All About Debts

MOUNTAIN VIEW, Calif. - February 1, 2005 - Google Inc. (Nasdaq: GOOG) today announced financial results for the quarter ended December 31, 2004.
* Google reported record revenues of $1.032 billion for the quarter ended December 31, 2004, up 101% year over year. Google reports its revenues, consistent with GAAP, on a gross basis without deducting traffic acquisition costs ("TAC"), or the portion of revenues shared with our partners.

Debt Help * Income from operations, on a GAAP basis, was $303 million, or 29.4% of revenues for the quarter ended December 31, 2004 compared to $86 million or 16.9% of revenues for the prior years quarter.

Stamps.com Reports First Quarter 66% Year over Year Revenue Growth, and Increased Guidance for 2004 Company Now Anticipates Approximately 55% Fiscal Year 2004 Revenue Growth and Profitability in the Fourth Quarter of 2004 SANTA MONICA, Calif. April 21, Stamps.com™ ( STMP) today announced financial results for the first quarter of 2004. First quarter revenue was an all time quarterly high of $7.6 million, up 66% versus the first quarter of 2003 and up 19% versus the fourth quarter of 2003. In addition, Stamps.com announced that it has adjusted its guidance for fiscal 2004 total revenue to be up approximately 55% versus fiscal year 2003; previously the company guided to an overall increase of 35%. Further, the company now anticipates profitability in the fourth quarter of 2004, a quarter earlier than previously expected.

Counseling Debt * Income from operations includes a $60 million non-cash, stock-based compensation charge compared to a $85 million non-cash, stock-based compensation charge in the prior years quarter.

rose 5.5 percent in the fourth quarter. The average sales ticket at company stores in the fourth quarter rose 5.7 percent to $57.20, compared to $54.13 a year ago. For all of fiscal 2005, Home Depot said it earned $5.84 billion, or $2.72 a share, compared to a profit of $5.00 billion, or $2.26 a share, for fiscal 2004. month revenue rose 11.5 percent to $81.51 billion, compared to $73.09 billion recorded for all of fiscal 2004.

Consolidation Consumer Debt * Net income on a GAAP basis for the quarter ended December 31, 2004 was computed based on the following income statement or condensed income statement line items. Net income is derived from the above mentioned revenues of $1.032 billion, traffic acquisition costs of $378 million, as well as other costs and expenses before stock-based compensation of $291 million, stock-based compensation of $60 million, other income of $7 million and a provision for income taxes of $106 million.

Stamps. End 2000 Financial Results Company reports 26 percent growth in revenue over third quarter, with positive gross margin and continued focus on achieving profitability SANTA MONICA, Calif. February 22, Stamps.com™ ( STMP), today announced that revenue in the fourth quarter of year 2000 was $5.3 million, an increase of 26 percent over the third quarter of year 2000, while total revenue for fiscal year 2000 was $15.2 million.

Debt Settlement * Some Wall Street analysts use non-GAAP measures to analyze our operating results. For instance, they may subtract traffic acquisition costs of $378 million from revenues of $1.032 billion to arrive at a net revenues amount. Also, certain analysts may arrive at net income before stock-based compensation by subtracting traffic acquisition costs of $378 million, other costs and expenses before stock-based compensation of $291 million (less other income of $7 million) and a provision for income taxes of $106 million from revenues of $1.032 billion.

Nuance reported fiscal fourth quarter revenues of $61.9 million, a 47 percent increase over revenues of $42.0 million in the quarter ended September 30, 2004. Nuance recognized a net loss of $7.7 million, or $0.06 per share, in the quarter ended September 30, 2005 compared with a net loss of $6.2 million, or $0.06 per share, in the comparable period 2004. These GAAP figures include revenues and expenses associated with the acquisition of the former Nuance for the period following September 16, 2005.

Debt Free * Net income on a GAAP basis in the fourth quarter of 2004 was $204 million or $0.71 per share on a diluted basis based on 285.9 million weighted average shares outstanding.

Stamps.com Reports Third Quarter 2003 Financial Results Revenue Up 32% Year over Year; Customer Acquisition Momentum Builds SANTA MONICA, October 29, Stamps.com™ ( STMP) today announced financial results for the third fiscal quarter ended September 30, 2003. Third quarter revenue was up 32% versus the same quarter last year, and up 7% versus the second fiscal quarter of 2003. In addition, the company reported an increase in customer acquisition during the third quarter, particularly with higher value Power Plan customers.

Consolidation Debt Service * Net cash provided by operating activities for the twelve months ended December 31, 2004 totaled $977 million as compared to $395 million last year, an increase of 147%.

Company Consolidation Debt * Adjusted EBITDA, another measure of liquidity, increased by $236 million or 125% to $425 million (or 41% of revenues) in the fourth quarter of 2004 from $189 million in same quarter of 2003 (or 37% of revenues) and from $321 million (or 40% of revenues) in the third quarter of 2004.

Consolidation Debt Online "Google had an exceptional quarter. Revenues and profits increased significantly, our execution was solid across the company and most importantly, our relationship with our users, partners and advertisers became even stronger," said Eric Schmidt, Google chief executive officer. "All of this happened while we continued to innovate, expand around the world and make strategic, long-term investments."

Consolidation Debt Free Q4 Financial Highlights

Debt Problem Revenues - Revenues in the quarter totaled a record $1.032 billion, representing a 28% increase over the third quarter of 2004 and a 101% year-over-year increase. This revenues growth reflects strong traffic and monetization growth in the quarter as well as advertisers growing recognition of the Internet as an effective advertising medium.

Credit Debt Google-Sites Revenues - Google-owned sites generated $530 million or 51% of total revenues. This represents an increase of 118% over the fourth quarter of 2003.

Advice Debt The Google Network - Revenues generated on Googles partner sites, through AdSense programs, contributed $490 million, or 48% of total revenues, a 92% increase over the Network revenues generated in the same quarter last year.

Card Credit Debt Eliminate TAC - Traffic Acquisition Costs, the portion of revenues shared with Googles partners, increased to $378 million or 77% of Google Network revenues. This compares to total payments to partners of $216 million in the fourth quarter of 2003, or 85% of Google Network revenues.

Debt Recovery Income from operations - Income from operations in the quarter, on a GAAP basis, totaled $303 million or 29.4% of revenues, and included a non-cash charge of $60 million for stock-based compensation. This compares to operating income of $86 million or 16.9% of revenues in the same period of 2003, when the stock-based compensation charge was $85 million. This improvement in operating margins was primarily due to decreases in stock-based compensation expense and traffic acquisition cost as a percentage of revenues.

Counseling Credit Debt Income Taxes - Google recorded a provision for income taxes of $106 million in the fourth quarter, an effective tax rate of 34% as compared to a $62 million provision for income taxes and a 70% effective tax rate in the fourth quarter of 2003. The provision for income taxes in the fourth quarter was reduced by $66 million related to certain items, $42 million due to ISO disqualifying dispositions and $24 million related to certain stock-based compensation charges recognized prior to the IPO. The company expects its effective tax rate before these items to generally trend lower over the long term to a rate below 35%. However, the company may experience volatility in its quarterly effective tax rates as a result of certain stock option activity.

Consolidation Debt Uk Net Income - Net income on a GAAP basis increased to $204 million or 19.8% of revenues in the fourth quarter of 2004 as compared to $27 million or 5.3% of revenues in the fourth quarter of 2003. Earnings on a diluted per share basis were $0.71 in the fourth quarter of 2004 as compared to $0.10 in the fourth quarter of 2003.

Debt Reduce Fiscal Year 2004 Financial Highlights

Get Out Of Debt Revenues - Google reported revenues for calendar year 2004 of $3.189 billion, a 118% increase over the $1.466 billion reported for 2003. Google saw growth throughout the year both in our domestic business and internationally, both on Google owned sites and on the Google Network.

Debt Destroy Specifically, revenues from Google owned sites increased 101% on a year over year basis, from $792 million to $1.6 billion. The company attributes the rapid growth to increased visits to its sites and to its accumulated knowledge of how to more effectively and efficiently monetize that traffic. Revenues from the Google Network grew 147% in the year, from $629 million in 2003 to $1.6 billion in 2004. This growth reflects growth in the number of partners in the network in both the AdSense for Search and the AdSense for Content programs, as well as improved monetization of those programs.

Debt Negotiation Income from Operations - On a GAAP basis (including the settlement charge) our operating income in 2004 rose 87% on a year-over-year basis to $640 million, representing a full year operating margin of 20.1%. Excluding the effect of a third-quarter, 2004 non-cash, non-recurring charge associated with a legal settlement, our operating income for the full year 2004 increased 146% to $841 million, up from $342 million the prior year. Again, excluding the aforementioned charge, our operating margin for the full year rose to 26.4% from 23.4% the previous year. Operating income as reported in both 2004 and 2003 was reduced by significant non-cash stock-based compensation charges of $279 million and $229 million respectively.

Debt Elimination Net Income - Net income for the year 2004 rose to $399 million from $106 million in 2003, an increase of 278%. Adjusting for the impact of the third quarter 2004 settlement charge and for certain tax benefits, net income totaled $406 million in 2004. On a GAAP basis, earnings per share increased to $1.46 this year from $0.41 in 2003.

Consolidation Debt Mortgage Cash Flow - Net cash provided by operating activities increased 147% to $977 million for the twelve months ended December 31, 2004 from $395 million in 2003. Free cash flow is an alternative measure of liquidity to GAAP net cash provided by operating activities and is calculated as operating cash flows less capital expenditures. Capital expenditures were $319 million in the twelve months ended December 31, 2004 as compared to $177 million in the twelve months ended 2003. Free cash flow for the twelve months ended December 31, 2004 totaled $658 million as compared to $219 million for the same period in 2003, an increase of 200%.

Collection Debt Adjusted EBITDA - Adjusted EBITDA is defined as EBITDA before the non-cash stock-based compensation charge, the non-cash and non-recurring settlement charge and in-process R&D. It is another alternative measure of liquidity to GAAP net cash provided by operating activities. Adjusted EBITDA increased to approximately $1.280 billion in 2004, or 40% of revenues, from $638 million, or 44% of revenues, in 2003. For the fourth quarter of 2004, adjusted EBITDA increased to $425 million from $321 million in the third quarter. The reconciliation of adjusted EBITDA to the GAAP measure of liquidity, net cash provided by operating activities, is set forth at the back of this release.

Card Consolidate Credit Debt Cash - As of December 31, 2004, Google had a cash, cash equivalents and short-term investments balance of $2.132 billion.

Consolidation Debt Help On a worldwide basis, Google employed 3,021 full time employees as of December 31, 2004, up from 2,668 as of September 30, 2004.

Consolidation Credit Debt Webcast and conference call information

Bill Consolidation Debt A live audio webcast of Googles fourth-quarter earnings release call will be available at http://investor.google.com/news.html. The call begins today at 1:30 p.m. (PDT)/ 4:30 (EDT). This press release, the financial tables as well as other supplemental information including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, are also available at that site. A replay of the call will be available beginning at 7:30 PM EDT through midnight Tuesday, February 15, by calling (888) 203-1112 in the United States or (719) 457-0820 for calls from outside the United States. The required confirmation code for the replay is 0676870.

Consolidator Debt Forward looking statements

Card Credit Debt Management This press release contains forward-looking statements that involve risks and uncertainties, including statements relating to the Google's market opportunity and future business prospects. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ from the results predicted are included in Google's quarterly reports on Form 10-Q and from time to time in other reports filed by Google with the Securities and Exchange Commission.

Debt Loan About non-GAAP financial measures

Bad Debt To supplement Googles consolidated financial statements presented in accordance with GAAP, Google uses non-GAAP measures of certain financial performance and liquidity. These non-GAAP measures are comprised of income from operations, net income and net income per share before material non-recurring and other items, as well as free cash flows and adjusted EBITDA. Googles management believes that income from operations before material non-recurring and other items and net income before material non-recurring and other items provide meaningful supplemental information regarding the companys core operating results because they exclude amounts that are not necessarily related to those core results and are of a substantially non-recurring nature. Googles management believes that free cash flows and adjusted EBITDA provide meaningful supplemental information regarding liquidity. Google believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the performance of Googles ongoing operations and liquidity and when planning and forecasting future periods. These non-GAAP financial measures also facilitate managements internal comparisons to Googles historical operating results and liquidity.

Consolidation Debt Quote Google computes its non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures.

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