A big thanks to CNBC Valley corresondent and Searchblog buddy Cory Johnson for this file (will download upon click), which takes all the financial information found in Google’s S1 filing and pours it into a handy spreadsheet form.
Cory has broken out Applied Semantics, the one acquisition with related financial information. As he says:
Google paid $41.5 million and 1,825,226 fully-vested shares, as well as
557,574 “fully-vested and unvested options” of Google stock valued at $60.9
million (that’d be $109 an option).
This is great. But, like most analysis, it misses that Google is understating its revenue by excluding traffic acquisition costs.
Google’s revenue in 2003, on the same basis as yahoo reports it, was about $1.5 billion.
See this from the prospectus:
The Company’s net revenues and cost of revenues would both have been $91.7 million and $504.0 million and $69.7 million and $262.6 million higher in 2002 and 2003, and in the three months ended March 31, 2003 and 2004, if these AdSense agreements had been accounted for on a gross basis. There were no AdSense agreements in 2001.
Saul
does anyone have a sense what they paid for blogger?
Hi – Has anyone done a DCF analysis on Google to determibe the company value?