{"id":20602,"date":"2026-07-06T05:07:56","date_gmt":"2026-07-05T20:07:56","guid":{"rendered":"https:\/\/tomorrowaccess.com\/?page_id=20602"},"modified":"2026-10-27T14:25:40","modified_gmt":"2026-10-27T05:25:40","slug":"google-2004","status":"publish","type":"page","link":"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/google-2004","title":{"rendered":"It Sells Stock. But It Hands Over Not a Millimeter of Control."},"content":{"rendered":"<style>@import url('https:\/\/fonts.googleapis.com\/css2?family=Newsreader:ital,opsz,wght@0,6..72,400;0,6..72,500;0,6..72,600;1,6..72,400&display=swap');html,body {max-width: 100vw !important;overflow-x: hidden !important;}main,main > .entry-content,main > .wp-block-post-content,main > .wp-block-post-content.is-layout-constrained,main > .wp-block-post-content.is-layout-constrained > *,main .wp-block-group,main .wp-block-post-content {max-width: 100% !important;padding-left: 0 !important;padding-right: 0 !important;margin-left: 0 !important;margin-right: 0 !important;}main#wp--skip-link--target {padding: 0 !important;margin-top: 0 !important;max-width: 100% !important;}.s1-figure-inline {display: block;width: 100%;max-width: 100%;margin: 60px 0;padding: 0;box-sizing: border-box;}.s1-figure-inline picture {display: block;width: 100%;}.s1-figure-inline img {display: block;width: 100%;max-width: 100%;height: auto;margin: 0;}@media (max-width: 720px) {.s1-hero-grid {grid-template-columns: 1fr !important;}.s1-hero-grid > div {border-right: none !important;border-bottom: 1px solid #e6e6e6 !important;padding: 24px 12px !important;}.s1-hero-grid > div:last-child {border-bottom: none !important;}.s1-hero-grid > div > div:first-child {font-size: 32px !important;white-space: normal !important;}.s1-body-table,.s1-body-table tbody,.s1-body-table tr,.s1-body-table td,.s1-body-table th {display: block !important;width: 100% !important;max-width: 100% !important;box-sizing: border-box !important;}.s1-body-table thead {display: none !important;}.s1-body-table tr {margin-bottom: 16px !important;padding: 8px 0 !important;border-top: 1px solid #1a1a1a !important;}.s1-body-table tr:last-child {border-bottom: 1px solid #1a1a1a !important;}.s1-body-table td {text-align: left !important;padding: 6px 8px !important;}.s1-body-table td::before {content: attr(data-label) \": \";font-weight: 700 !important;color: #000 !important;}.s1-body-table td:first-child::before,.s1-body-table td[data-label=\"\"]::before {display: none !important;}.s1-light-shadow {flex-direction: column !important;}.s1-light-shadow > div {border-left: 1px solid #1a1a1a !important;border-top: 0 !important;}.s1-light-shadow > div:first-child {border-top: 1px solid #1a1a1a !important;}h1 {font-size: clamp(26px, 7vw, 34px) !important;}h2 {font-size: clamp(22px, 5.5vw, 28px) !important;}.s1-article-cta-headline {font-size: 24px !important; line-height: 1.4 !important;}}@media (max-width: 480px) {.s1-article-cta-headline {font-size: 20px !important;}}main .wp-block-post-content>.alignfull{margin-left:calc(-1*var(--wp--style--root--padding-left,20px)) !important;margin-right:calc(-1*var(--wp--style--root--padding-right,20px)) !important;max-width:none !important;width:auto !important;}<\/style>\n<div class=\"alignfull\" style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty; font-size: 16px; -webkit-font-smoothing: antialiased; background: #fafafa; width: 100%;\">\n<div style=\"max-width: 1000px; margin: 0 auto; padding: 80px 20px 0; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n  <a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"text-decoration: none; color: inherit; display: block;\"><\/p>\n<div style=\"text-align: left; margin-bottom: 40px;\">\n<div style=\"width: 100%; height: 5px; background: #1a1a1a;\"><\/div>\n<div style=\"margin-top: 26px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 600; color: #1a1a1a; letter-spacing: 0.01em; line-height: 1; margin-bottom: 14px;\">S-1 <span style=\"color: #daa241;\">Journal<\/span><\/div>\n<div style=\"display: flex; align-items: center; flex-wrap: wrap; gap: 14px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; margin-bottom: 26px;\">\n        <span style=\"font-size: 11px; letter-spacing: 0.18em; color: #1a1a1a; font-weight: 700; text-transform: uppercase;\">The 10 Questions<\/span><br \/>\n        <span style=\"font-size: 11px; color: #ccc;\">|<\/span><br \/>\n        <span style=\"font-size: 12px; letter-spacing: 0.02em; color: #666; font-weight: 400;\">Every S-1, decoded through the same 10 questions.<\/span>\n      <\/div>\n<div style=\"width: 100%; height: 1px; background: #daa241;\"><\/div>\n<\/p><\/div>\n<p>  <\/a>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<div style=\"margin: 0 0 32px 0;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 30px; font-weight: 600; letter-spacing: 0; color: #daa241; margin: 0; line-height: 1.2;\">Google<\/p>\n<\/div>\n<h1 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(32px, 6vw, 46px); font-weight: 600; line-height: 1.2; letter-spacing: -0.01em; color: #000; margin: 0 0 40px 0; text-wrap: pretty;\">It Sells Stock. But It Hands Over<br \/>Not a Millimeter of Control.<\/h1>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.03em; color: #888; margin: 0 0 60px 0; border-bottom: 1px solid #e6e6e6; padding-bottom: 16px;\">Source: <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1288776\/000119312504073639\/ds1.htm\" target=\"_blank\" rel=\"noopener\" style=\"color: #daa241; text-decoration: underline; text-underline-offset: 3px; text-decoration-thickness: 1px;\">Google Inc. S-1 (filed 2004-04-29) \u2197<\/a><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In April 2004, Google filed its <span style=\"white-space:nowrap;\">S-1<\/span> with the SEC. Net revenue was <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$961.9<\/span> million<\/strong>, with a <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">36%<\/span> operating margin<\/strong> and <span style=\"white-space:nowrap;\">$105.6<\/span> million in net income. Revenue had grown roughly 11x in three years (it was <span style=\"white-space:nowrap;\">$86M<\/span> in 2001).<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">And yet Google&rsquo;s <span style=\"white-space:nowrap;\">S-1<\/span> carries a line no ordinary prospectus has: &ldquo;Google is <strong style=\"font-weight: 700; color: #000;\">not a conventional company<\/strong>. We do not intend to become one.&rdquo; It is the opening of a letter the two founders wrote to shareholders.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-hero-grid\" style=\"border-top: 1px solid #1a1a1a; border-bottom: 1px solid #1a1a1a; padding: 50px 0; display: grid; grid-template-columns: repeat(3, 1fr); gap: 0; text-align: center; align-items: start;\">\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">$961.9M<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">FY2003 NET REVENUE<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">net revenue (~11x in 3 years)<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">95%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">AD DEPENDENCY<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">revenue from advertising<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">10 votes<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">CLASS B VOTE<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">votes per Class B share<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 60px 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">95%<\/span> of revenue was advertising<\/strong>. You type words into a search box, and an ad appears beside them. That alone earned <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$961.9<\/span> million<\/strong> a year. The founders, Larry Page and Sergey Brin, were both Stanford CS PhD students. The company was six years old.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Even the IPO method was unconventional. Ignoring Wall Street custom, Google chose <strong style=\"font-weight: 700; color: #000;\">an auction process<\/strong>. What you see is a company run by two Stanford graduate students that declared, in its own prospectus, that it was &ldquo;<strong style=\"font-weight: 700; color: #000;\">not a conventional company<\/strong>.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.4em 0;\">Ten questions. We lay out only what the S-1 says.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 1<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is this company, really?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Prospectus Summary (p.1+), Business (p.28+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In one line: a company that <strong style=\"font-weight: 700; color: #000;\">organizes the world&rsquo;s information<\/strong> and makes it accessible to everyone.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Google states its mission in a single sentence.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">To organize the world&#8217;s information and make it universally accessible and useful.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">GOOGLE S-1 (APR 2004) \u2014 PROSPECTUS SUMMARY, OUR MISSION<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What does it actually do? It is a search engine. A user types in keywords, and from an index of <strong style=\"font-weight: 700; color: #000;\">more than 4 billion web pages<\/strong> it returns the most relevant results.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What made Google&rsquo;s search different was an algorithm called <strong style=\"font-weight: 700; color: #000;\">PageRank<\/strong>. It treats the link structure between web pages as &ldquo;votes,&rdquo; <strong style=\"font-weight: 700; color: #000;\">judging a page that is linked to by many other pages as &ldquo;important.&rdquo;<\/strong> It is the same principle as <strong style=\"font-weight: 700; color: #000;\">ranking academic papers by citation count<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">By this point, Google had begun to be more than just a search company: Gmail (launched 2004), Google News, Froogle (product search), Google Print (book search). But <span style=\"white-space:nowrap;\">95%<\/span> of revenue is advertising.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The diversity of its products, and the <span style=\"white-space:nowrap;\">single-point<\/span> concentration of its revenue. That contrast is what defines Google as a company.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 2<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What does it compete on?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (p.28+), Founders&#8217; Letter \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Google&rsquo;s way of competing has three layers.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">PageRank (search quality itself as the weapon)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On technology, Google describes itself as a search engine that indexes over 4 billion web pages and uses PageRank to return highly relevant results.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">PageRank is the quality of the search results themselves. It is why users use Google, and why advertisers pay Google. The more the web grows, the more <span style=\"white-space:nowrap;\">link-structure<\/span> data accumulates, and the more accurate the ranking becomes. It is <strong style=\"font-weight: 700; color: #000;\">a network effect<\/strong> that grows stronger the more it is used.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">AdWords (a mechanism for selling ads on a <span style=\"white-space:nowrap;\">pay-per-click<\/span> basis)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Traditional advertising was a business of &ldquo;buying a slot.&rdquo; Google is different. Advertisers bid on keywords, and are <strong style=\"font-weight: 700; color: #000;\">charged only when a user clicks<\/strong> (CPC: Cost Per Click).<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">This was a revolution. Advertisers <strong style=\"font-weight: 700; color: #000;\">pay only for the effect they can see<\/strong>. Google&rsquo;s ad inventory grows as search volume grows. It is a structure that is rational for both sides.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">By this point, <strong style=\"font-weight: 700; color: #000;\">many advertisers<\/strong> were using AdWords.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">AdSense (turning <span style=\"white-space:nowrap;\">third-party<\/span> sites into &ldquo;Google ad slots&rdquo;)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">AdSense (Google Network), which started in earnest in 2003, is a mechanism that serves Google ads on other companies&rsquo; websites and shares the revenue. From major portals to personal blogs, sites were folded into Google&rsquo;s ad network.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Of the <span style=\"white-space:nowrap;\">$961.9M<\/span> in 2003 net revenue, <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$144.4M<\/span> (<span style=\"white-space:nowrap;\">15%<\/span>)<\/strong> came through the Google Network. Search ads on Google&rsquo;s own sites (<span style=\"white-space:nowrap;\">$772.2M<\/span>, <span style=\"white-space:nowrap;\">80%<\/span>) are the main pillar.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Search volume grows ad inventory; partners extend reach. Everything reinforces everything else.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 3<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">How big is the market?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Industry Background, p.30+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> gives no <span style=\"white-space:nowrap;\">market-size<\/span> number. What it describes is the structural shift that &ldquo;advertising <strong style=\"font-weight: 700; color: #000;\">became measurable<\/strong>.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Traditional television, newspaper, and magazine advertising made its effect hard to see. Google&rsquo;s search ads charge only for the clicks a user makes. Advertisers can <strong style=\"font-weight: 700; color: #000;\">pay only for the effect they can see<\/strong>. This is the force that <strong style=\"font-weight: 700; color: #000;\">moves ad spending toward measurable online channels<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> frames this trend as &ldquo;<strong style=\"font-weight: 700; color: #000;\">only just beginning<\/strong>.&rdquo; Google itself already indexes <strong style=\"font-weight: 700; color: #000;\">more than 4 billion web pages<\/strong> and handles searches around the world in <strong style=\"font-weight: 700; color: #000;\">97 languages<\/strong>. Even so, the message is that there is ample room for advertising to migrate online.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What the <span style=\"white-space:nowrap;\">S-1<\/span> shows is not a market number but the trend itself: advertising moving online.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 4<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who actually uses it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Customers, p.36+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Google&rsquo;s &ldquo;customers&rdquo; come in three kinds.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What stands out is the low customer concentration. <strong style=\"font-weight: 700; color: #000;\">No single advertiser ever exceeded <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">3%<\/span> of revenue<\/strong><\/strong>. A <strong style=\"font-weight: 700; color: #000;\">broadly diversified<\/strong> advertiser base. This means <strong style=\"font-weight: 700; color: #000;\">stability of revenue<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The Google Network includes a wide range of websites, from major portals to individual sites.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Hundreds of millions of people search; many advertise. Where many ad companies have their revenue held by a handful of large accounts, Google&rsquo;s earnings spread thinly across <strong style=\"font-weight: 700; color: #000;\">countless small advertisers<\/strong>.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Side<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Metric<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Number<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Users<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Languages supported<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">97+<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Advertisers<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">AdWords auctions per day<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Hundreds of millions<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Advertisers<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">AdWords advertisers<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Many<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Advertisers<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Concentration (largest single advertiser&rsquo;s share)<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Under <span style=\"white-space:nowrap;\">3%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A diversification that <strong style=\"font-weight: 700; color: #000;\">depends on no single company<\/strong> &mdash; that is Google&rsquo;s strength.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 5<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">How does it make money?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Revenue, p.33+), MD&#038;A (p.48+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">How Google makes money is astonishingly simple.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In short, <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">95%<\/span> is advertising revenue<\/strong>. And almost all of that advertising is the <strong style=\"font-weight: 700; color: #000;\">CPC (<span style=\"white-space:nowrap;\">pay-per-click<\/span>) model<\/strong>. The advertiser is charged only at the moment a user clicks the ad.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">For the Google Network (AdSense), Google books ad revenue <strong style=\"font-weight: 700; color: #000;\">net of the share it pays partner sites<\/strong>. The <span style=\"white-space:nowrap;\">S-1<\/span> notes that, had these AdSense fees been booked gross instead, 2003 net revenues and costs would each have been <span style=\"white-space:nowrap;\">$504M<\/span> higher &mdash; so the reported net revenue of <span style=\"white-space:nowrap;\">$961.9M<\/span> already nets out what Google hands its partners.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The essence of how it earns is <strong style=\"font-weight: 700; color: #000;\">search volume &times; <span style=\"white-space:nowrap;\">click-through<\/span> rate &times; cost per click<\/strong>. Those three multiplied together were everything. A single click is worth only a few dozen cents &mdash; but it repeats hundreds of millions of times a day.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Revenue source (2003, net revenue)<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Amount<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Share<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Google websites (own search ads)<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$772.2M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">80%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Google Network (via AdSense partners)<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$144.4M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">15%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Licensing and other<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$45.3M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">5%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Total<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$961.9M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">100%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A few dozen cents per click &times; hundreds of millions of times a day &mdash; stacked up to <span style=\"white-space:nowrap;\">$961.9M<\/span> a year (net).<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 6<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Are the numbers healthy?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Selected Consolidated Financial Data (p.25+), MD&#038;A (p.48+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Let&rsquo;s lay out the financial facts.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Revenue grew <strong style=\"font-weight: 700; color: #000;\">roughly 11x in three years<\/strong>. And it was not in the red.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What stands out is the 2003 operating margin of <span style=\"white-space:nowrap;\">36%<\/span> (on a net basis). The main reason it fell from the prior year (<span style=\"white-space:nowrap;\">54%<\/span>) is <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">stock-based<\/span> compensation<\/strong> &mdash; the expense recorded for paying employees in stock. That expense ballooned more than tenfold, from <span style=\"white-space:nowrap;\">$21.6M<\/span> to <span style=\"white-space:nowrap;\">$229.4M<\/span>, jumping from <span style=\"white-space:nowrap;\">6.2%<\/span> to <span style=\"white-space:nowrap;\">23.8%<\/span> of net revenues. Still, a private company posting <strong style=\"font-weight: 700; color: #000;\">a <span style=\"white-space:nowrap;\">36%<\/span> operating margin before going public<\/strong> is extremely rare. An ordinary IPO is <strong style=\"font-weight: 700; color: #000;\">a ritual for raising money while losing it<\/strong>. Google was different.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">At the end of 2003 it held <strong style=\"font-weight: 700; color: #000;\">about <span style=\"white-space:nowrap;\">$334.7M<\/span> in cash<\/strong> and <span style=\"white-space:nowrap;\">short-term<\/span> investments.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Google was already a profitable company before its IPO. The purpose of the IPO was not &ldquo;to survive&rdquo; but &ldquo;<strong style=\"font-weight: 700; color: #000;\">to bet even bigger<\/strong>.&rdquo; For Google, the meaning of an IPO was fundamentally different from other companies.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Year<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Revenue<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Operating income<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Net income<\/th>\n<th style=\"padding: 14px 8px; text-align: right; font-weight: 700; color: #000; word-break: break-word;\">Operating margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">2001<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$86.4M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">&mdash;<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">&mdash;<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\">&mdash;<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">2002<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$347.8M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$186.5M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$99.7M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">54%<\/span><\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">2003<\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$961.9M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$342.5M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$105.6M<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: right; word-break: break-word; font-variant-numeric: tabular-nums; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">36%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The purpose of the IPO was not &ldquo;to survive&rdquo; but &ldquo;<strong style=\"font-weight: 700; color: #000;\">to bet even bigger<\/strong>.&rdquo;<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 7<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who runs it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Management (p.67+), Founders&#8217; Letter \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Google was built by <strong style=\"font-weight: 700; color: #000;\">two Stanford graduate students<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Both came from Stanford&rsquo;s CS PhD program. They <strong style=\"font-weight: 700; color: #000;\">incorporated Google in September 1998<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On the board sit the marquee partners of Silicon Valley&rsquo;s <strong style=\"font-weight: 700; color: #000;\">two great VCs<\/strong>: John Doerr (Kleiner Perkins) and Michael Moritz (Sequoia Capital).<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Two graduate students built a company with <span style=\"white-space:nowrap;\">$961.9M<\/span> in revenue in six years. That story is written into the <span style=\"white-space:nowrap;\">S-1<\/span>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Larry Page (<span style=\"white-space:nowrap;\">co-founder<\/span>, President of Products)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Enrolled (on leave) in Stanford&rsquo;s CS PhD program, with a Stanford CS master&rsquo;s. A bachelor&rsquo;s in computer engineering from the University of Michigan. PageRank was developed while he was at Stanford.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Sergey Brin (<span style=\"white-space:nowrap;\">co-founder<\/span>, President of Technology)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Enrolled (on leave) in Stanford&rsquo;s CS PhD program, with a Stanford CS master&rsquo;s. A bachelor&rsquo;s in mathematics and computer science (with high honors) from the University of Maryland. He <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">co-developed<\/span> PageRank<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Eric Schmidt (Chairman of the Executive Committee &#038; CEO)<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Appointed CEO in 2001 at the request of Kleiner Perkins and Sequoia. Previously CEO of Novell and CTO of Sun Microsystems. His role is to be the &ldquo;adult supervision&rdquo; for Page and Brin.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">A <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">three-person<\/span> leadership<\/strong><\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">three-person<\/span> leadership<\/strong> of &ldquo;<strong style=\"font-weight: 700; color: #000;\">two founders + one professional manager<\/strong>&rdquo; ran Google in 2004.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Two graduate students built a company with <span style=\"white-space:nowrap;\">$961.9M<\/span> in revenue in six years.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 8<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">Who controls it?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Description of Capital Stock (p.106+), Founders&#8217; Letter \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">This is the most famous mechanism in Google&rsquo;s <span style=\"white-space:nowrap;\">S-1<\/span>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Here is the prototype of <strong style=\"font-weight: 700; color: #000;\">a structure that many tech companies &mdash; Facebook among them &mdash; later copied<\/strong>. One <span style=\"white-space:nowrap;\">Class B<\/span> share carries <strong style=\"font-weight: 700; color: #000;\">10 times the votes<\/strong> of a <span style=\"white-space:nowrap;\">Class A<\/span> share.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Google sold stock. It took the money. But it handed over not a millimeter of control. This is the prototype of the &ldquo;<strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">founder-controlled<\/span> IPO<\/strong>&rdquo; established in 2004.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Two founders + Schmidt hold significant influence through <span style=\"white-space:nowrap;\">dual-class<\/span> stock<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">About <span style=\"white-space:nowrap;\">40%<\/span> of <span style=\"white-space:nowrap;\">Class B<\/span> (10 votes per share) is held by the trio of founders Larry and Sergey plus CEO Eric Schmidt, and officers and directors as a group hold about <span style=\"white-space:nowrap;\">65%<\/span> (as of March 31, 2004). In the first <span style=\"white-space:nowrap;\">S-1<\/span>, the IPO share count was not yet set, so the <span style=\"white-space:nowrap;\">voting-power<\/span> ratio is left blank (___%), but the text states plainly that these three hold &ldquo;significant influence&rdquo; over the company&rsquo;s decisions.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Even if their economic stake is limited, the core of the voting power rests with the <span style=\"white-space:nowrap;\">Class B<\/span> insiders. Larry, Sergey and Eric alone did not hold a majority, but <strong style=\"font-weight: 700; color: #000;\">across the founders, officers and directors as a whole, no matter how many ordinary shareholders gather, the structure cannot be overturned from outside<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The intent is declared in the Founders&rsquo; Letter<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The founders&rsquo; letter placed at the front of the <span style=\"white-space:nowrap;\">S-1<\/span> does not hide this structure. If anything, it declares it openly.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">New investors will fully share in Google&#8217;s long term growth but will have less influence over its strategic decisions than they would at most public companies.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">GOOGLE S-1 (APR 2004) \u2014 FOUNDERS&#8217; LETTER<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It goes on to say: we drew on <strong style=\"font-weight: 700; color: #000;\">Berkshire Hathaway<\/strong>&rsquo;s owner&rsquo;s manual; with the same logic as Warren Buffett, we protect the company from <span style=\"white-space:nowrap;\">short-term<\/span> shareholder pressure.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Even the IPO method is unusual: <strong style=\"font-weight: 700; color: #000;\">an auction process<\/strong><\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Google did not use the normal IPO process (investment banks allocating shares to institutional investors on a roadshow). It adopted <strong style=\"font-weight: 700; color: #000;\">an auction process<\/strong>, in which investors bid their desired price and number of shares, and everyone buys at the same single clearing price.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It is a clear message to Wall Street: &ldquo;<strong style=\"font-weight: 700; color: #000;\">You don&rsquo;t get to set the price<\/strong>. The market decides.&rdquo;<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Share class<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Weight of one vote<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Dividend<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Who holds it<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">Class A<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">1 vote<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Equal rights for both classes (but no dividend planned)<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Public investors who buy at IPO<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">Class B<\/span><\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">10 votes<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Equal rights for both classes (but no dividend planned)<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Founders and existing shareholders<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It took the money. But it handed over not a millimeter of control.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 9<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is it afraid of?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Risk Factors (p.5+) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Here are the five things Google itself says it worries about most.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Dependence on advertising<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;We generate our revenue <strong style=\"font-weight: 700; color: #000;\">almost entirely from advertising<\/strong>, and the reduction in spending by or loss of advertisers could seriously harm our business.&rdquo; <span style=\"white-space:nowrap;\">95%<\/span> of revenue is advertising. If the ad market shrinks, Google shrinks.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The Microsoft threat<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Google <strong style=\"font-weight: 700; color: #000;\">names Microsoft directly<\/strong> as a threat. &ldquo;Microsoft has announced plans to develop <strong style=\"font-weight: 700; color: #000;\">a new web search technology<\/strong>.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">As of 2004, Microsoft had publicly disclosed development of its own search engine. An opponent with <strong style=\"font-weight: 700; color: #000;\">overwhelmingly greater financial firepower<\/strong> was preparing to enter Google&rsquo;s core market.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Click fraud<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;We are exposed to the risk of <strong style=\"font-weight: 700; color: #000;\">fraudulent clicks<\/strong> on our ads.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It is the act of competitors or bots meaninglessly clicking ads to waste advertisers&rsquo; budgets. If it spreads, advertisers will leave Google.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Dependence on key personnel<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;If we were to lose the services of Eric, Larry, Sergey or our senior management team, we may not be able to execute our business strategy.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><strong style=\"font-weight: 700; color: #000;\">If even one of the three left<\/strong>, the company&rsquo;s direction would waver.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">Regulation and privacy<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">&ldquo;People have raised <strong style=\"font-weight: 700; color: #000;\">privacy concerns<\/strong> relating to the ability of our recently announced Gmail email service to match relevant ads to the content of email messages.&rdquo;<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The <span style=\"white-space:nowrap;\">S-1<\/span> also discloses that data protection laws in Europe and elsewhere are still uncertain and in flux, and that if they are applied in a way that conflicts with Google&rsquo;s data practices, the company could face fines and be ordered to change those practices. Privacy concerns and government regulation are risks that touch the foundation of the advertising model.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A single ad leg, Microsoft&rsquo;s entry, click fraud, dependence on three people, and regulation &mdash; five fears.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 10<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What becomes of the money it raises?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Use of Proceeds (p.27+), Cover \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; line-height: 1.6; color: #888; letter-spacing: 0.01em; margin: 0 0 1.5em 0; padding: 16px 20px; background: #f5f5f5; border-left: 3px solid #888;\">Note: This analysis draws only on the facts in the S-1. The final IPO price, the listing date, post-listing share performance and trading demand are not in the filing and fall outside its scope.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Here is the IPO plan as written in the prospectus.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Here is what the reader should notice. Google was a company that <strong style=\"font-weight: 700; color: #000;\">would not die without IPO money<\/strong>. It was <strong style=\"font-weight: 700; color: #000;\">already profitable<\/strong> in 2003, and held <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">$334.7M<\/span> in cash<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">A declaration that it will not give quarterly guidance<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Google writes directly a policy that is unusual for a company on the eve of an IPO.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">We do not plan to <strong style=\"font-weight: 700; color: #000;\">give earnings guidance in the traditional sense<\/strong>.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">GOOGLE S-1 (APR 2004) \u2014 FOUNDERS&#8217; LETTER<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It is a declaration that, even after listing, it will not yield to Wall Street&rsquo;s <strong style=\"font-weight: 700; color: #000;\"><span style=\"white-space:nowrap;\">short-term<\/span> pressure<\/strong>.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">An IPO <strong style=\"font-weight: 700; color: #000;\">to bet even bigger<\/strong><\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The use of proceeds is &ldquo;general corporate purposes,&rdquo; &ldquo;capital expenditures,&rdquo; and &ldquo;potential acquisitions&rdquo; &mdash; all written to leave broad discretion.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Google went public as &ldquo;a company that was <strong style=\"font-weight: 700; color: #000;\">already profitable<\/strong>, going public <strong style=\"font-weight: 700; color: #000;\">to bet even bigger<\/strong>.&rdquo; The freedom in its use of proceeds and the declaration against quarterly guidance tell that intent.<\/p>\n<div style=\"margin: 30px 0;\">\n<table class=\"s1-body-table\" style=\"width: 100%; table-layout: fixed; border-collapse: collapse; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; font-variant-numeric: tabular-nums;\">\n<thead>\n<tr style=\"border-top: 2px solid #1a1a1a; border-bottom: 1px solid #1a1a1a;\">\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Item<\/th>\n<th style=\"padding: 14px 8px; text-align: left; font-weight: 700; color: #000; word-break: break-word;\">Detail<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Listing<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Undecided in the first <span style=\"white-space:nowrap;\">S-1<\/span> (NYSE or Nasdaq), ticker left blank; Nasdaq (GOOG) was set in the <span style=\"white-space:nowrap;\">S-1<\/span>\/A<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Registration amount (first <span style=\"white-space:nowrap;\">S-1<\/span>)<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\"><span style=\"white-space:nowrap;\">$2,718M<\/span> (proposed maximum offering used to compute the registration fee)<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #e6e6e6;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Lead underwriters<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Morgan Stanley, Credit Suisse<\/td>\n<\/tr>\n<tr style=\"border-bottom: 1px solid #1a1a1a;\">\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">IPO method<\/td>\n<td style=\"padding: 14px 8px; text-align: left; word-break: break-word; color: #1a1a1a;\">Auction process<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It went public as &ldquo;a company that was <strong style=\"font-weight: 700; color: #000;\">already profitable<\/strong>, going public <strong style=\"font-weight: 700; color: #000;\">to bet even bigger<\/strong>.&rdquo;<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.25em; font-weight: 700; color: #daa241; margin: 120px 0 12px 0; text-transform: uppercase;\">In closing<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 20px 0;\">Beyond the ten questions<\/h2>\n<div style=\"width: 140px; height: 4px; background: #daa241; margin: 0 0 40px 0;\"><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What Google sells is not only a &ldquo;search engine that organizes the world&rsquo;s information.&rdquo; At the time of its <span style=\"white-space:nowrap;\">S-1<\/span> it had <span style=\"white-space:nowrap;\">$961.9M<\/span> in net revenue, roughly 11x growth in three years, a <span style=\"white-space:nowrap;\">36%<\/span> operating margin, and profitability before listing. Its advertisers were many, with no single one above <span style=\"white-space:nowrap;\">3%<\/span>, and PageRank, AdWords, and AdSense formed a <span style=\"white-space:nowrap;\">self-reinforcing<\/span> loop &mdash; it went public with an <span style=\"white-space:nowrap;\">already-finished<\/span> business in hand.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">But at the front of that <span style=\"white-space:nowrap;\">S-1<\/span> sits the founders&rsquo; letter, declaring &ldquo;Google is not a conventional company.&rdquo; Through <span style=\"white-space:nowrap;\">dual-class<\/span> stock of 10 votes per <span style=\"white-space:nowrap;\">Class B<\/span> share, the two founders plus Schmidt hold significant influence, and control rests with the insiders as a whole; even the IPO method rejects Wall Street custom with an auction process; and it declares it will give no quarterly guidance. &ldquo;We take the money. But we hand over not a millimeter of control&rdquo; &mdash; it wrote that openly, in the prospectus.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\"><span style=\"white-space:nowrap;\">95%<\/span> of revenue depends on advertising, and it discloses, in its own Risk Factors, the entry of Microsoft, click fraud, and dependence on the three key people. It is the moment two Stanford graduate students, citing Berkshire Hathaway&rsquo;s owner&rsquo;s manual, created the prototype of the <span style=\"white-space:nowrap;\">founder-controlled<\/span> IPO.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-light-shadow\" style=\"display: flex; align-items: stretch;\">\n<div style=\"flex: 1 1 0; min-width: 0; box-sizing: border-box; border: 1px solid #1a1a1a; overflow-wrap: break-word; background: #ffffff; display: flex; flex-direction: column;\">\n<div style=\"background: #c4922e; padding: 20px 28px; text-align: center;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; letter-spacing: 0.25em; color: rgba(255,255,255,0.7); font-weight: 700; margin: 0 0 4px 0;\">LIGHT<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 600; color: #ffffff; margin: 0;\">The bull case<\/h3>\n<\/p><\/div>\n<div style=\"padding: 28px; background: #ffffff; flex: 1;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 1.65; color: #1a1a1a; margin: 0; overflow-wrap: break-word;\"><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; $961.9M in net revenue, roughly 11x in three years ($86M &rarr; $962M).<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; 36% operating margin, $105.6M net income, $334.7M in cash.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Many advertisers, no single one above 3%, plus the Google Network.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; A self-reinforcing loop of PageRank + AdWords + AdSense.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; An IPO by &ldquo;a company already profitable, going public to bet even bigger.&rdquo;<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0;\">&middot; An auction process that rejects Wall Street.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div style=\"flex: 1 1 0; min-width: 0; box-sizing: border-box; border: 1px solid #1a1a1a; border-left: 0; overflow-wrap: break-word; background: #ffffff; display: flex; flex-direction: column;\">\n<div style=\"background: #1a1a1a; padding: 20px 28px; text-align: center;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10px; letter-spacing: 0.25em; color: rgba(255,255,255,0.5); font-weight: 700; margin: 0 0 4px 0;\">SHADOW<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 600; color: #ffffff; margin: 0;\">The bear case<\/h3>\n<\/p><\/div>\n<div style=\"padding: 28px; background: #ffffff; flex: 1;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 16px; line-height: 1.65; color: #1a1a1a; margin: 0; overflow-wrap: break-word;\"><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; 95% of revenue depends on advertising; in the CPC model, click fraud hits directly.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Microsoft is developing its own search engine; an opponent with far greater financial firepower is entering.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; Class B at 10 votes per share keeps control with the two founders + Schmidt; ordinary shareholders cannot influence management decisions.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0 0 0.6em 0;\">&middot; It discloses, in its own Risk Factors, dependence on Larry\/Sergey\/Eric.<\/span><span style=\"display:block; padding-left:1.2em; text-indent:-1.2em; margin:0;\">&middot; Holding vast amounts of user data brings privacy-regulation risk.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0;\">The prospectus writes that it will &ldquo;organize the world&rsquo;s information and make it accessible to everyone.&rdquo; The market expects &ldquo;the biggest winner of the online advertising revolution.&rdquo; At the intersection of the two, Google sells stock. It is the moment two Stanford CS graduate students go public while rejecting Wall Street custom.<\/p>\n<\/div>\n<p><!--s1nl--><\/p>\n<div class=\"s1-nl\" id=\"s1nl-en\" style=\"max-width:680px;margin:70px auto 0;padding:30px;border:1px solid #e6e6e6;background:#ffffff;font-family:'Helvetica Neue', Helvetica, Arial, 'Hiragino Kaku Gothic ProN', '\u30d2\u30e9\u30ae\u30ce\u89d2\u30b4 ProN W3', 'Noto Sans JP', 'Yu Gothic', sans-serif;word-break:keep-all;line-break:strict;box-sizing:border-box;\">\n<p style=\"font-size:12px;letter-spacing:0.25em;font-weight:700;color:#daa241;margin:0 0 10px;\">S-1 JOURNAL NEWSLETTER<\/p>\n<div style=\"font-size:20px;font-weight:700;line-height:1.6;color:#1a1a1a;margin:0 0 10px;\">When the next S-1 drops, get the reality check.<\/div>\n<p style=\"font-size:14px;line-height:1.8;color:#333333;margin:0 0 20px;\">Event-driven S-1 breakdowns and new deep dives, delivered free by email. Subscriber bonus: the Ten Questions checklist (PDF). No spam. Unsubscribe anytime.<\/p>\n<form action=\"https:\/\/tomorrowaccess.com\/wp-json\/s1\/v1\/waitlist\" method=\"post\" onsubmit=\"return s1nlSubmit_en(this)\" style=\"display:flex;gap:10px;flex-wrap:wrap;margin:0;\"><input type=\"hidden\" name=\"source\" value=\"s1nl-en-nojs\"><input type=\"email\" name=\"email\" required placeholder=\"Your email\" style=\"flex:1;min-width:200px;padding:13px 16px;font-size:15px;font-family:inherit;border:1px solid #e6e6e6;background:#fafafa;color:#000000;border-radius:0;box-sizing:border-box;\"><button type=\"submit\" style=\"background:#daa241;color:#ffffff;border:0;border-radius:0;padding:13px 28px;font-size:14px;font-weight:700;letter-spacing:0.08em;font-family:inherit;cursor:pointer;\">Subscribe free<\/button><\/form>\n<p style=\"font-size:11px;color:#999999;line-height:1.7;margin:10px 0 0;\">By subscribing you agree to receive emails from S-1 Journal.<\/p>\n<p><script>function s1nlSubmit_en(f){var b=f.querySelector(\"button\");b.disabled=true;var em=(f.querySelector(\"input[type=email]\").value||\"\").trim();fetch(f.action,{method:\"POST\",headers:{\"Content-Type\":\"application\/json\"},body:JSON.stringify({email:em,source:location.pathname})}).then(function(r){return r.json()}).then(function(j){if(j&&j.ok){document.getElementById(\"s1nl-en\").innerHTML=\"<\/p>\n<p style=\\\"font-size:16px;font-weight:700;color:#1a1a1a;margin:0;\\\">\u2713 You're in. See you at the next S-1.<\/p>\n<p>\";}else{b.disabled=false;alert(\"Something went wrong. Please try again later.\");}}).catch(function(){b.disabled=false;alert(\"Something went wrong. Please try again later.\");});return false;}<\/script><\/div>\n<p><!--\/s1nl--><\/p>\n<div style=\"background: #000000; padding: 80px 40px; text-align: center; margin-top: 80px;\">\n<div class=\"s1-article-cta-headline\" style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 400; color: #fafafa; line-height: 1.5; text-wrap: pretty;\">A great company, or a mediocre one?<br \/>That judgment is now in your hands.<\/div>\n<div style=\"width: 240px; height: 4px; background: #daa241; margin: 30px auto 0;\"><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 40px auto 0; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n<p style=\"font-size: 12px; line-height: 1.7; color: #888; letter-spacing: 0.02em; margin: 0;\">Source: All facts are drawn from Google Inc.&#8217;s S-1 (accession 0001193125-04-073639, filed 2004-04-29), together with the company&#8217;s IPO roadshow presentation and factsheet where noted.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 16px auto; padding: 0 20px;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; font-weight: 700; color: #daa241; text-decoration: none; letter-spacing: 0.02em;\">\u2190 Back to S-1 Journal<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>S-1 Journal The 10 Questions | Every S-1, decoded through the same 10 questions. Google It Sells Stock. 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