No, the question is not why do you cry. The answer to that question is probably buried far beneath a bottle of bourbon, a whole pint of ice cream, or your lack of compassion for others. No, this is simply the science behind the mechanism of crying.
It’s explained by our favorite science animators, AsapSCIENCE. Go ahead, discover the mystery…
It is no secret that smartphones like Apple’s iPhone are getting better and better at taking some really good pictures. With sales of compact cameras dropping by as much as 30 percent in 2011, entry-level snapshot cameras manufacturers have tried to stand out by adding features smartphones don’t have: cameras with better lenses like Canon’s S110 with its extremely fast f/2.0 aperture for low light situations, and the SX280 with its 20x optical zoom for far away shots.
But Canon, for one, also sees the advantage of pairing up with the iPhone. It has an app called CameraWindow that allows devices to wirelessly access photos directly on the point-and-shoot camera. This year Canon started including the feature that enables similar apps to be used by its higher-end cameras; previously it was all low-end devices. I had a chance on a recent holiday to try out the CameraWindow app on the just-updated S110. Here’s what I was able to do with my iPhone 5.
The way it works is simple: both the camera and your iPhone join the same Wi-Fi network. (If a Wi-Fi network is not available, the Canon PowerShot camera will create a local Wi-Fi network that can be used solely for the purpose of reviewing and transferring photos.) You start off by pairing the iPhone and the camera together. Upon the initial connection there are a few steps to complete, but the Camera will remember the nickname of the iPhone it paired with to make future connections fast and easy.
Once the connection is established, you can either review the photos from your camera or from the iPhone. When you see a photo you like, you can transfer it from the camera to the Photo Library on the iPhone. As soon as the photos are on your iPhone, you can then use any number of applications to modify and share. I was able to use iPhoto on my iPhone 5 to create a great gallery that documented our trip, and was also able to share the images in my iCloud Photo Stream.
Another interesting feature of CameraWindow is its ability to record your GPS location when taking pictures. You set up the app to record your location information to a log while you take photos with your Canon PowerShot camera. When you are finished, you pair up your camera with your iPhone and elect to add the location information to the photos you just took. The photos on the camera are then updated with the latitude and longitude information. No need to transfer the photo to your iPhone first in order to perform this operation. The photos stay on the camera making the whole process quick and easy.
Canon’s CameraWindow works with iPads and Android devices as well. The functionality provided in an app like CameraWindow is a great way to extend the capabilities of my point-and-shoot camera. It’s a handy way to get photos off of the camera when in the field and quickly edit and share them with family and friends, as well as update the information of each photo while it is still on the camera.
While some have already written off the era of the compact point-and-shoot camera entirely, I still feel that there is a need for a better optics and saving the original RAW image file when it comes to taking truly great photos. Looking beyond the compact market, Canon has also been introducing this smart app strategy into their DSLR lineup. So it all just depends on how much you are willing to spend on the ability to take better photos. With Canon pairing with smartphones like the iPhone 5 using their CameraWindow app, it’s a good way to have the best of both worlds.
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Box has hired three enterprise technology executives. Justin Somaini, Yahoo!’s ex-chief information security officer, has joined Box as the company’s first chief trust officer. Niall Wall, a Symantec veteran, has joined Box as their SVP of business development. And Jeff Mannie, an ex-PayPal executive, was named Box’s VP and controller.
PRESS RELEASE
Box today announced the hiring of three enterprise technology leaders. Justin Somaini, formerly Chief Information Security Officer for Yahoo! and Symantec, joined Box as the company’s first Chief Trust Officer. Niall Wall, also a veteran of Symantec, where he held several senior leadership roles, joined as Senior Vice President of Business Development. And Jeff Mannie joined Box as Vice President and Controller from PayPal, where he held leadership roles in finance.
“The power of the cloud resides in giving people access to their information whenever and wherever they need it, unlocking potential innovation in every industry,” said Aaron Levie, co-founder and CEO, Box. “To succeed, everyone — users, managers, and especially IT — have to deeply trust the cloud and be open to transforming the way they work. Justin, Niall and Jeff are a perfect fit with Box: they bring deep functional experience and the enterprise savvy to drive change.”
Somaini, Wall and Mannie are joining Box at a time of rapid growth and expansion for the company. Sales in 2012 grew more than 150 percent, and Box recently received the highest possible rating by Gartner, Inc. in its report “MarketScope for Enterprise File Synchronization and Sharingi.” The company’s fast growth and traction in the enterprise market, its ability to meet the needs of end users and satisfy enterprise requirements, and its extensive ecosystem of partners all contributed to a strong positive rating.
Justin Somaini, VP and Chief Trust Officer
As Chief Trust Officer, Somaini will be responsible for working globally and collaboratively across Box’s growing customer base, technical operations, business development teams, and partners to ensure the company is consistently delivering on its information security commitments, investing to meet the rapidly evolving security environment, and building transparent, deeply trusted relationships with its customers.
“Trust is about delivering on commitments consistently over time,” said Somaini. “Box’s leadership in security and its commitment to customer success have clearly driven traction in the marketplace. I’m excited to have the opportunity to not only work with an amazing team at Box, but to advocate for a vision that raises the bar for information security and customer trust in the cloud industry-wide.”
Most recently, Somaini created and held the role of Chief Information Security Officer (CISO) at Yahoo!, driving security planning and operations for the company, which serves more than 700 million consumers worldwide. Prior to Yahoo!, Justin was CISO of Symantec. He developed the company’s Information Security Enterprise Risk Management process, worked cross-functionally to manage critical incidents to resolution and drove implementation of controls for both a significant threat environment and regulatory needs. In addition to his roles at Yahoo! and Symantec, Justin was Director of Information Security at Verisign and an advisor to Palo Alto Networks. He received a Bachelor’s of Science degree in Management Information Systems from Drexel University.
Niall Wall, Senior Vice President, Business Development
Niall Wall brings a deep background in enterprise software and cloud services to Box, as well as a track record of establishing and growing global businesses. Most recently, Niall held several senior leadership roles at Symantec, including VP and General Manager of the Norton Data Services, VP of the Data Protection Group, and VP of Business Development and Alliances. In his tenure at Symantec, Niall built one of the world’s leading consumer cloud services businesses and established and led the business development organization, contributing to the company’s overall growth from less than $1B to more than $6B in annual revenue today.
At Box, Niall will lead Box’s global business development organization, overseeing the company’s overall partnership strategy, relationships, and strategic alliances.
Prior to his roles at Symantec, Niall held product management and product marketing leadership roles at Oracle and Digital Equipment Corporation. He holds Master’s and Bachelor’s degrees from the National University of Ireland, Galway.
Karen Appleton, former Vice President of Business Development at Box, has been promoted to a new role as Senior Vice President of Global Alliances. In her new role, Karen will oversee the company’s relationships with key global customers and manage Box’s international expansion, government relations, and corporate social responsibility programs. The Silicon Valley Business Journal recently named her as one of the most influential women in Silicon Valley.
Jeff Mannie, VP and Controller
As Controller, Jeff Mannie will oversee external reporting, financial policies and controls, global accounting and financial systems. Mannie brings more than 25 years of Controller and leadership experience to Box, including high-growth and complex accounting companies. Prior to joining Box, Jeff was Senior Director, Global Controller at PayPal (an EBay company). While he was at PayPal, annual revenues grew from approximately $1.5B to over $5.0B. Before PayPal, he held accounting and finance leadership roles at Integrated Device Technology, Inc., a mixed-signal semiconductor company, and Comerica Bank. He is a CPA, an alumnus of Ernst & Young and graduated from the University of California, Santa Barbara.
About Box
Founded in 2005, Box provides a secure content sharing platform that both users and IT love and adopt. Content on Box can be shared internally and externally, accessed through iPad, iPhone, Android and Windows Phone applications, as well as extended to partner applications such as Google Apps, NetSuite and Salesforce. Headquartered in Los Altos, CA, Box is a privately held company and is backed by venture capital firms Andreessen Horowitz, Bessemer Venture Partners, Draper Fisher Jurvetson, Emergence Capital Partners, General Atlantic, Meritech Capital Partners, NEA, Scale Venture Partners, and U.S. Venture Partners, and strategic investors salesforce.com and SAP. To learn more about Box, visit www.box.com.
i Gartner “MarketScope for Enterprise File Synchronization and Sharing” by Monica Basso, Jeffrey Mann, February 12, 2013.
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Entrepreneurs in any industry need to start with a big idea – and a big tolerance for risk. But in health care, startups often need to take on a unique set of regulatory hurdles, complex systems and entrenched ways of getting things done to successfully build and scale.
At the TEDMED conference Thursday, a few of the industry’s most seasoned entrepreneurs and investors gave emerging startups a dose of advice. Here are a few of their tips:
1. Let your experience inspire, but don’t just build for yourself.
Several of the most interesting startups I’ve encountered were started by people who had their own collision with the health care system or were deeply affected by the experiences of people close to them. But while personal experiences can inspire powerful solutions, Nina Nashif, founder and CEO of the Chicago-based health startup accelerator HealthBox, advised startups to make sure that they don’t skimp on doing their homework and talk to multiple stakeholders.
“There are a lot of entrepreneurs that may have experienced their own situation or the situation of someone close to them. And they’re developing a solution for that without actually going out and talking to enough people to make sure they’re not solving the need for one institution… and that they’re building something that has the ability to scale,” she said. “You can’t just sit behind your computer and code in health care, you have to be out in the trenches.”
2. Nuance over need.
As with anything, the devil is in the details. Nashif also said that while healthcare has a lot of need and a lot of solutions, the startups with impact are those that figure out exactly where and how to apply their approach.
“It’s important for entrepreneurs to understand the complexities of the industry and that’s not always easy because entrepreneurs and industry aren’t always speaking the same language,” she said. “Entrepreneurs really need to put their solutions in context.”
3. Build to build, not to sell.
Entrepreneur Michael Weintraub has sold or taken public six startups during his career (most recently, his health IT startup Humedica was acquired by UnitedHealth). But his big piece of advice was this: “I think the key to innovation is building something because you really want to build it not because you want to build to sell it.”
But he also said that startups should get to know the top 10 companies that could be potential acquirers years in advance: “There are a lot of people working for you and counting on you to make the right decision. You’re not flipping the business to cash out, [you’re] putting it in a place that has greater leverage and impact potential,” he added.
4. Ask yourself the hard questions.
When it comes to figuring out the future of your company, it’s important to keep your feelings about your “baby” in check and think hard about the reality of the situation, said Castlight CEO and co-founder Giovanni Colella.
“There’s a point in the life of the company [when] the entrepreneur has to ask himself and the management team the hard question: ‘Can we build the company to last or are we better off as a feature of a bigger product?’ You have to be really honest with yourself,” he said. And even before that point, he added, it’s critical to find investors and a management team that will hold you accountable and force you to think.
5. Get some gray hair on your team.
The general perception may be that startups are for hoodie-wearing early twenty-somethings. But in healthcare (and other fields), you’d do well to find some people with deep experience in the industry and some battle scars to show for it.
“As you’re thinking about starting companies, if you’re young, put a little bit of gray hair into your team of people who have failed and people who are not afraid to say I screwed up… and these are some of the lessons learned, said Juan Enriquez, managing director at Excel Ventures and the founding director of the Harvard Business School Life Sciences Project.
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The New York Public Service Commission has approved a plan to build the Champlain Hudson Power Express transmission line, capable of moving 1,000 megawatts of hydropower over a 330-mile distance from Québec to New York City. According to Reuters, developer Transmission Developers Inc., whose lead investor is U.S. private equity firm Blackstone Group, has estimated the project will take over three years to construct at an estimated cost of US$2.2 billion. The Québec part of the line will be developed by Hydro-Québec.
PRESS RELEASE
COMMISSION APPROVES MAJOR NEW POWER LINE
New York City Consumers Would Benefit from Low-Cost Canadian Hydropower
Albany, NY—04/18/13—The New York State Public Service Commission (Commission) today approved the construction and operation of a 1,000 megawatt (MW) transmission line stretching 330 miles from the Canadian border to Astoria, Queens, primarily through Lake Champlain and the Hudson River, with some segments on land, primarily in railroad or state highway rights-of-way. The line would terminate at a converter station located in Consolidated Edison’s Astoria annex. From there, one high voltage, alternating current (HVAC) circuit will connect, via underground conduit, to the nearby substation of the New York Power Authority (NYPA). From the NYPA substation, another set of HVAC cables would be located under the streets for about three miles to Con Edison’s Rainey substation.
The transmission line, estimated by the developer to cost $2 billion, would be built either underwater or underground along the entire length of the route, avoiding or minimizing visual and other potential environmental impacts. “With this order, we grant the developer a certificate to construct and operate a transmission project known as the Champlain Hudson Power Express Project,” said Commission Chairman Garry Brown.
“The certificate will adopt most of the terms and conditions presented to us in a joint proposal and in stipulations that have the full or partial support of a wide range of parties to this case.”
A critical factor in the Commission’s decision to approve the project is the fact that the financial risk to ratepayers is minimized since ratepayers will not be required to assume the financial risks to build the project; ratepayers will be protected from construction and operation costs. While the Commission’s decision represents a major step to build the privately funded transmission line,
it is not the final step; project developers still need to obtain several Federal permits, as well as secure private financing. The project owners, Champlain Hudson Power Express, Inc. and CHPE Properties, Inc., applied for a certificate of environmental compatibility and public need for the siting of major utility transmission facilities to construct and operate the high voltage, direct current transmission line under Article VII of the Public Service Law. The regulatory review of the project under Article VII was rigorous and complete.
In addition to providing renewable energy and shielding ratepayers, the project offers other significant benefits:
The facility would provide substantial annual air pollutant emissions benefits;
Bringing hydroelectric power to New York City would enhance fuel diversity as New York City currently relies significantly on gas- and oil-fired generation, which raises both fuel diversity and
electric reliability concerns. The energy imported could amount to more than 10 percent of the energy consumption in the city, a significant amount of added capability that would enhance
energy security by providing another source of power;
The interconnection with the Quebec, Canada regional transmission system would provide stronger transmission ties into New York City, one of the most congested load pockets in the
state;
The new power line would help reduce strain on the gas transportation system by allowing imports of electricity from outside the city. Demand for natural gas use is increasing in New
York City due to increased use of gas for electric generation and the gas conversion needs resulting from New York City’s phase out of use of #4 and #6 oils for home and business heating
purposes. The increase in gas demand could strain the gas transportation system into and within New York City;
The addition of a major new supplier would help reduce the ability of various players to exercise market power. New York City is an area with pivotal suppliers having the ability to exercise
market power, but suppliers are constrained by federal market rules.; and
There would be significant environmental enhancements. While negative environmental impacts are minimal, the applicants have agreed to create and fund a $117.15 million trust for the enhancement of aquatic habitats and fisheries resources in Lake Champlain and the Hudson, Harlem, and East rivers and their tributaries.
The proceeding began with an application filed March 30, 2010 and, after several supplements, ultimately deemed compliant as of August 11, 2010. Negotiations among the parties resulted in the joint proposal filed in February 2012 and further stipulations in June, July and October 2012. The joint proposal used as the basis for the Commission’s decision was supported by several state
agencies, the cities of New York and Yonkers, Consolidated Edison, and several environmental organizations, including Riverkeeper, Inc. and Scenic Hudson, Inc. Changes in the route from what was initially proposed helped reduce environmental impact. Full evidentiary hearings were conducted on the joint proposal in July 2012, followed by post-hearing briefs. There were two rounds of public statement hearings conducted along the route of the project, both early in the case and following the submission of the joint proposal, and members of the public have submitted written comments as well.
The Commission’s decision today, when issued, may be obtained by going to the Commission Documents section of the Commission’s Web site at www.dps.ny.gov and entering Case Number 10-T-0139 in the input box labeled “Search for Case/Matter Number.” Many libraries offer free Internet access. Commission orders may also be obtained from the Commission’s Files Office, 14th floor, Three Empire State Plaza, Albany, NY 12223 (518-474-2500). If you have difficulty understanding English, please call us at 1-800-342-3377 for free language assistance services regarding this press release.
Photo courtesy of Shutterstock.
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Google released its earnings report for the first quarter, posting $14 billion in revenue, up 31% year-over-year.
“We are working hard and investing in our products that aim to improve billions of people’s lives all around the world,” says CEO Larry Page.
Revenues from Google-owned sites were $8.64 billion, or 67% of total Google revenues. Partner sites generated $3.26 billion. “Other revenues” were $1.05 billion. Revenues from outside the U.S. were $7.1 billion.
Paid clicks increased 20% year over year, and 3% quarter over quarter. CPCs decreased 4% year over year and 4% quarter over quarter.
We’ll update with more from the conference call.
Here’s the release in its entirety:
MOUNTAIN VIEW, Calif. – April 18, 2013 – Google Inc. (NASDAQ: GOOG) today announced financial results for the quarter ended March 31, 2013.
“We had a very strong start to 2013, with $14.0 billion in revenue, up 31% year-on-year,” said Larry Page, CEO of Google. “We are working hard and investing in our products that aim to improve billions of people’s lives all around the world.”
Google Inc. reported consolidated revenues of $13.97 billion for the quarter ended March 31, 2013, an increase of 31% compared to the first quarter of 2012. Google Inc. reports advertising revenues, consistent with GAAP, on a gross basis without deducting traffic acquisition costs (TAC). In the first quarter of 2013, TAC totaled $2.96 billion, or 25% of advertising revenues.
Operating income, operating margin, net income, and earnings per share (EPS) are reported on a GAAP and non-GAAP basis. The non-GAAP measures, as well as free cash flow, an alternative non-GAAP measure of liquidity, are described below and are reconciled to the corresponding GAAP measures at the end of this release.
Revenues and other information – On a consolidated basis, Google Inc. revenues for the quarter ended March 31, 2013 were $13.97 billion, an increase of 31% compared to the first quarter of 2012.
Google Revenues (advertising and other) – Google revenues were $12.95 billion, or 93% of consolidated revenues, in the first quarter of 2013, representing a 22% increase over first quarter 2012 revenues of $10.65 billion.
Google International Revenues – Google revenues from outside of the United States totaled $7.1 billion, representing 55% of total Google revenues in the first quarter of 2013, compared to 54% in the fourth quarter of 2012 and in the first quarter of 2012.
Foreign Exchange Impact on Google Revenues – Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the fourth quarter of 2012 through the first quarter of 2013, our Google revenues in the first quarter of 2013 would have been $11 million higher. Excluding gains related to our foreign exchange risk management program, had foreign exchange rates remained constant from the first quarter of 2012 through the first quarter of 2013, our Google revenues in the first quarter of 2013 would have been $110 million higher.
Reconciliations of our non-GAAP international revenues excluding the impact of foreign exchange and hedging to GAAP international revenues are included at the end of this release.
Paid Clicks – Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of our Network members, increased approximately 20% over the first quarter of 2012 and increased approximately 3% over the fourth quarter of 2012.
Cost-Per-Click – Average cost-per-click, which includes clicks related to ads served on Google sites and the sites of our Network members, decreased approximately 4% over the first quarter of 2012 and decreased approximately 4% over the fourth quarter of 2012.
TAC – Traffic acquisition costs, the portion of revenues shared with Google’s partners, increased to $2.96 billion in the first quarter of 2013, compared to $2.51 billion in the first quarter of 2012. TAC as a percentage of advertising revenues was 25% in the first quarter of 2013, compared to 25% in the first quarter of 2012.
The majority of TAC is related to amounts ultimately paid to our Network members, which totaled $2.28 billion in the first quarter of 2013. TAC also includes amounts ultimately paid to certain distribution partners and others who direct traffic to our website, which totaled $680 million in the first quarter of 2013.
Motorola Mobile Revenues (hardware and other) – Motorola Mobile revenues were $1.02 billion, or 7% of consolidated revenues in the first quarter of 2013.
Other Cost of Revenues – Other cost of revenues, which is comprised primarily of manufacturing and inventory-related costs, data center operational expenses, amortization of intangible assets, and content acquisition costs, increased to $2.98 billion, or 21% of revenues, in the first quarter of 2013, compared to $1.28 billion, or 12% of revenues, in the first quarter of 2012.
Operating Expenses – Operating expenses, other than cost of revenues, were $4.55 billion in the first quarter of 2013, or 33% of revenues, compared to $3.47 billion in the first quarter of 2012, or 33% of revenues.
Amortization Expenses – Amortization expenses of acquisition-related intangible assets were $315 million for the first quarter of 2013. Of the $315 million, $153 million was as a result of the acquisition of Motorola, of which $116 million was allocated to Google and $37 million was allocated to Motorola Mobile.
Stock-Based Compensation (SBC) – In the first quarter of 2013, the total charge related to SBC was $697 million, compared to $556 million in the first quarter of 2012. We currently estimate SBC charges for grants to employees prior to March 31, 2013 to be approximately $2.7 billion for 2013. This estimate does not include expenses to be recognized related to employee stock awards that are granted after March 31, 2013 or non-employee stock awards that have been or may be granted.
Operating Income – On a consolidated basis, GAAP operating income in the first quarter of 2013 was $3.48 billion, or 25% of revenues. This compares to GAAP operating income of $3.39 billion, or 32% of revenues, in the first quarter of 2012. Non-GAAP operating income in the first quarter of 2013 was $4.22 billion, or 30% of revenues. This compares to non-GAAP operating income of $3.94 billion, or 37% of revenues, in the first quarter of 2012.
Interest and Other Income, Net – Interest and other income, net, was $134 million in the first quarter of 2013, compared to $156 million in the first quarter of 2012.
Income Taxes – Our effective tax rate was 8% for the first quarter of 2013.
Net Income – GAAP net income in the first quarter of 2013 was $3.35 billion, compared to $2.89 billion in the first quarter of 2012. Non-GAAP net income was $3.90 billion in the first quarter of 2013, compared to $3.33 billion in the first quarter of 2012. GAAP EPS in the first quarter of 2013 was $9.94 on 337 million diluted shares outstanding, compared to $8.75 in the first quarter of 2012 on 330 million diluted shares outstanding. Non-GAAP EPS in the first quarter of 2013 was $11.58, compared to $10.08 in the first quarter of 2012.
Cash Flow and Capital Expenditures – Net cash provided by operating activities in the first quarter of 2013 totaled $3.63 billion, compared to $3.69 billion in the first quarter of 2012. In the first quarter of 2013, capital expenditures were $1.2 billion, the majority of which was for production equipment, data center construction and facilities-related purchases. Free cash flow, an alternative non-GAAP measure of liquidity, is defined as net cash provided by operating activities less capital expenditures. In the first quarter of 2013, free cash flow was $2.43 billion.
We expect to continue to make significant capital expenditures.
A reconciliation of free cash flow to net cash provided by operating activities, the GAAP measure of liquidity, is included at the end of this release.
Cash – As of March 31, 2013, cash, cash equivalents, and marketable securities were $50.1 billion.
Headcount – On a worldwide basis, we employed 53,891 full-time employees (38,739 in Google and 9,982 in Motorola Mobile and 5,170 in Motorola Home) as of March 31, 2013, compared to 53,861 full-time employees as of December 31, 2012.
A live audio webcast of Google’s first quarter 2013 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) and our investor relations Google+ page (https://plus.google.com/+GoogleInvestorRelations/posts).
This press release contains forward-looking statements that involve risks and uncertainties. These statements include statements regarding our continued investments in our core areas of strategic focus, our expected SBC charges, 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, 2012 which are 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, 2013. All information provided in this release and in the attachments is as of April 18, 2013, and we undertake no duty to update this information unless required by law.
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 EPS, free cash flow, and non-GAAP international revenues. 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. For more information on these non-GAAP financial measures, please see the tables captioned “Reconciliations of selected non-GAAP financial measures to the nearest comparable GAAP financial measures”, “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures,” “Reconciliation from net cash provided by operating activities to free cash flow,” and “Reconciliation from GAAP international revenues to non-GAAP international revenues” included at the end of this release.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, meaning our operating performance excluding not only non-cash charges, such as SBC, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.
Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus expenses related to SBC, and, as applicable, other special items. Non-GAAP operating margin is defined as non-GAAP operating income divided by revenues. Google considers these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of SBC, and as applicable, other special items so that Google’s management and investors can compare Google’s recurring core business operating results over multiple periods. Because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, Google’s management believes that providing a non-GAAP financial measure that excludes SBC allows investors to make meaningful comparisons between Google’s recurring core business operating results and those of other companies, as well as providing Google’s management with an important tool for financial and operational decision making and for evaluating Google’s own recurring core business operating results over different periods of time. There are a number of limitations related to the use of non-GAAP operating income versus operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes some costs, namely, SBC, that are recurring. SBC has been and will continue to be for the foreseeable future a significant recurring expense in Google’s business. Second, SBC is an important part of our employees’ compensation and impacts their performance. Third, the components of the costs that we exclude in our calculation of non-GAAP operating income may differ from the components that our peer companies exclude when they report their results of operations. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.
Non-GAAP net income and EPS. We define non-GAAP net income as net income plus expenses related to SBC and, as applicable, other special items less the related tax effects, as well as net income from discontinued operations. The tax effects of SBC and, as applicable, other special items are calculated using the tax-deductible portion of SBC, and, as applicable, other special items, and applying the entity-specific, U.S. federal and blended state tax rates. We define non-GAAP EPS as non-GAAP net income divided by the weighted average outstanding shares, on a fully-diluted basis. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that Google uses non-GAAP operating income and non-GAAP operating margin. However, in order to provide a complete picture of our recurring core business operating results, we exclude from non-GAAP net income and non-GAAP EPS the tax effects associated with SBC and, as applicable, other special items. Without excluding these tax effects, investors would only see the gross effect that excluding these expenses had on our operating results. The same limitations described above regarding Google’s use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP EPS. Management compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP EPS and evaluating non-GAAP net income and non-GAAP EPS together with net income and EPS calculated in accordance with GAAP.
Free cash flow. We define free cash flow as net cash provided by operating activities less capital expenditures. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, including information technology infrastructure and land and buildings, can be used for strategic opportunities, including investing in our business, making strategic acquisitions, and strengthening the balance sheet. Analysis of free cash flow also facilitates management’s comparisons of our operating results to competitors’ operating results. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating Google is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period because it excludes cash used for capital expenditures during the period. Our management compensates for this limitation by providing information about our capital expenditures on the face of the statement of cash flows and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Google has computed free cash flow using the same consistent method from quarter to quarter and year to year.
Non-GAAP international revenues. We define non-GAAP international revenues as international revenues excluding the impact of foreign exchange and hedging. Non-GAAP international revenues are calculated by translating current quarter revenues using prior quarter and prior year exchange rates, as well as excluding any hedging gains realized in the current quarter. We consider non-GAAP international revenues as a useful metric as it facilitates management’s internal comparison to our historical performance.
The accompanying tables have more details on the non-GAAP financial measures that are most directly comparable to GAAP financial measures and the related reconciliations between these financial measures.
Until now, developers interested in getting their hands on actual Firefox OS hardware had to either attend a workshop or install the OS on their Sony android device. Now Geeksphone is finally ready to start shipping out Firefox OS dev units.
Engadget reports that Geeksphone will start selling the Keon and Peak Firefox OS dev units next week. The Keon will retail for €91, while the Peak will retail for €149. It seems cheap, and that’s because developers will be getting cheap phones. The hardware isn’t going to win any awards and it isn’t meant to. Firefox OS hardware is targeting developing markets, and the cheap price reflects that.
If you do want at least a little power, you’ll want to go with the Peak. It’s a mid-range smartphone with a quad-core Qualcomm Snapdragon S4 and a 4.3-inch display. The Keon only has a Snapdragon S1 so developers will have to get a little creative when designing apps around the lower end of the hardware spectrum.
Thankfully, Geeksphone will be selling the phones worldwide instead of just in the countries where Firefox OS will be launching. Developers in the U.S. will be able to build apps to take advantage of the increasingly lucrative smartphone market in developing countries.
If you can’t afford or don’t want one of Geeksphone’s smartphones, you can always use the Firefox OS simulator. The simulator piggybacks off of your Firefox desktop installation to emulate the Firefox OS experience on the desktop. From there, you can test and debug any HTML5 apps you may have in the works.
Google may be a company of many personalities — browser and operating system developer, connected-device manufacturer, fiber-optic Internet servicer, search giant and social network, among many others. But the core business is still about one thing: Advertising, as calendar first quarter results, delivered today after the closing bell, show.
Revenue rose 31 percent to $$13.97 billion, year over year; operating income, excluding Traffic Acquisition Costs, was $3.48 billion, up from $3.39 billion. Net income climbed to 3.35 billion up from $2.89 billion. That’s $9.94 earnings per share, including costs associated with discontinued operations.
Average analyst consensus was $14.04 billion revenue and $10.69 earnings per share, for the quarter. Revenue estimates ranged from $9.81 billion to $15.12 billion, with estimated year-over-year growth of 72.5 percent.
“We had a very strong start to 2013, with $14 billion in revenue, up 31 percent year-on-year” Larry Page, Google CEO, says. “We are working hard and investing in our products that aim to improve billions of people’s lives all around the world”.
Turn the Page
First quarter marks just a few days short Larry Page’s second anniversary returning as CEO (April 4). Google’s master had a busy quarter. The company:
That’s just a short, short list of the many strategic actions or adjustments made in just one quarter.
There is clear consolidation underway as the CEO brings trusted executives — those with whom he resonates or who share his vision — closer to the inner circle. Meanwhile, a different Google emerges as Page’s vision, and that of his lieutenants, propagates — one that: cross-integrates more products and services, releases updates at faster pace and is much, much, much more aggressive in the market place. The Google you thought you knew is something else.
Financial Highlights
TAC. Google’s financials include Traffic Acquisition Costs — that’s revenue shared with partners. For Q1: $2.96 billion, compared to $2.51 billion a year earlier. TAC was one-quarter of revenue in both quarters.
Paid Clicks increased 20 percent year over year and 3 percent sequentially.
Cost-Per-Click rose 4 percent yearly and quarterly.
International: $7.5 billion outside the United States, accounting for 55 percent of revenues — that’s up 1 percent by year and quarter.
Motorola Mobile revenues reached $1.02 billion, or 7 percent for consolidated Google results.
Google revenue (excluding Motorola) was $12.95 billion — that’s up from 22 percent from $10.65 billion a year earlier.
Google-owned sites: $8.64 billion, up 18 percent from $7.31 billion.
Google Network (e.g., partner sites): $3.26 billion, up 12 percent from $2.91 billion.
Other: $1.05 billion, up 150 percent from $420 million.
MORE TO COME
Photo Credit: meneame comunicacions, sl
Today, after the closing bell, Microsoft revealed what might be the closest-watched quarterly results in 11 years. Fiscal third quarter, like the one in 2002, marks a time of record-low PC shipments, with blame falling on the newest operating system. In recent weeks, every idiot arm-chair pundit imaginable has taken to the web to proclaim Windows 8 a failure and prophesying Microsoft’s doom. Not so fast. This company is still a money machine.
For fiscal Q3, ended March 31, Microsoft revenue reached $20.49 billion. Operating income: $7.61 billion and net income was $6.06 billion, or 72 cents a share.
Average analyst consensus was $20.56 billion revenue and 68 cents earnings per share, for the quarter. Revenue estimates ranged from $19.57 billion to $21.65 billion, with estimated year-over-year growth of 18.1 percent. Microsoft missed revenue consensus but exceed EPS forecast.
Several factors mitigated results: Office and Windows pre-sale and upgrade offers and European Commission fine.
“The bold bets we made on cloud services are paying off as people increasingly choose Microsoft services including Office 365, Windows Azure, Xbox Live, and Skype” CEO Steve Ballmer, says. “While there is still work to do, we are optimistic that the bets we’ve made on Windows devices position us well for the long-term”.
Windows 8 Dog and Pony Show
Microsoft’s big problem is declining PC shipments — during calendar first quarter (same as fiscal Q3) bad enough to rank as weakest since IDC started tabulating numbers in 1994. Many analysts and computer market watchers anticipated that Windows 8 would lift sagging shipments, which five months later are worse.
“At this point, unfortunately, it seems clear that the Windows 8 launch not only failed to provide a positive boost to the PC market, but appears to have slowed the market”, Bob O’Donnell, IDC vice president, claims. O’Donnell joins a chorus of Windows 8 blamers, offering a simply unfair and inaccurate assessment. Like today, PC shipments collapsed ahead of Windows XP’s release in 2001 and stayed slow for at least another year. As I explained three days ago, the market similarities are surprisingly close, including global economic malaise.
Many pundits look at smartphones and tablets as the PC’s demise, and Windows with it. Consumers shift spending away from personal computers to these devices, which is the evidence. In 2001-02, the phenomenon was similar, but the devices different — big-screen TVs and MP3 players. I wouldn’t write off the PC just yet.
Something else: Apple, which had been immune to Windows PC sales ills, is afflicted, too. According to IDC, U.S. Mac shipments fell 7.5 percent in calendar first quarter. If Windows 8 is to blame, why is Apple down, too? The point: The market dynamics are complex. The economy. Sales shifting to smartphones and tablets. PC saturation. Suffice to say that Windows 8 didn’t revive PC shipments, which according to IDC fell for 10 consecutive quarters but one — calendar Q3 2011. That’s quite different from being the cause.
Microsoft bet big on touch to compete with these other devices. Demand for traditional PCs is weak, which makes sense given it’s a mature product category. Touchscreen models, whether true tablet or hybrids, offer something different, but not necessarily more enough. They compete with media tablets like Apple’s iPad that offer similar top-line functionality for hundreds of dollars less. For many consumers, iPad, or even smaller tablets, is good enough. So on a touchscreen-to-touchscreen comparison, media slates win, and that phenomenon has little to do with Windows 8.
“The majority of consumers remain unwilling to pay the price premium for touchscreen capabilities on PCs at this stage”, Isabelle Durand, Gartner principal research analyst, says. “But, even so, touchscreens and Windows 8 will represent key opportunities for PC manufacturers in the second half of 2013”. The personal computer will be radically different, and even unrecognizable, in three years, I predict.
Looking at the global numbers, IDC puts calendar first quarter shipments down 13.9 percent, while Gartner is a bit more optimistic (-11.2 percent). IDC and Gartner estimate U.S. PC shipment declines of 12.7 percent and 9.6 percent, respectively.
Something else lost in all the punditry: Microsoft actually encouraged existing Windows customers not to buy new PCs. Promotional pricing make the new version lower than any of its predecessors, as I explained answering in January question “Why are Windows 8 sales so good when PC shipments are so bad?” So the real measure of Windows 8’s success or failure is actual license sales, not PC shipments.
MORE TO COME
Google has shared a new Tech Talk (it actually took place on March 27) on YouTube called Sleep-posium 2013, in which a handful of doctors discuss sleep.
Google is, apparently, “making a sleep a priority.”
One of the most exciting announcements back in the Summer of 2009 for the biofuel folks, was the much-discussed potentially $600 million deal between upstart startup Synthetic Genomics, led by genome guru Craig Venter, and oil giant Exxon to make algae fuel at commercial scale. While that partnership seemed to strain a bit in late 2011, I’ve never been quite clear on what actually happened to the plans.
But in a detailed Bloomberg article on Chevron’s move away from biofuels, Venter and Synthetic Genomics have finally confirmed that the Exxon-funded research didn’t produce the desired results and was subsequently down graded. The article says that in late 2011 an algae strain that proved promising in the testing greenhouse, didn’t hit its performance milestones in an Exxon pond in Texas.
As a result, Bloomberg says that Exxon changed the contract to focus on long term research instead of commercial production, and Synthetic Genomics was forced to lay off more than half its staff that were working on biofuel development. Venter also clarified back in late 2011, that the Exxon deal was to research naturally occurring algae cells only (not synthetic ones), and Venter hoped that Exxon would come around to funding the research based on synthetic algae cells.
Venter says that biofuels made from algae that will be able to scale, and compete with oil, will have to be synthesized and will not come from nature. In the Spring of 2010, Venter and his team successfully created the first synthetic bacterial cell, which was controlled completely by a synthetic genome. Alas, perhaps algae fuel won’t be the first application for that ground breaking research.
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Actor Dick Van Dyke was once known for playing clumsy characters with poor accents, and now the 87-year-old actor may now be facing a challenge greater than chimney sweeping.
Entertainment Tonight is reporting that Van Dyke has cancelled an appearance in New York due to a “yet-to-be diagnosed neurological disorder.” The publication cites a “rep” of Van Dyke’s as stating the actor’s symptoms have prevented him from attending an April 26 award ceremony in New York, and that he has cancelled appearances that call for air travel on the advice of doctors.
Van Dyke was due to receive a Lifetime Achievement Award from the 92nd Street Y. The actor was awarded a separate Lifetime Achievement Award from the Screen Actors Guild in January.
Van Dyke is famous for roles in classic films such as Bye Bye Birdie, Mary Poppins, and Chitty Chitty Bang Bang. He was also the star of The DIck Van Dyke Show during the 60s and Diagnosis: Murder during the 90s. Most recently, Van Dyke has appeared in two Night at the Museum movies.
Just over one year ago, Van Dyke married his 40-year-old girlfriend, Arlene Silver.
Have you been itching for a unique online gaming center/marketplace that’s similar to say, Microsoft’s Xbox Live? Well it appears that Google may very well be on its way to developing something special in the works. Our friends at Android Police stumbled upon what a unique “Games” folder in the MyGlass app which contains all the essential ingredients for a gaming-based service: full multi-player capabilities, achievements, real-time chats, leaderboards, invitations and lobbies— yeah pretty much the whole nine yards there. Of course this significant leak may just be something for the Android heads to tinker and experiment with… but then again, this could be the start of something really special. Nevertheless, we’ll be keeping our eyes and ears fully open when we hit Google I/O in May.
source: Android Police
Come comment on this article: Google Play Service may be working on a full-fledged gaming network behind the scenes
Silver Lake said Thursday it closed its latest large-cap technology investment fund at $10.3 billion. The target for Silver Lake Partners IV was $7.5 billion. The firm, which is bidding for Dell, said it received $10 billion in LP capital commitments. The $10.3 billion is the largest amount ever raised for technology investment focused PE fund, Silver Lake said.
PRESS RELEASE
Silver Lake, the global leader in technology investing, announced today the final closing of Silver Lake Partners IV, its latest large-cap technology investment fund. The firm accepted limited partner capital commitments up to its cap of $10 billion, surpassing its fundraising target of $7.5 billion. In aggregate with the general partner and affiliates, the $10.3 billion in total commitments for Silver Lake Partners IV is the largest amount ever raised for a technology investment-focused private equity fund.
“We received strong investor demand for this fund and are deeply gratified by the confidence in Silver Lake demonstrated by our limited partners, many of whom have been long-term investors with us,” said the firm’s Managing Partners. “We appreciate the continued support of our investors and welcome new investors in the fund.” Silver Lake’s Managing Partners are Mike Bingle, Jim Davidson, Egon Durban, Ken Hao, and Greg Mondre.
“Closing our Silver Lake Partners IV fund extends opportunities to strategically and selectively invest in market leaders in the global technology industry,” the Managing Partners added, “and to partner with management teams in a differentiated way, leveraging our expertise and range of international relationships developed since our founding fourteen years ago.” Silver Lake now manages over $23 billion in combined assets under management and committed capital.
Silver Lake Partners pursues large-scale private investments in companies within the technology, tech-enabled and related growth industries. The firm invests in the broad value chain and sub-verticals of the global technology sector, from semiconductors, cloud computing, and IT infrastructure to tech-enabled financial markets, transaction processing, mobile communications, and e-commerce. Portfolio companies in which Silver Lake invests collectively generate approximately $30 billion in annual revenue and employ 97,000 people around the world.
“We are honored to have a large group of investors who have entrusted their capital with Silver Lake,” said Susannah Carrier, Managing Director and head of Silver Lake’s fundraising and investor relations. “Our strategic discipline, deep technology expertise, and commitment to the standards of excellence and alignment of interests expected by our limited partners contributed to our fundraising success and to the continued development of a strong investment partnership.” Ms. Carrier added: “We have attracted both a large percentage of our existing investors as well as strategic new investors to our latest fund, and we will endeavor to earn their continued support by maintaining our focus on investment performance.”
Investors in Silver Lake Partners IV and Silver Lake’s other funds include public and corporate pension funds, sovereign wealth funds, endowments, foundations, funds of funds, family offices and individual investors.
About Silver Lake
Silver Lake is the global leader in private investments in technology and technology-enabled industries. Silver Lake invests with the strategic and operational insights of an experienced industry participant. The firm has approximately 100 investment and value creation professionals located in New York, Menlo Park, San Mateo, London, Hong Kong, Shanghai and Tokyo and manages over $23 billion. The Silver Lake Partners portfolio includes or has included technology and technology-enabled industry leaders such as Alibaba, Allyes, Ameritrade, Avago, Avaya, Business Objects, Flextronics, Gartner, Gerson Lehrman Group, Instinet, Intelsat, Interactive Data Corporation, IPC Systems, MCI, Mercury Payment Systems, MultiPlan, the NASDAQ OMX Group, NetScout, NXP, Sabre, Seagate Technology, Serena Software, Skype, Spreadtrum, SunGard Data Systems, UGS, Vantage Data Centers, and William Morris Endeavor. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.
The post Silver Lake Collects $10.3 Bln for Latest Fund appeared first on peHUB.
Canadian Space Agency Astronaut Chris Hadfield is awesome, space is awesome, and everything he does in space is awesome. Proving once again that even the most mundane tasks are transformed into something incredible when performed in zero gravity, here’s Hadfield wringing out a soaking-wet washcloth aboard the ISS.
Not only is the wringing-out part cool, but so is the whole getting-it-wet-in-the-first-place part.
If this isn’t reason enough to find space programs, I don’t know what is.
Earlier this week, Bethesda teased its next game via Vine. Fans speculated it was Fallout 4 as work on Skyrim has now been completed. Bethesda says that’s not the case, and its latest Vine teaser seems to suggest they’re telling the truth on this one.
Over the past two days, Bethesda has posted two more Vine teasers on its Twitter feed:
— Bethesda Softworks (@Bethblog) April 17, 2013
mystery revealed tomorrow @ign vine.co/v/bUqveJ2uFeZ
— Bethesda Softworks (@Bethblog) April 18, 2013
As you can see, both of the above teasers look nothing like Fallout. If anything, it’s looking more and more like Bethesda is finally ready to reveal Zwei, a game from horror mastermind Shinji Mikami.
As the latest teaser reveals, we’ll find out more about the publisher’s next game tomorrow on IGN. It would be kind of hilarious if Zwei was Fallout 4 in disguise. That’s not to say Fallout fans should expect anything though. We’re probably still at least a year off from an announcement.
Google TV has long lacked one key feature: Free or fixed-price access to full episodes of shows the day after they air on TV. There is no Hulu Plus app for Google TV devices, and all the big broadcasters block the Google TV browser from accessing content on their websites.
But it looks like this may change soon: Google TV owners who visited NBC.com with the connected device have in recent days discovered a new splash screen, promising that “full episodes of this and other shows are now available for free” on Google TV.
The splash screen redirects Google TV users to Google Play, where the app is reportedly already being made available. However, users are reporting that it wasn’t listed as compatible with any of their Google TV devices — likely a precaution to prevent users from installing it on anything by development devices before it is officially announced.
The app also isn’t included in Google Play search results yet. But it seems like such an announcement could be imminent, given that the app and splash screen are already in place.
However, cord cutters in search for an easy way to watch NBC content for free on their TV shouldn’t get their hopes up too soon. It’s likely that NBC’s Google TV app is going to require authentication, meaning that users will have to log in with their pay TV credentials in order to watch. (One should note that Google TV owners have had the option to buy individual episodes of TV shows for some time.)
Google and NBC didn’t immediately respond when asked for comment for this article.
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