Google 2011 Annual Report Download - page 30

NOTE ABOUT FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding:
• the growth of our business and revenue;
• seasonal fluctuations in internet usage and traditional retail seasonality, which are likely to cause
fluctuations in our quarterly results;
• our plans to continue to invest in systems, facilities, and infrastructure, increase our hiring, provide
competitive compensation programs, and continue our current pace of acquisitions;
• the potential for declines in our revenue growth rate;
• our expectation that growth in advertising revenues from our websites will continue to exceed that from
our Google Network Members’ websites, which will have a positive impact on our operating margins;
• our expectation that we will continue to pay most of the Google AdSense fees we receive from advertisers
to our Google Network Members;
• our expectation that we will continue to take steps to improve the relevance of the ads we deliver and to
reduce the number of accidental clicks;
• fluctuations in aggregate paid clicks and average cost-per-click;
• our belief that our foreign exchange risk management program will not fully offset the exposure to
fluctuations in foreign currency exchange rates;
• the increase of costs related to hedging activities under our foreign exchange risk management program;
• our expectation that our cost of revenues, research and development expenses, sales and marketing
expenses, and general and administrative expenses will increase in dollars and may increase as a
percentage of revenues;
• our potential exposure in connection with pending investigations and proceedings;
• our expectations about the timing of the consummation of our proposed acquisition of Motorola Mobility
Holdings, Inc. (Motorola);
• our expectation that our traffic acquisition costs will fluctuate in the future;
• continued investments in international markets;
• our future compensation expenses;
• fluctuations in our effective tax rate;
• the sufficiency of our sources of funding;
• our payment terms to certain advertisers, which may increase our working capital requirements; and
• fluctuations in our capital expenditures;
as well as other statements regarding our future operations, financial condition and prospects, and business
strategies. Forward-looking statements may appear throughout this report, including without limitation, the
following sections: Item 1 “Business,” Item 1A “Risk Factors,” and Item 7 “Management’s Discussion and Analysis of
Financial Condition and Results of Operations.” Forward-looking statements generally can be identified by words
such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will be,” “will
continue,” “will likely result,” and similar expressions. These forward-looking statements are based on current
expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to
differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to
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