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Q4 2010 Earnings Call
January 20, 2011 4:30 pm ET
Nikesh Arora - Chief Business Officer and Senior Vice President
Larry Page - Co-Founder, President of Products, Assistant Secretary, Director, Member of Executive Committee and Member of Acquisition Committee
Jane Penner - IR & Corporate Communications
Sergey Brin - Co-Founder, President of Technology, Assistant Secretary, Director, Member of Executive Committee and Member of Acquisition Committee
Eric Schmidt - Chairman, Chief Executive Officer, Chairman of Executive Committee and Chairman of Acquisition Committee
Patrick Pichette - Chief Financial Officer, Principal Accounting Officer and Senior Vice President
Jonathan Rosenberg - Senior Vice President of Product Management
Scott Devitt - Morgan Stanley
Steve Weinstein - Pacific Crest Securities, Inc.
Brian Pitz - UBS Investment Bank
Imran Khan - JP Morgan Chase & Co
Spencer Wang - Crédit Suisse AG
Benjamin Schachter - Macquarie Research
Douglas Anmuth - Barclays Capital
Justin Post - BofA Merrill Lynch
James Mitchell - Goldman Sachs Group Inc.
Jason Maynard - Wells Fargo Securities, LLC
Jeetil Patel - Deutsche Bank AG
Ross Sandler - RBC Capital Markets, LLC
Mark Mahaney - Citigroup Inc
Previous Statements by GOOG
» Google CEO Discusses Q3 2010 Results - Earnings Call Transcript
» Google Inc. Q2 2010 Earnings Call Transcript
» Google Inc. Q1 2010 Earnings Call Transcript
Good afternoon, everyone, and welcome to today's Fourth Quarter and Fiscal Year 2010 Earnings Conference Call. With us are Eric Schmidt, Chief Executive Officer and Chairman of the Board; Larry Page, Co-Founder and President, Products; Sergey Brin, Co-Founder and President, Technology; Patrick Pichette, Chief Financial Officer; Jonathan Rosenberg, Senior Vice President, Product Management; and Nikesh Arora, Senior Vice President and Chief Business Officer.
This call is also being webcast from investor.google.com. A replay of the call will be available on our website in a few hours. Now let me quickly cover the Safe Harbor. Some of the statements we make today may be considered forward-looking including statements regarding our expected level of capital expenditures, Google's future and investments in our long-term growth and innovation and the expected performance of our business. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this presentation, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.
Please refer to our SEC filings for a more detailed description of the risk factors that may affect our results. Please note that certain financial measures we use on this call, such as operating income and operating margin, are also expressed on a non-GAAP basis and have been adjusted to exclude charges related to stock-based compensation.
We have also adjusted our net cash provided by operating activities to remove capital expenditures, which we refer to as free cash flow. Our GAAP results and reconciliations of non-GAAP to GAAP measures can be found in our earnings press release.
With that, I will now turn the call over to Eric.
Thank you very much, Jane, and thanks, everybody, for getting on our call. Your time's very valuable. I'm really glad that you all could join us for our quarterly call as reasonably scheduled. We've jumped on the call to talk about the other announcement of this afternoon, which I think everybody is getting a chance to read.
We've had a very strong quarter and a very strong year. And I think as our result show today, our outlook is very, very bright. Larry and Sergey and I spent the lot of time talking about how to run everything. The last decade, of course, had been fantastic and we anticipate this will continue. How can we run the company even better? And just after a long series of conversations, we decided to make some changes in the way we are structuring, the way we actually operate things.
Historically, we've always been running the decisions together. And ultimately, it adds delay and so forth in the way we make decisions. It's actually better to clarify it. So the proposal, which would ultimately now the board has completely approved, is by elevating me and by having Larry running things day-to-day, Sergey focusing on the areas he's going to talk about. We think that this will produce even better success for the corporation. And of course, we're going to do all this by April. So, Larry, do you want to introduce a little bit about your thoughts?
Well, first, I want to really congratulate Eric. He's done an outstanding job leading Google for the last decade. I don't think when Sergey and I started the company, we would have imagined, we could have possibly have imagined we would have a better leader for the company. And we all are in great debt to Eric. And I think the results really speak for themselves. There is no debate about that at all. And there's really know one else in the universe that could have accomplished what Eric has done. And Eric is really a tremendous leader, and I've learned a ton from him over the years. And I think his advice and efforts going forward as Executive Chairman would be invaluable to me and to the company as I start this new role.
Google and I want to say is just incredible opportunity. And when we started Google, people actually thought we were coming in too late, that there were already a lot of other search engines. And the Internet and really people's computing life is really still at the very early stages. And I could not be more excited about moving us forward, and we're really only at the beginning. I just can't wait to get it started
Thank you, Larry. Sergey, do you want to talk a little bit about what you would like to get done in this new structure?
I'd like to, first at the outset, mention that I had a great time working together with Larry now for about 15 years and with Eric for about a decade. And both of them have really inspired me and moved me, and I'm looking forward to many more decades of work together.
Now as we have tried to make, to clarify our respective roles now, I would like to work more on my personal passions, which corresponds of several significant new products that I hope to tell you about in the future. I'm not going to, I know it's been accused of vaporware just recently in the press and what not, so I don't want to repeat that error. And I hope to tell you about them in the future when I'm ready to show you something.