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Google Q1 2015 earnings deck
The document presents a quarterly earnings analysis for Google in Q1 2015, prepared by Jackdaw Research. It includes financial metrics, revenue breakdowns, and growth trends while cautioning readers about the accuracy of data. The analysis highlights key performance indicators across various advertising segments and regions.
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Google Q1 2015 earnings deck
- 1. Jan Dawson Chief Analyst (408)744-6244 jan@jackdawresearch.com @jandawson Google Q1 2015 earnings slides
- 2. Introduction • This deckis part of the Jackdaw Research Quarterly Company Decks subscription service, and is one of about a dozen similar decks produced each quarter on major consumer tech companies • The intention is to highlight trends and patterns which are not always obvious when merely looking at a spreadsheet • Accompanying analysis can often be found on our blog at www.beyonddevic.es • This is the base tier of a three-tier offering, with higher-priced services offering access to the underlying data and custom presentations and analysis • For more information, please visit: https://jackdawresearch.com/quarterly-company-decks/
- 3. Disclaimer The charts inthis deck are based on the company’s reported financial and operating metrics, together with other metrics derived from them by Jackdaw Research. While every effort has been made to ensure the accuracy of the data presented, and the absence of errors, we make no guarantee of accuracy and accept no liability for decisions made based on the information contained in this document. Readers should always consult the source documents if making financial or other decisions regarding the company concerned.
- 4. Revenues, $m Source: Googlereporting, Jackdaw Research analysis 0 5,000 10,000 15,000 20,000 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 Q3 2014 Q1 2015
- 5. Revenue mix Source: Googlereporting, Jackdaw Research analysis 0% 20% 40% 60% 80% 100% Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Google Sites ads Google Network ads Other
- 6. Revenue split byad segment Source: Google reporting, Jackdaw Research analysis 0% 20% 40% 60% 80% Q1 2007 Q4 2007 Q3 2008 Q2 2009 Q1 2010 Q4 2010 Q3 2011 Q2 2012 Q1 2013 Q4 2013 Q3 2014 Google websites Google Network Members' websites
- 7. Revenue split byregion Source: Google reporting, Jackdaw Research analysis 0% 10% 20% 30% 40% 50% Q1 2009 Q4 2009 Q3 2010 Q2 2011 Q1 2012 Q4 2012 Q3 2013 Q2 2014 Q1 2015 United States United Kingdom Rest of the world
- 8. Year on yeargrowth for ad businesses Source: Google reporting, Jackdaw Research analysis -25% 0% 25% 50% 75% 100% Q1 2007 Q4 2007 Q3 2008 Q2 2009 Q1 2010 Q4 2010 Q3 2011 Q2 2012 Q1 2013 Q4 2013 Q3 2014 Google Websites Network Total ad revenues
- 9. Year on yeargrowth rates by region Source: Google reporting, Jackdaw Research analysis 0% 10% 20% 30% 40% 50% Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 Q3 2014 Q1 2015 United States United Kingdom Rest of the world Total
- 10. Other revenues, $m Source:Google reporting, Jackdaw Research analysis 0 500 1,000 1,500 2,000 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015
- 11. Year on yeargrowth – Other revenues Source: Google reporting, Jackdaw Research analysis -100% 0% 100% 200% 300% 400% 500% Q1 2007 Q4 2007 Q3 2008 Q2 2009 Q1 2010 Q4 2010 Q3 2011 Q2 2012 Q1 2013 Q4 2013 Q3 2014
- 12. Margins Source: Google reporting,Jackdaw Research analysis 0% 10% 20% 30% 40% 50% 60% 70% Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013 Q2 2014 Q4 2014 Gross margin Operating margin Net margin
- 13. Cost components as% of revenues Source: Google reporting, Jackdaw Research analysis 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015 R&D as % of revenues S&M as % of revenues G&A as % of revenues
- 14. Capital spending Source: Googlereporting, Jackdaw Research analysis 0% 5% 10% 15% 20% 0 1,000 2,000 3,000 Q2 2012 Q4 2012 Q2 2013 Q4 2013 Q2 2014 Q4 2014 Capex ($m) Capital intensity (capex/revenue)
- 15. Traffic acquisition costs,$m Source: Google reporting, Jackdaw Research analysis 0 1,000 2,000 3,000 4,000 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 Q3 2014 Q1 2015
- 16. Traffic acquisition costsas % of advertising revenue Source: Google reporting, Jackdaw Research analysis 20% 22% 24% 26% 28% Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 Q3 2014 Q1 2015
- 17. Network TAC as% of Network revenue Source: Google reporting, Jackdaw Research analysis 67% 69% 72% 74% 76% Q1 2009 Q4 2009 Q3 2010 Q2 2011 Q1 2012 Q4 2012 Q3 2013 Q2 2014 Q1 2015
- 18. Sites TAC as% of Sites revenue (to Q3 2014) Source: Google reporting, Jackdaw Research analysis 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Q1 2009 Q4 2009 Q3 2010 Q2 2011 Q1 2012 Q4 2012 Q3 2013 Q2 2014 Q1 2015
- 19. Ad metrics indexedto Q4 2008 Source: Google reporting, Jackdaw Research analysis 0 1 2 3 4 Q4 2008 Q3 2009 Q2 2010 Q1 2011 Q4 2011 Q3 2012 Q2 2013 Q1 2014 Q4 2014 Paid clicks indexed to Q4 2008 Cost-per-click indexed to Q4 2008
- 20. Ad metrics indexedto Q2 2011 Source: Google reporting, Jackdaw Research analysis 50 100 150 200 250 Q2 2011 Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013 Q2 2014 Q4 2014 Paid clicks indexed to Q2 2011 Cost-per-click indexed to Q2 2011
- 21. Ad metrics indexedto Q4 2012 Source: Google reporting, Jackdaw Research analysis 50 75 100 125 150 175 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Network paid clicks Sites paid clicks Network cost-per-click Sites cost-per-click
- 22. Year on yearchange in ad metrics Source: Google reporting, Jackdaw Research analysis -20% -10% 0% 10% 20% 30% 40% 50% Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Network paid clicks Sites paid clicks Network cost-per-click Sites cost-per-click
- 23. Employees (excluding Motorola) Source: Googlereporting, Jackdaw Research analysis 0 10,000 20,000 30,000 40,000 50,000 60,000 Q1 2010 Q3 2010 Q1 2011 Q3 2011 Q1 2012 Q3 2012 Q1 2013 Q3 2013 Q1 2014 Q3 2014 Q1 2015
- 24. Revenue per employee,$000s Source: Google reporting, Jackdaw Research analysis 250 275 300 325 350 375 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015
- 25. Annual revenue peremployee, $m Source: Google reporting, Jackdaw Research analysis 0 0.2 0.4 0.6 0.8 1 1.2 1.4 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014
- 26. Year on yearheadcount growth Source: Google reporting, Jackdaw Research analysis -30% 0% 30% 60% 90% Q1 2007 Q4 2007 Q3 2008 Q2 2009 Q1 2010 Q4 2010 Q3 2011 Q2 2012 Q1 2013 Q4 2013 Q3 2014
- 27. Jan Dawson Chief Analyst (408)744-6244 jan@jackdawresearch.com @jandawson For any questions, please contact: