Main  /  Members  /  Google Inc. (GOOG)  /  Financial Forecast Assumptions


Financial Forecast Assumptions
Google Inc. (GOOG)
(Dollars and Shares in Millions, Except Per Share Amounts)

 Actual Forecast
  12 Months  
12/31/03  		 12 Months  
12/31/04  		 12 Months  
12/31/05  		   12 Months  
12/31/06  		 12 Months  
12/31/07  		 12 Months  
12/31/08  		 12 Months  
12/31/09  		 12 Months  
12/31/10  
 
Year-to-Year Change in Net Sales NA   117.5%   92.5%    25.0%   30.0%   30.0%   30.0%   30.0%  
 
Gross Margin % 57.3%   54.3%   58.1%    55.0%   55.0%   55.0%   55.0%   55.0%  
 
Operating Expenses as % of Net Sales 33.9%   34.2%   25.2%    25.0%   25.0%   25.0%   25.0%   25.0%  
 
Other Income (Expense) $4   $10   $124    $10   $10   $10   $10   $10  
 
Interest Rate on Borrowings NA   NA   NA    7.0%   7.0%   7.0%   7.0%   7.0%  
 
Interest Rate on Subordinated Debt NA   NA   NA    12.0%   12.0%   12.0%   12.0%   12.0%  
 
Income Tax Rate 69.5%   38.6%   31.6%    40.0%   40.0%   40.0%   40.0%   40.0%  
 
Cash $335   $2,132   $8,034    $2,000   $2,000   $2,000   $2,000   $2,000  
 
Number of Days Sales in Accounts Receivable 38.6   35.7   40.9    40.0   40.0   40.0   40.0   40.0  
 
Number of Days Cost of Goods Sold in Inventory 0.0   0.0   0.0    0.0   0.0   0.0   0.0   0.0  
 
Other Current Assets $71   $249   $279    $300   $300   $300   $300   $300  
 
Intangibles $105   $194   $278    $300   $350   $400   $450   $450  
 
Investments $0   $0   $0    $0   $0   $0   $0   $0  
 
Other Assets $17   $47   $31    $30   $30   $30   $30   $30  
 
Current Maturities $5   $2   $0    $0   $0   $0   $0   $0  
 
Number of Days Cost of Goods Sold in Accounts Payable 26.8   8.3   16.5    15.0   15.0   15.0   15.0   15.0  
 
Number of Days Operating Expenses in Accrued Expenses 44.1   48.5   73.5    48.5   48.5   48.5   48.5   48.5  
 
Taxes Payable $21   $0   $28    $0   $0   $0   $0   $0  
 
Other Current Obligations $89   $123   $216    $200   $200   $200   $200   $200  
 
Other Current Liabilities $15   $37   $73    $100   $100   $100   $100   $100  
 
Term Loan $2   $0   $0    $0   $0   $0   $0   $0  
 
Subordinated Debt $0   $0   $0    $0   $0   $0   $0   $0  
 
Other Long Term Obligations $11   $13   $13    $13   $13   $13   $13   $13  
 
Other Liabilities $33   $31   $95    $150   $200   $250   $300   $300  
 
Common Stock $726   $2,583   $7,478    $7,478   $7,478   $7,478   $7,478   $7,478  
 
Preferred Stock $44   $0   $0    $0   $0   $0   $0   $0  
 
Other Equity $(374)   $(249)   $(119)    $(100)   $(100)   $(100)   $(100)   $(100)  
 
Treasury Stock $0   $0   $0    $0   $0   $0   $0   $0  
 
Capital Expenditures (Net) NA   $321   $838    $1,200   $1,700   $2,200   $2,700   $3,200  
 
Dividends as % of Net Earnings 0.0%   0.0%   0.0%    0.0%   0.0%   0.0%   0.0%   0.0%  
 
Depreciation (Net) NA   $130   $255    $350   $450   $550   $650   $650  
 
Estimated Borrowing Base as a % of Accounts Receivable 80.0%   80.0%   80.0%    80.0%   80.0%   80.0%   80.0%   80.0%  
 
Estimated Borrowing Base as a % of Inventory 35.0%   35.0%   35.0%    35.0%   35.0%   35.0%   35.0%   35.0%  
 
Estimated Borrowing Base as a % of
      Property, Plant and Equipment (Net)		 50.0%   50.0%   50.0%    50.0%   50.0%   50.0%   50.0%   50.0%  
 
Common Shares Outstanding (Fully Diluted) 257   273   292    292   292   292   292   292