiesPurchases of property and equipment(10,959)(7,358)(3,273)(3,438)(4,018)Purchases of marketable securities(56,310)(45,444)(33,410)(61,672)(43,985)Maturities and sales of marketable secur51,31538,31435,18048,74637,099Investments in non-marketable equity inv(1,227)(569)(696)(428)(320)Cash collateral related to securities le1,403(299)(334)(354)2,361Investments in reverse repurchase agreem(775)600455(750)Proceeds from divestiture of businesses3862,525Acquisitions, net of cash acquired, and(4,888)(1,448)(10,568)(1,900)(1,067)Cash from Investing Activities(21,055)(13,679)(13,056)(19,041)(10,680)Financing activitiesStock Options Exer.(2,069)(781)(287)(5)294Excess tax benefits from stock-based awa6484811888694Repurchase of common stock00(801)Proceeds from issuance of short-term deb11,62510,76816,10910,9055,246Repayments of short-term debt(11,643)(11,325)(14,781)(10,179)(1,783)Cash from Financing Activities(1,439)(857)1,2298073,050Foreign Exchange Effects(433)(3)322(19)Net Change in Cash(551)4,1204,795(3,647)3,432Net Cash - Beginning Balance18,89814,7789,98313,63010,198Net Cash - Ending Balance18,34718,89814,7789,98313,630Supplemental disclosures of cash flow informationCash Taxes Paid2,8191,9322,0341,4712,175Cash Interest Paid867274400

PresentationSummaryGoogle IncSummaryGoogle IncActivit 1 :TechnologyActivit 2 :Computer ServicesDate de cration10/22/02Pays d'origine : Etats-UnisActivit 1 :AdvertisingActivit 2 :System PlatformActivit 3 :Consumer contentActivit 4 :EntrepriseActivit 5 :CommerceActivit 6 :Hardware

AuditeurEYNormes comptables US.GAAP

SummarySummary100Google IncSummaryAnne fiscale20102011201220132014In Million's of US DollarSource/ FormulaRevenu29,32137,90546,03955,51966,001Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit18,90424,71728,86333,52640,688Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA11,77713,48316,79619,34221,475EBTDA = Operating Profit + Depreciation + AmortizationEBITDA Margin40.17%35.57%36.48%34.84%32.54%EBITDA / RevenueOperating Profit10,38111,63213,83415,40316,496Compte de rsultatOperating Profit Margin35.40%30.69%30.05%27.74%24.99%OP / RevenueNet Income8,5059,73711,55313,34713,928Compte de rsultatNet Income Margin29.01%25.69%25.09%24.04%21.10%Net Income/ RevenueEPS (GAAP)1315172020yoy growth291317133Dividends per Share00000yoy growthCapital Expenditures4,0183,4383,2737,35810,959Free Cash Flow7,06311,12713,34611,30111,417Cash & ST Investments34,97544,62648,08858,71764,395Total Assets57,85172,57493,798110,920131,133Total Debt3,4654,2045,5375,2455,237Total Equity46,24158,14571,71587,309104,500Return on Assets1715141312Return on Common Equity2119181715Enterprise Value (EV)159,519169,631191,096323,263301,782# of Employees24,40032,46753,86147,75653,600

Anne fiscale20102011201220132014Croissance du revenu23.98%29.28%21.46%20.59%18.88%Gross Profit Margin64.47%65.21%62.69%60.39%61.65%EBITDA Margin40.17%35.57%36.48%34.84%32.54%Operating Profit Margin35.40%30.69%30.05%27.74%24.99%Net Income Margin29.01%25.69%25.09%24.04%21.10%

Anne fiscale20102011201220132014Revenu29,32137,90546,03955,51966,001Gross Profit18,90424,71728,86333,52640,688EBITDA11,77713,48316,79619,34221,475Operating Profit10,38111,63213,83415,40316,496Net Income8,5059,73711,55313,34713,928

Ratios AnalyticsRatios AnalyticsGoogle IncRatiosStatistics(LFI: 31/12/2014 LFY: 31/12/2014)DividendeValuation RatiosPer ShareDividende vers :0Curr Price/Rev/Shr, Anul:5.103Revenue/Shr (dil.), LFI:26.294Curr Price/Rev/Shr, LTM:5.614Revenue/Shr (dil.), LTM:96.062Cours boursierCurr Price/Rev/Shr, LFY:5.614Revenue/Shr (dil.), LFY:96.062Valeur de l'action548Curr P/E Excl Extra, LTM:27.033EPS Excl Extra (dil.), LFI:5.505Valeur de l'entreprise301 782,074P/E Excl. Extra Items:27.034EPS Excl Extra (dil.), LTM:20.273Curr P/E Normalized, LFY:26.454EPS Excl Extra (dil.), LFY:20.272Rsultats en Millions d'USDCurr Price/CF/Shr, Anul:18.264EPS Incl Extra (dil.), LFI:6.909Revenus66,001Curr Price/CF/Shr, LTM:19.996EPS Incl Extra (dil.), LTM:21.020EBITDA21,475Curr Price/CF/Shr, LFY:19.996EPS Incl Extra (dil.), LFY:21.023Revenu avant impt17,259Curr Price/Tang Bk, Tot Eqty, LFI:4.396EPS Normalized (dil.), LFY:20.716Revenu aprs impt13,928Curr Price/Tang Bk, Tot Eqty, LFY:4.396Div/Shr Comm Stk Primary, LFI:0Curr EV/Tot Revenue (LFI/LTM):4.718Div/Shr Comm Stk Primary, LTM:0.000Ratios de profitabilit (%)Curr EV/EBITDA (LFI/LTM):14.499Div/Shr Comm Stk Primary, LFY:0.000Gross Profit % Margin :61.648Curr EV/EBIT (LFI/LTM):17.884Tot Cash & ST Invest/Shr, LFI:94.675EBITDA % Margin :32.54Curr Mkt Cap (m):370 528.479Tot Cash & ST Invest/Shr, LFY:94.675Oper Income % Margin :24.994(+) Tot Debt Cap, LFI (m):5 237.000Cash Flow/Shr (dil.), LFI:7.347(-) Cash & Equiv, LFI (m):(64 395.000)Cash Flow/Shr (dil.), LTM:26.970Taux de croissance (%)(=) Curr EV, LFI (m):311 370.479Cash Flow/Shr (dil.), LFY:26.970Crois. % du revenu en 2014 :18.880Curr EV/Tot Revenue (LFY):4.718Bk Val/Shr, Tot Eqty, LFI:153.638Crois. % Revenu - 5 ans :22.784Curr EV/EBITDA (LFY):14.499Bk Val/Shr, Tot Eqty, LFY:153.638Curr EV/EBIT (LFY):17.884Tang Bk Value, Tot Eqty, LFI:123.930Solidit financireCurr Mkt Cap (m):370 528.479Tang Bk Value, Tot Eqty, LFY:123.930Curr Ratio :4,801(+) Tot Debt Cap, LFY (m):5 237.000LT Debt/Tot Eqty :3.089(-) Cash & Equiv, LFY (m):(64 395.000)LT Debt/Tot Assets :2.462(=) Curr EV, LFY (m):311 370.479Tot Debt/Tot Eqty :5.011Quick Ratio :4.390

Management (%)ROC Tot LT Cap :13.307ROA Tot Assets :11.508

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