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GOOG Q1 2015 Exhibit 99.1

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GOOG Q1 2015 Exhibit 99.1 Exhibit 99.1 Google Inc. Announces First Quarter 2015 Results MOUNTAIN VIEW, Calif. – April 23, 2015 - Google Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended March 31, 2015. “Google’s first quarter revenue was $17.3 billion, up 12% year on year. Excluding the net impact of foreign currency headwinds, revenue grew a healthy 17% year on year,” said Patrick Pichette, CFO of Google. “We continue to see great momentum in our mobile advertising business and opportunities with brand advertisers.” Q1 2015 Financial Summary Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis. Non-GAAP operating income and non-GAAP operating margin exclude stock-based compensation (SBC) expense from continuing operations. Non-GAAP net income and non-GAAP diluted EPS exclude SBC expense from continuing operations, net of the related tax benefits, as well as Net Loss from Discontinued Operations. These non-GAAP measures, as well as free cash flow, an alternative non-GAAP measure of liquidity, and non-GAAP constant currency revenues and growth, are described and reconciled to the corresponding GAAP measures at the end of this release. The following summarizes our consolidated financial results for the quarter ended March 31, 2015 (in millions, except for per share and shares outstanding information; unaudited): Three Months Ended Three Months Ended March 31, 2014 March 31, 2015 Revenues $ 15,420 $ 17,258 Increase in revenues year over year 19% 12% Traffic acquisition costs (TAC) $ 3,232 $ 3,345 GAAP operating income $ 4,115 $ 4,447 GAAP operating margin 27% 26% Non-GAAP operating income $ 4,954 $ 5,650 Non-GAAP operating margin 32% 33% GAAP net income* $ 3,452 $ 3,586 Non-GAAP net income $ 4,299 $ 4,532 GAAP diluted EPS* $ 5.04 $ 5.20 Non-GAAP diluted EPS $ 6.27 $ 6.57 Diluted shares (in thousands) 685,212 689,498 *GAAP net income and diluted EPS include Net Loss from Discontinued Operations for the three months ended March 31, 2014. Q1 2015 Financial Highlights Revenues and Monetization Revenues by source are presented in the table below (in millions; unaudited): Three Months Ended Change from Q1 2014 Change from Q4 2014 March 31, 2015 to Q1 2015 (YoY) to Q1 2015 (QoQ) Google websites $ 11,932 14% (4)% Google Network Members' websites* 3,576 1% (8)% Total advertising revenues** 15,508 11% (5)% Other revenues* 1,750 23% (2)% Revenues $ 17,258 12% (5)% *Prior period amounts have been adjusted to reflect the reclassification primarily related to DoubleClick ad serving software revenues from Other Revenues to Advertising Revenues from Google Network Members' Websites to conform with our current period presentation. **Advertising revenues are generally reported on a gross basis, consistent with GAAP, without deducting TAC. Excluding hedging gains of $311 million related to our foreign exchange risk management program, had foreign exchange rates remained constant from the first quarter of 2014 through the first quarter of 2015, our revenues in the first quarter of 2015 would have been $795 million higher. Additionally, our constant currency revenue growth in the first quarter of 2015 was 17% year over year. Our constant currency revenues, which exclude the foreign exchange impact on our current period revenues and hedging gains, are presented in the financial tables following this release as well as in the accompanying materials on the Investor Relations website. Paid clicks and cost-per-click information is in the table below (unaudited): Change from Q1 2014 Change from Q4 2014 to Q1 2015 (YoY) to Q1 2015 (QoQ) Aggregate paid clicks 13 % (1)% Paid clicks on Google websites 25 % (3)% Paid clicks on Google Network Members' websites (12)% 4 % Aggregate cost-per-click (7)% (5)% Cost-per-click on Google websites (13)% (3)% Cost-per-click on Google Network Members' websites 2 % (11)% Costs and Expenses Traffic acquisition costs (TAC), other cost of revenues, operating expenses, stock-based compensation expense, and depreciation and amortization expense are presented in the table below (in millions; unaudited): Three Months Ended Three Months Ended March 31, 2014 March 31, 2015 TAC to Google Network Members $ 2,387 $ 2,432 TAC to distribution partners $ 845 $ 913 Total TAC $ 3,232 $ 3,345 TAC to Google Network Members as % of Google Network Members' revenues* 68% 68% TAC to distribution partners as % of Google Website revenues 8% 8% Total TAC as % of advertising revenues* 23% 22% Other cost of revenues $ 2,729 $ 3,011 Other cost of revenue as % of revenues 18% 17% Operating expenses (other than cost of revenues) $ 5,344 $ 6,455 Operating expenses as % of revenues 35% 37% Stock-based compensation expense** $ 839 $ 1,203 Tax benefit related to stock-based compensation expense $ (190) $ (257) Depreciation, amortization, and impairment charges** $ 1,086 $ 1,177 *Prior period amounts have been adjusted to reflect the reclassification primarily related to DoubleClick ad serving software revenues from Other Revenues to Advertising Revenues from Google Network Members' Websites to conform with our current period presentation. **Included in Cost of revenues and Operating expenses. Excludes impact from discontinued operations for the three months ended March 31, 2014. Supplemental Information (in millions except for headcount data; unaudited) Three Months Ended Three Months Ended March 31, 2014 March 31, 2015 Cash, cash equivalents, and marketable securities $ 59,379 $ 65,436 Net cash provided by operating activities $ 4,391 $ 6,617 Capital expenditures* $ 2,345 $ 2,927 Free cash flow $ 2,046 $ 3,690 Effective tax rate 18% 22% Headcount 46,170 55,419 *For Q1 2015, our capital expenditures are primarily related to production equipment, data center construction, and facilities. We expect to continue to make significant capital expenditures. Adjustment Payment in relation to Class C Capital Stock Distribution In January 2014, our board of directors approved the distribution of shares of Class C capital stock as a dividend to our holders of Class A and Class B common stock (the Stock Split). The Stock Split had a record date of March 27, 2014 and a payment date of April 2, 2014. In accordance with a settlement of litigation involving the authorization to distribute Class C capital stock, at the close of trading on April 2, 2015, the last trading day of the 365 day period following the first date the Class C shares traded on NASDAQ (Lookback Period), we determined that a payment (the Adjustment Payment) in the amount of $522 million was due. The amount of the Adjustment Payment was based on the percentage difference that developed between the volume-weighted average price of Class A and Class C shares during the Lookback Period, as supplied by NASDAQ Data-on-Demand, and is payable to holders of Class C capital stock as of the end of the Lookback Period in cash, Class A common stock, Class C capital stock, or a combination thereof, at the discretion of our board of directors. On April 22, 2015, our board of directors approved the Adjustment Payment to be paid on or about May 4, 2015 in shares of Class C capital stock, and cash in lieu of any fractional shares of Class C capital stock. WEBCAST AND CONFERENCE CALL INFORMATION A live audio webcast of Google’s first quarter 2015 earnings release call will be available at http://investor.google.com/webcast.html. The call begins today at 1:30 PM (PT) / 4:30 PM (ET). 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 on that site. We also announce investor information, including news and commentary about our business and financial performance, SEC filings, notices of investor events and our press and earnings releases, on our investor relations website (http://investor.google.com). FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding our investments in areas of strategic focus and our plans to make significant capital expenditures. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, unforeseen changes in our hiring patterns and our need to expend capital to accommodate the growth of the business, as well as those risks and uncertainties included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2014, which is on file with the SEC and are available on our investor relations website at investor.google.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. All information provided in this release and in the attachments is as of April 23, 2015, and we undertake no duty to update this information unless required by law. ABOUT NON-GAAP FINANCIAL MEASURES To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non- GAAP diluted EPS, free cash flow, non-GAAP constant currency revenues, and non-GAAP constant currency revenue growth. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
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