Google Company Analysis
Prepared by Matt Decuir
Exhibit 11 – Projected Balance Sheet & Assumptions (Note Hidden Years)
| Projections | ||||||
| Annual Balance Sheet ($ in millions) | 2007 | 2008 | 2009 | 2016 | 2026 | Assumptions |
| Assets | ||||||
| Cash & Equivelants | $3,170 | $4,934 | $7,631 | $29,800 | $48,597 | 70 Days |
| Short Term Investments | $9,516 | $9,174 | $8,595 | $114,174 | $502,961 | Asset Plug |
| Receivables | 2,061 | 3,207 | 4,960 | 19,370 | 31,588 | 45.5 Days |
| Inventories | 0 | 0 | 0 | 0 | 0 | |
| Other Current Assets | 716 | 1,118 | 1,733 | 6,785 | 11,068 | 61 Days |
| Total Current Assets | $15,464 | $18,433 | $22,919 | $170,129 | $594,215 | |
| Net Property & Equipment | 3,732 | 5,807 | 8,982 | 35,076 | 57,201 | 4.43 Turns |
| Investments & Advances | 1,032 | 1,032 | 1,032 | 1,032 | 1,032 | nc |
| Deferred Charges | 0 | 0 | 0 | 0 | 0 | nc |
| Intangibles | 1,892 | 1,892 | 1,892 | 1,892 | 1,892 | nc |
| Deposits & Other Assets | 114 | 114 | 114 | 114 | 114 | nc |
| Total Assets | $22,234 | $27,278 | $34,939 | $208,244 | $654,453 | |
| Liabilities & Shareholder's Equity | ||||||
| Notes Payable | $0 | $0 | $0 | $0 | $0 | Liability Plug |
| Accounts Payable | 333 | 516 | 797 | 3,103 | 5,058 | 18.24 Days |
| Current Portion Long-Term Debt | 0 | 0 | 0 | 0 | 0 | nc |
| Current Portion Capital Leases | 0 | 0 | 0 | 0 | 0 | nc |
| Accrued Expenses | 1,496 | 2,335 | 3,619 | 14,172 | 23,120 | 127.42 Days |
| Income Taxes Payable | 0 | 0 | 0 | 0 | 0 | nc |
| Other Current Liabilities | 159 | 249 | 385 | 1,508 | 2,460 | 13.56 Days |
| Total Current Liabilities | $1,988 | $3,100 | $4,801 | $18,783 | $30,638 | |
| Deferred Taxes/Income | 60 | 60 | 60 | 60 | 60 | nc |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | nc |
| Non-Current Capital Leases | 0 | 0 | 0 | 0 | 0 | nc |
| Other Non-Current Liabilities | 68 | 68 | 68 | 68 | 68 | nc |
| Total Liabilities | $2,117 | $3,229 | $4,930 | $18,912 | $30,767 | |
| Shareholder's Equity | ||||||
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | nc |
| Common Stock (Par) | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | nc |
| Capital Surplus | 11,883 | 11,883 | 11,883 | 11,883 | 11,883 | nc |
| Retained Earnings | 8,211 | 12,143 | 18,103 | 177,426 | 611,780 | |
| Other Equity | 23 | 23 | 23 | 23 | 23 | nc |
| Total Shareholder's Equity | $20,117 | $24,049 | $30,009 | $189,332 | $623,686 | |
| Total Liabilities & Shareholder's Equity | $22,234 | $27,278 | $34,939 | $208,244 | $654,453 | |
| Total Common Equity | 20,117 | 24,049 | 30,009 | 189,332 | 623,686 | |
| Shares Outstanding (in millions) | 311.55 | 311.55 | 311.55 | 311.55 | 311.55 | |
| Book Value Per Share (not in millions) | 64.57 | 77.19 | 96.32 | 607.71 | 2,001.88 | |