Growth Profitability and Financial Ratios for Google Inc Class C Financials ,2004-12,2005-12,2006-12,2007-12,2008-12,2009-12,2010-12,2011-12,2012-12,2013-12,TTM Revenue USD Mil,"3,189","6,139","10,605","16,594","21,796","23,651","29,321","37,905","50,175","59,825","67,911" Gross Margin %,54.3,58.1,60.2,59.9,60.4,62.6,64.5,65.2,58.9,56.8,57.5 Operating Income USD Mil,640,"2,017","3,550","5,084","6,632","8,312","10,381","11,742","12,760","13,966","15,089" Operating Margin %,20.1,32.9,33.5,30.6,30.4,35.1,35.4,31.0,25.4,23.3,22.2 Net Income USD Mil,399,"1,465","3,077","4,204","4,227","6,520","8,505","9,737","10,737","12,920","13,063" Earnings Per Share USD,0.73,2.51,4.97,6.65,6.66,10.21,13.17,14.89,16.17,19.08,19.08 Dividends USD,,,,,,,,,,, Payout Ratio %,,,,,,,,,,, Shares Mil,545,583,618,632,634,788,646,654,645,677,685 Book Value Per Share USD,,,,,,,,,,,145.67 Operating Cash Flow USD Mil,977,"2,459","3,581","5,775","7,853","9,316","11,081","14,565","16,619","18,659","21,250" Cap Spending USD Mil,-319,-838,"-1,903","-2,403","-2,358",-810,"-4,018","-3,438","-3,273","-7,358","-9,663" Free Cash Flow USD Mil,658,"1,621","1,678","3,373","5,494","8,506","7,063","11,127","13,346","11,301","11,587" Free Cash Flow Per Share USD,,,,,,,,,,, Working Capital USD Mil,"2,353","8,256","11,735","15,254","17,876","26,419","31,566","43,845","46,117","56,978", Key Ratios -> Profitability Margins % of Sales,2004-12,2005-12,2006-12,2007-12,2008-12,2009-12,2010-12,2011-12,2012-12,2013-12,TTM Revenue,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00 COGS,45.71,41.89,39.84,40.07,39.56,37.39,35.53,34.79,41.12,43.22,42.54 Gross Margin,54.29,58.11,60.16,59.93,60.44,62.61,64.47,65.21,58.88,56.78,57.46 SG&A,20.84,15.90,15.10,16.52,17.20,15.44,16.24,19.29,19.91,20.14,20.86 R&D,7.07,7.88,11.59,12.78,12.82,12.02,12.83,13.62,13.54,13.29,14.38 Other,6.30,1.47,,,,,,1.32,,, Operating Margin,20.07,32.86,33.48,30.64,30.43,35.15,35.40,30.98,25.43,23.34,22.22 Net Int Inc & Other,0.31,2.03,4.35,3.55,-3.57,0.29,1.42,1.54,1.25,0.89,1.15 EBT Margin,20.39,34.89,37.82,34.19,26.86,35.44,36.82,32.52,26.68,24.23,23.37 Profitability,2004-12,2005-12,2006-12,2007-12,2008-12,2009-12,2010-12,2011-12,2012-12,2013-12,TTM Tax Rate %,38.62,31.58,23.28,25.91,27.79,22.20,21.22,21.00,19.41,15.74,18.80 Net Margin %,12.51,23.87,29.02,25.33,19.39,27.57,29.01,25.69,21.40,21.60,19.24 Asset Turnover (Average),1.52,0.90,0.74,0.76,0.76,0.65,0.60,0.58,0.60,0.58,0.59 Return on Assets %,19.07,21.57,21.41,19.19,14.80,18.05,17.30,14.93,12.91,12.62,11.32 Financial Leverage (Average),1.13,1.09,1.08,1.12,1.13,1.12,1.25,1.25,1.31,1.27,1.27 Return on Equity %,22.98,23.73,23.26,21.16,16.60,20.30,20.68,18.66,16.54,16.25,14.37 Return on Invested Capital %,22.94,23.73,23.26,21.17,16.60,20.30,19.07,17.01,15.48,15.30,13.67 Interest Coverage,,,,,,,,213.52,160.36,175.65,159.70 Key Ratios -> Growth ,2004-12,2005-12,2006-12,2007-12,2008-12,2009-12,2010-12,2011-12,2012-12,2013-12,Latest Qtr Revenue % Year over Year,117.56,92.48,72.76,56.47,31.35,8.51,23.98,29.28,32.37,19.23,10.94 3-Year Average,232.93,140.82,93.40,73.28,52.56,30.65,20.90,20.26,28.49,26.83, 5-Year Average,,217.23,161.68,106.73,71.57,49.29,36.72,29.01,24.77,22.38, 10-Year Average,,,,,,,108.26,83.74,60.60,44.90, Operating Income % Year over Year,86.94,215.11,75.98,43.22,30.44,25.34,24.89,13.11,8.67,9.45,8.13 3-Year Average,287.95,121.17,118.04,99.52,48.69,32.79,26.86,20.98,15.36,10.39, 5-Year Average,,,217.73,93.70,80.89,66.99,38.77,27.03,20.20,16.06, 10-Year Average,,,,,,,,100.90,52.59,44.89, Net Income % Year over Year,277.78,267.16,110.01,36.60,0.55,54.26,30.44,14.49,10.27,20.33, 3-Year Average,285.16,144.99,207.69,119.20,42.35,28.44,26.48,32.07,18.09,14.96, 5-Year Average,,,237.91,111.36,109.14,74.84,42.15,25.91,20.63,25.04, 10-Year Average,,,,,,,,106.27,59.68,61.71, EPS % Year over Year,256.10,243.84,98.01,33.70,0.15,53.34,28.91,13.11,8.57,18.01,-6.60 3-Year Average,231.71,130.48,189.42,108.80,38.41,27.10,25.56,30.76,16.55,13.17, 5-Year Average,,,201.35,100.52,100.58,69.47,39.28,24.52,19.44,23.43, 10-Year Average,,,,,,,,93.71,54.76,57.34, Key Ratios -> Cash Flow Cash Flow Ratios,2004-12,2005-12,2006-12,2007-12,2008-12,2009-12,2010-12,2011-12,2012-12,2013-12,TTM Operating Cash Flow Growth % YOY,147.07,151.72,45.58,61.30,35.97,18.63,18.94,31.44,14.10,12.28, Free Cash Flow Growth % YOY,200.97,146.37,3.49,101.02,62.91,54.82,-16.97,57.54,19.94,-15.32, Cap Ex as a % of Sales,10.00,13.65,17.94,14.48,10.82,3.42,13.70,9.07,6.52,12.30,14.23 Free Cash Flow/Sales %,20.63,26.41,15.82,20.32,25.21,35.97,24.09,29.35,26.60,18.89,17.06 Free Cash Flow/Net Income,1.65,1.11,0.55,0.80,1.30,1.30,0.83,1.14,1.24,0.87,0.89 Key Ratios -> Financial Health Balance Sheet Items (in %),2004-12,2005-12,2006-12,2007-12,2008-12,2009-12,2010-12,2011-12,2012-12,2013-12,Latest Qtr Cash & Short-Term Investments,64.35,78.22,60.87,56.12,49.88,60.46,60.46,61.49,51.27,52.94,49.42 Accounts Receivable,11.54,6.70,7.16,9.11,8.32,7.91,8.65,8.50,9.15,8.47,7.97 Inventory,,,,,,,,,0.54,0.38,0.22 Other Current Assets,5.40,2.71,2.56,3.01,5.32,3.66,2.74,2.70,3.49,3.92,6.09 Total Current Assets,81.29,87.63,70.59,68.24,63.52,72.02,71.84,72.70,64.45,65.71,63.69 Net PP&E,11.44,9.36,12.97,15.94,16.48,11.96,13.41,13.23,12.64,14.90,16.68 Intangibles,5.85,2.70,10.24,10.84,18.37,14.02,12.62,12.30,19.20,15.83,16.06 Other Long-Term Assets,1.42,0.30,6.21,4.98,1.63,1.99,2.13,1.78,3.71,3.56,3.56 Total Assets,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00 Accounts Payable,0.99,1.13,1.14,1.11,0.56,0.53,0.83,0.81,2.15,2.21,1.09 Short-Term Debt,0.06,,,,,,5.99,1.68,2.72,2.71,1.60 Taxes Payable,,,,,,,0.06,0.27,0.26,0.02, Accrued Liabilities,8.13,5.15,5.35,6.22,5.74,5.55,5.63,6.00,7.43,7.20,6.46 Other Short-Term Liabilities,1.10,0.98,0.57,0.70,0.94,0.70,4.76,3.52,2.74,2.20,5.10 Total Current Liabilities,10.27,7.26,7.06,8.03,7.25,6.78,17.28,12.28,15.28,14.34,14.25 Long-Term Debt,,,,,,,,4.11,3.19,2.02,2.57 Other Long-Term Liabilities,1.33,1.05,0.70,2.41,3.86,4.31,2.79,3.49,5.07,4.93,4.62 Total Liabilities,11.60,8.30,7.76,10.44,11.11,11.09,20.07,19.88,23.54,21.29,21.44 Total Stockholders' Equity,88.40,91.70,92.24,89.56,88.89,88.91,79.93,80.12,76.46,78.71,78.56 Total Liabilities & Equity,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00,100.00 Liquidity/Financial Health,2004-12,2005-12,2006-12,2007-12,2008-12,2009-12,2010-12,2011-12,2012-12,2013-12,Latest Qtr Current Ratio,7.91,12.08,10.00,8.49,8.77,10.62,4.16,5.92,4.22,4.58,4.47 Quick Ratio,7.39,11.70,9.63,8.12,8.03,10.08,4.00,5.70,3.95,4.28,4.03 Financial Leverage,1.13,1.09,1.08,1.12,1.13,1.12,1.25,1.25,1.31,1.27,1.27 Debt/Equity,,,,,,,,0.05,0.04,0.03,0.03 Key Ratios -> Efficiency Ratios Efficiency,2004-12,2005-12,2006-12,2007-12,2008-12,2009-12,2010-12,2011-12,2012-12,2013-12,TTM Days Sales Outstanding,26.70,29.72,34.60,38.33,40.23,44.92,46.25,46.60,48.42,51.15,43.42 Days Inventory,,,,,,,,,8.93,6.57,3.25 Payables Period,9.87,10.52,14.11,13.54,9.74,8.13,12.24,14.82,23.00,31.51,22.06 Cash Conversion Cycle,,,,,,,,,34.36,26.21,24.61 Receivables Turnover,13.67,12.28,10.55,9.52,9.07,8.13,7.89,7.83,7.54,7.14,8.41 Inventory Turnover,,,,,,,,,40.86,55.55,112.40 Fixed Assets Turnover,11.25,9.16,6.32,5.16,4.70,4.69,4.65,4.37,4.68,4.22,3.79 Asset Turnover,1.52,0.90,0.74,0.76,0.76,0.65,0.60,0.58,0.60,0.58,0.59