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Google (NASDAQ:GOOG)
Q4 2011 Earnings Call
January 19, 2012 4:30 pm ET
Nikesh Arora - Chief Business Officer and Senior Vice President
Willa Lo -
Susan D. Wojcicki - Senior Vice President of Ads
Patrick Pichette - Chief Financial Officer, Principal Accounting Officer and Senior Vice President
Larry Page - Co-Founder, Chief Executive officer, Director, Member of Acquisition Committee and Member of Executive Committee
Herman Leung - Susquehanna Financial Group, LLLP, Research Division
Jeetil J. Patel - Deutsche Bank AG, Research Division
Mark S. Mahaney - Citigroup Inc, Research Division
Carlos Kirjner - Sanford C. Bernstein & Co., LLC., Research Division
Spencer Wang - Crédit Suisse AG, Research Division
Jason Maynard - Wells Fargo Securities, LLC, Research Division
Justin Post - BofA Merrill Lynch, Research Division
Douglas Anmuth - JP Morgan Chase & Co, Research Division
Brian J. Pitz - UBS Investment Bank, Research Division
Youssef H. Squali - Jefferies & Company, Inc., Research Division
Ross Sandler - RBC Capital Markets, LLC, Research Division
Heather Bellini - Goldman Sachs Group Inc., Research Division
Scott W. Devitt - Morgan Stanley, Research Division
Benjamin A. Schachter - Macquarie Research
Good day, everyone, and welcome to the Google Inc. Fourth Quarter 2011 Earnings Conference Call. Today's call is being recorded. At this time, I'd like to turn the call over to Ms. Willa Lo, Investor Relations Manager. Please go ahead, ma'am.
Willa Lo
Good afternoon, everyone, and welcome to today's fourth quarter 2011 earnings conference call. With us are Larry Page, Chief Executive Officer; Patrick Pichette, Senior Vice President and Chief Financial Officer; Susan Wojcicki, Senior Vice President, Advertising; Nikesh Arora, Senior Vice President and Chief Business Officer. Also, as you know, we now distribute our earnings release through our Investor Relations website located at investor.google.com. So please refer to our IR website for our earnings releases, as well as the supplementary slides that accompany this call. This call is also being webcast from investor.google.com. A replay of the call will be available on our website in a few hours.
Now let me quickly cover the Safe Harbor. Some of the statements that we make today may be considered forward-looking, including statements regarding Google's future investments, our long-term growth and innovation, the expected performance of our business and our expected level of capital expenditures. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this presentation, and we undertake no obligation to revise or publicly release the results of any revisions to these forward-looking statements in light of new information or future events. Please refer to our SEC filings for a more detailed description of the risk factors that may affect our results. Please note that certain financial measures that we use on this call, such as operating income and operating margin, are expressed on a non-GAAP basis and have been adjusted to exclude charges related to stock-based compensation. We have also adjusted our net cash provided by operating activities to remove capital expenditures, which we refer as free cash flow. Our GAAP results and reconciliations of non-GAAP to GAAP measures can be found in our earnings press release. With that, I will turn the call over to Larry.
Larry Page
Good afternoon, everyone, and happy new year. Welcome to our first earnings call of 2012. Great to have all of you here.
I'm very happy with our results. Google had a very strong quarter with revenues up 25% year-on-year, 9% quarter-on-quarter, and we blew past the $10 billion mark for the first time. Pretty exciting.
Looking back on 2011, I am most excited by the fact that we significantly improved our velocity and execution, my priority when I became CEO in April. With Google+, we shipped on average a new feature every day since we launched in June. That's more than 200 updates in total. And those things include a bunch of new Hangout features. In fact, David Beckham just did a great Hangout with his fans here this morning. We launched circles in Gmail and + Pages for businesses and many, many other things.
I'm also pleased to announce that there are over 90 million Google+ users, well over double what I announced just a quarter ago on our earnings call. Engagement on + is also growing tremendously. I have some amazing data to share there for the first time. + users are very engaged with our products. Over 60% of them engage daily and over 80% weekly.
As I said last quarter, Google+ is much more than the individual features themselves. It's also about building a meaningful relationship with users so that we can dramatically improve the services we offer. Understanding who people are, what they care about and the other people that matter to them is crucial if we are to give users what they need, when they need it.
Take last week's Search announcement, which I'm really excited about. We've now included personal results in Search. So you can easily find information like photos and + posts that are super relevant to you, as well as the people you care about or are interested in. You can even restrict all personal results or easily view Google in the world mode just as you would have before. I really like it, and I encourage all of you to try it out, too.
Each of improved execution and velocity is focus. There are so many opportunities for Google today. But to make a real impact in the world, we need to make hard choices about where to focus our efforts.
Since we last spoke, we've announced that we're closing 12 of our products, including Buzz, Knol and Friend Connect, integrating a whole bunch of others into features of existing products. This means that we can double down on the really big bets we had made like Android, Chrome, Gmail, Display and YouTube. And I'm pleased to say this big bets are really paying off. We're seeing extraordinary velocity, the kind of velocity we only we can dream about. Android is, quite simply, mind-boggling. 700,000 phones are lit up every day. And I'm pleased to announce 250 million Android devices in total, up 50 million since our last announcement just in November. In just 2 days over the holiday weekend, 3.7 million Androids were activated. And today, we're announcing over 11 billion downloads from Android markets. Wow. Ice Cream Sandwich, which is the new Android release in October, is by far our best build yet. And our exciting new phones. I simply love my Galaxy Nexus. Superfast, it's great for photos, has an amazing 720p screen.
Chrome is on fire, too. It's a wonderful example of kind of beautifully simple, intuitive experience that really improves users' lives. People thought we were crazy. Who wants another browser? It turns out a lot of people wanted to get to web quickly and securely, and we've got an amazing, fast-growing fan base all around the world.
From the start, Gmail had security, accessibility. Get all your emails from anywhere on any device. An insane storage. That made it a winner with consumers, businesses and education. From an internal beta project 8 years ago, I'm proud to tell you today that Google Gmail now has more than 350 million active users, and it's growing rapidly. That [indiscernible] said, our merging high-use project -- products can generate huge new businesses for Google in the long run, just like Search, and we have a ton of experience monetizing those old [ph] products over time. Take Display. We brought the science of search to the art of the Display, creating a business that our latest figures show has now reached an annualized run rate of over $5 billion.
I have some exciting new numbers also for the DoubleClick Ad Exchange, spending is up over 130% year-on-year, and the number of buyers and sellers have both more than doubled over the same period. I'm very pleased with the advertising on YouTube. TrueView gives users much more choice over what they watch, and advertisers only pay when someone watches their ad.
It's not just in advertising that we're doing well. Enterprise is doing great with over 5,000 new customers signing up every day. In fact, last week, we signed our biggest ever deal, about 110,000 users at BBDA, one of the world's leading banks. All of our experience says that well-run technology businesses with tremendous consumer research, make a lot of money over the long term.
Now all of this is made possible by the exceptional people that work here. I've always believed that you attract the best talent by working on things that matter in the world and creating a great workplace environment. People want to feel part of the family even when they're at work. So I'm super pleased that Google topped Fortune 2012's Best Company to Work For list, which was published today. We've taken the #1 spot 3 times now, more than any other company. I want to thank everyone at Google for all their hard work that has made this possible.
Let me finish up by saying that 2012 promises to be a fantastic year. We're still at the very, very early stages of what technology can do. By building a meaningful relationship with users, we can start to offer them, just what they need, exactly when they want it. Everyone here at Google is super excited about our work today and what the future holds. It's great to be here. Thank you for taking the time to join us today, and I'll now hand over to Patrick.
Patrick Pichette
Thank you very much, Larry, and good afternoon, everyone, and thank you for joining us again. Like Larry, I'm also very happy with our results. Google had a strong, a really strong quarter, in fact, with revenues up 25% year-over-year, crowning a year of disciplined investment, strong growth and actually great operational and financial performance.
Let me go through these financial results, then I'll turn it over to Nikesh and Susan for more commentary on our operating performance. So let's jump right in.
Our gross revenue grew 25% year-over-year to $10.6 billion, 9% quarter-over-quarter growth. By the way, it's worth noting that although currency rates had an immaterial impact year-over-year, they, in fact, had a negative impact on revenue quarter-over-quarter. In fact, if we applied last quarter's exchange rates to our Q4 revenue, these would have been roughly $240 million higher. So FX is a key component here. Google website revenue was up, in fact just shy of 30% year-over-year to $7.3 billion and 8% quarter-over-quarter with strength across most major geographies and verticals. Our Google Network revenue was up 15% year-over-year to $2.9 billion and 11% quarter-over-quarter. It's important to note here that the Network revenue was again negatively impacted by the search quality improvements we made early last year, and also that the momentum in our Display business continues, something that Susan will talk about in a few minutes. Our other revenue was up 50% year-over-year to $410 million and 6% quarter-over-quarter. Our global aggregate paid click growth was very strong, up 34% year-over-year and 17% quarter-over-quarter. Our aggregate cost of click growth was down 8% year-over-year and quarter-over-quarter. Remember, too, that this is an aggregate number, which includes both google.com and our AdSense properties. On this, it's important to look at CPCs and clicks together. There are numbers of factors that affect each, again something that Susan will address in the next few minutes.
If we turn to our geographic performance, the U.S., U.K. and rest of worlds all were growing at strong pace, reflecting in our result. In our earnings slides, which you can find in our Investor website -- Relations website, you'll see we've broken down our revenue by U.S., U.K. and rest of world to show the impact of FX and the benefits from our hedging programs. So please refer to those slides for the exact calculations.
Revenue from the U.S. was up 22% year-over-year to $5 billion. Our non-U.S. revenue accounted for 53% of our total revenue, or $5.6 billion, up 28% year-over-year, which includes a modest $25 million benefit from our hedgings program. The U.K. was up 21% year-over-year to $1.1 billion.
Let me now turn to expenses. Traffic acquisition costs were $2.5 billion or 24.1% of total advertising revenue. Other cost of revenue was $1.2 billion, excluding stock-based compensation of $77 million. And finally, operating expenses, which excludes stock-based compensation, totaled $2.9 billion. Our stock-based compensation totaled $459 million, and the increase year-over-year in OpEx was primarily due to payroll, increased advertising and promotional spend and legal and professional services. As a result of all this, our non-GAAP operating profit was $4 billion in Q4, resulting in a non-GAAP operating margin of 38.2%, a strong margin performance that gives us the confidence to continue to fully fund our strategic growth areas in Search, Display, Mobile and apps.
If we turn to headcount, it was up approximately 1,100 for the quarter, and we ended the year roughly at 32,500 full-time employees. Our effective tax rate was 22% in Q4, and this reflects the mix of earnings between our domestic and international subsidiaries, but also an impairment charge for Clearwire, which is not [ph] deductible for tax purposes.
Let me now turn to cash management. In other income and expenses, our line was minus 18, which is a large negative variance, in fact over $300 million quarter-over-quarter. This reflects a couple of things. First is the impact of our significant FAS 133 expense from hedging program, which accelerated the expense of our portfolio this quarter now that this portfolio is much deeper in the money. In addition, as I mentioned, we took an impairment charge for Clearwire. And so for more details on our OI&E, which changed quite a bit this quarter, again please refer to the slides that accompany this call on our IR website.
Our operating cash flow was very strong at $3.9 billion, just shy of $4 billion. Our CapEx for the quarter was $951 million versus last quarter at $680 million, and remember that the majority of our CapEx spend was related to facilities and production equipment. And as a reminder, I wish to continue to make -- we'll continue to make significant CapEx investments, and these have shown to be lumpy from quarter to quarter depending on when we're able to make these investments. In consequence, we're very pleased with our free cash flow, which was $3 billion.
So in summary, with such a strong performance, we continue to be optimistic about investing in our growth agenda. Let me now hand it off to Nikesh, who'll cover more of the details of our sales performance for the quarter. Nikesh?
Nikesh Arora
Thank you, Patrick. I will now provide an update on our business activities. We've had an excellent quarter, good growth over the holiday season. Robust [indiscernible] growth on Black Friday and Cyber Monday has led to strong performance across our product portfolio and $10.6 billion in revenue this quarter. Let me talk first about how our sales team have driven the introduction of innovative ad products that delivered impressive results for our advertising customers and outline performance by region. And finally, a few highlights from our marketing and partnerships teams.
First in Search. Our core desktop Search maintained robust growth as we continue to help our customers grow their businesses. Beyond our robust core growth supporting online sales, we're increasingly helping our advertisers to use Search for branding, as well as something interesting, which is driving in-store sales for them. For instance, by using the power of data insights, we collaborated Carrefour in France to analyze over 2 years' worth of data demonstrate how 1 euro invested in online ads helps deliver almost EUR 8 of in-store sales. We expect to promote these kinds of programs further in the coming quarters. Additionally, we saw similar success in the study with SFR mobile, France's second largest mobile carrier, where we demonstrated a 20% marketing ROI for off-line sales resulting from online advertising. So our Search business continues to be strong.
Let's move on to Display. As Larry mentioned, we're continuing to see great revenue growth. Our investments have really paid off in the last few years. Display has now reached an annualized run rate of over $5 billion as we engage with multiple advertisers and get tremendous support from our agency partners. What is particularly satisfying is how we're able to drive this growth as a consequence as of our continued investment in innovation with products like Ad Exchange and new ad formats like TrueView. I'm sure Susan will talk a lot more about these. All these are resulting in more efficiency and in revenue for both of us and our publisher partners. On the sales side, we have continued to align our teams, now the combined Display and Search sales, to help meet the needs of our advertising partners. We continue to activate the Display ecosystem of agencies, advertisers and other publishers. Advertisers like Ford, GM, Electronic Arts, L'Oreal and their agencies continue to see the efficiency of online branding and move more and more of their marketing spend towards our products, to Google Display Network and YouTube. For example, at L'Oreal, we demonstrated that online advertising is far more efficient than television as our new formats in YouTube, which include TrueView in-stream, in-slate and in-search have provided significant reach for their branding campaigns with millions of impressions, great click-through and efficiency gains.
Let's move to Mobile. We had another record quarter for mobile advertising as mobile search continues to surge across all platforms. The number of our clients who are using mobile within their campaigns continues to grow rapidly. For example, Mali [ph] Hotels of Spain with 350 hotels in 35 countries, they use mobile search campaigns to support their mobile e-commerce activities. As a result, Mali [ph] has experienced a 60% increase in visitors for mobile devices, and their mobile-driven bookings have multiplied by 12 in 2011.
We also worked hard to develop the Mobile ecosystem. This quarter, we kicked out -- kicked off the go mobile campaign in the city of Mobile, Alabama, where we helped hundreds of customers build their mobile sites for free, starting a program that will inspire, educate and empower businesses to continue to go mobile.
Let's move to Enterprise. As Larry mentioned, we are seeing great traction in our Enterprise business, both with large partners, who tend to be early adopters and future looking, and in many small businesses who see Google Apps as a comprehensive and quick solution. We now have more than 5,000 customers signing up to Google Apps every day. As Larry mentioned, BBDA was the first major bank to go Google with Apps. Costco, one of the world's largest retailers, has also gone Google. In addition, in Q4, we signed government deals with the states of Maryland, Utah and 5 top universities, including Berkeley, Harvard and Michigan.
Let's move quickly to country performance. From a regional perspective, we continue to see strong performance in the Americas. However, generally, country growth rates are flat or softened slightly partly due to comparisons with a very strong Q4 in 2010. North America saw slight decreases from preceding quarters. Year-to-year growth rates, however, [indiscernible] remained robust boosted by a strong holiday season. In particular, Cyber Monday led the way as the biggest day of the quarter. Western Europe was broadly stable as the U.K., France and Italy held steady, while Spain accelerated slightly for the third quarter in a row. However, revenue growth in Germany slowed this quarter. Our key emerging countries continued to see rapid growth across all of our product areas.
Let me switch gears to marketing and partnerships. Our marketing and partnerships programs continue to provide strong foundations for the growth of our business. You may have seen many of our initiatives on Google+ this quarter, in addition to the Hangout with David Beckham Larry mentioned. Our sales teams have helped our customers create over 1 million Google+ pages, as Larry pointed out, including Global brands such as Toyota, Zaphos and The New York Times. Additionally, we continued the momentum of our Get Your Business Online program. In 2011, this program has helped bring hundreds of thousands of businesses online across the world. And we got 100,000 businesses to come online in 20 countries in Q4 alone. Last quarter, we expanded internationally to India, Sweden and Malaysia, as well as domestically to additional states like Michigan and New York.
Our partnership team continues to drive great results with our partners. We renewed 35 of our direct search partner deals, and our long-standing Search distributor deal with Mozilla was renewed as well. These and other efforts helped our syndicated Search revenues accelerate in Q4 as we saw the full impact of large deals and fast growth of 3 partners.
In closing, Q4 was a great quarter for us, finishing a strong 2011. We're excited to continue serving our customers, partners and users in 2012. And before I hand over to Susan, I want to give a shout-out to our business teams around the world and our partners in product and engineering for these great results. I will now turn over to Susan, who will discuss product performance this quarter. Thank you.
Susan D. Wojcicki
Thanks, Nikesh. Larry mentioned last week's launch of Search, plus Your World. And I'd like to start by talking about that a bit more.
Google Search has always been about finding the best results among billions of web pages. And until now, those results have been limited to the public world of the Internet. What we added last week was the ability to search your own world, including Google+ post photos and profiles relevant to you, all from the same search box.
Let me give you a few examples of how this transformed my searches. Last week, I searched on CES, the Consumer Electronics Show in Las Vegas, to find out more details about the show. In addition to the public results, my search magically included pictures my friends and colleagues had taken while at the show, as well as products they thought were interesting to share. In addition to seeing all the standard news for CES, I was able to get a much more personalized view of the show. This weekend, I also searched on Yosemite since I was thinking about our summer plans. In my results, I was able to see pictures my friends had taken while in Yosemite and posts about interesting things to do there. There was even an article from my mom that she had shared with my family circle, warning us not to get too close to the waterfalls.
Turning now to ads. We continue to improve ads quality, and we launched about 20 improvements this quarter. Patrick mentioned that paid click growth was very strong this quarter and that CPC has declined. It's important to look at clicks and CPC metrics together since more clicks can often lead to decreases in average CPC and vice versa. When we make ads quality or format changes, CPC and paid clicks may be impacted differently. For example, when we introduced sitelinks, we saw an increase in clicks. But the additional clicks were on lower-CPC ads, which reduced the average CPC. Many of the ads quality changes in Q3 increased paid clicks at lower CPCs, and they were revenue positive with good user and good advertiser metrics. These ad quality changes from Q3 had a cumulative effect on Q4 metrics. Another important and key driver of the change in CPC growth was foreign exchange. And lastly, there are mix effects with Mobile and emerging markets.
Moving on to new ad formats. These new formats now appear on about 30% of queries that show ads. Product Listing Ads, which include prices and pictures of products, saw a lot of success over the holiday season. Traffic to consumer sites from Product Listing Ads was up over 600% year-on-year. This quarter, we expanded Product Listing Ads so they can show up to 5 products, which was great for holiday shopping. We are also working to make it more efficient for advertisers to use AdWords. Many businesses have a large and dynamic catalog of products, and it can be time consuming for them to select the keywords and the CPCs for each product. So this quarter, we beta-launched Dynamic Search Ads, which generates the ads automatically based on what's on a customer website. This enables businesses to advertise a lot more of their products, and our system can also monitor the advertiser's available inventory and show ads only for what is in stock. For small local businesses, we ramped up AdWords Express. This product lets businesses get up and running with a campaign in just a few minutes. Customer sign-ups have more than tripled in the past 6 months. We now offer AdWords Express in the U.S., U.K., Germany and France, and we are trialing it in several other countries.
In Display, which now has reached a $5 billion annualized run rate, as Larry mentioned, we're creating a comprehensive solution to buy and sell display ads across many types of digital media, such as desktop, video and mobile. One key driver of growth has been our success in audience buying. This technology enables marketers to deliver ads to specific audiences across the web, such as in-market hybrid car buyers or adventure travelers. Many audience buyers purchase via the Ad Exchange, which now has customers in 26 countries and is growing very rapidly. We also expanded to video and mobile inventory on the Ad Exchange. And on the Google Display Network, we're also growing audience buying. From Q3 to Q4, the number of active advertisers using interest category marketing increased over 60%. And that was from an already large base. By understanding users' interests, we've been able to serve much more relevant and useful ads to our users.
Our success in Display has also been driven by brand advertisers, with video formats being an important factor. Our TrueView in-stream ads give users the option to skip the ads. This means that users who see the ads are more likely to be interested in those products, and advertisers are incented to create compelling ads. View rates range between 15% and 45%, and the people who choose to watch those ads are highly engaged. Over 60% of our in-stream ads are now skippable. It's an increase of over 4x since the beginning of the year. We now serve TrueView video ads across the Google Display Network and on YouTube Mobile.
I'd also like to give a quick update on Offers, which has been bringing online users to off-line stores and services. Offers are now live in over 30 cities, and we're starting to feature national offers from partners like REI, JetBlue and Toys "R" Us. We expanded our collection of deals to include offers from partners so that users get a wider variety and partners get access to a broader user base.
And lastly, among the many launches that we did in the quarter, I'd like to highlight one project we did called Memories for the Future. This site compares before and after Street View photographs of the areas affected by last year's tsunami in Japan. We drove thousands of miles so that future generations can see what happened. Thanks all for your time. Now back to Patrick.
Patrick Pichette
Thank you, Susan. So what we'll do is we'll turn it over to Jamie to set up the Q&A session.
Question-and-Answer Session
[Operator Instructions] And we'll take our first question today from Brian Pitz with UBS.
Brian J. Pitz - UBS Investment Bank, Research Division
Maybe you could just give us a sense for mobile usage. Did you see a major shift in the mobile usage among the consumer during the holiday? And then I've got a quick follow-up.
Larry Page
This is Larry. Let me give that question to Nikesh.
Nikesh Arora
Look, we're seeing mobile usage grow with leap -- by leaps and bounds. It's happening by a proliferation of Android devices around the world. It's happening by a proliferation of tablets around the world. It's happening generally by people getting more and more active on their mobile devices as they discover the utility and the various apps that allow them to be able to go find things, whether they're local searches, they're product searches or they're searches for generic things on Google. So yes, we are seeing tremendous mobile usage, and we saw -- seem to be an uptick during the holiday season where people were looking for products and searching for e-commerce-related activities during the holiday season.
Brian J. Pitz - UBS Investment Bank, Research Division
So just as a follow-up to that, so do you think that the reason for the significant decline in the CPC is -- the down 8%, is a function of the clicks going through mobile more so? Or is it more some of the other factors that you explained to us? Because I'm just trying to get a sense for the down 8% CPC number was, I guess, significantly different than what we were expecting. And I understand the trade-off with the clicks, but is mobile largely responsible for that?
Nikesh Arora
I'm going to pass that question on to my friend Susan here who's going to talk about the CPC.
Susan D. Wojcicki
So there are definitely multiple factors whenever we look at these metrics because these metrics are aggregate. But I would say the 2 biggest factors this quarter were FX as well as the changes that we had made, their ad quality or format changes, which increased the paid clicks and again were revenue positive, advertiser positive, user positive. But those clicks, as I explained, may be lower CPC like in the example that I gave in my script with sitelinks. So those were the 2 factors. But again, it's always important to remember there are many factors that contributed to these aggregate numbers.
Brian J. Pitz - UBS Investment Bank, Research Division
Great. Just a quick housekeeping. Patrick, can you just qualify what's in that $5 billion Display run rate? Is that comparable to the $2.5 billion you provided before?
Patrick Pichette
Yes, it is exactly the same definition. So you take out all the text ads, and then you look at both mobile and desktop. So you go back to the same definition.
And we'll go next to Spencer Wang with Credit Suisse.
Spencer Wang - Crédit Suisse AG, Research Division
Two quick questions. I guess first for Nikesh. It looks like international, excluding the U.K. revenue price load, the most kind of sequentially. I was wondering if the macro economy played at all a role? And if so, any sense of magnitude there? And then secondly, for Susan, with respect to the $5 billion Display run rate number, there's obviously a lot of stuff that goes in there between YouTube and Mobile and the ad network. I was wondering if you could just give us some maybe color of what the blended TAC rate would be for that $5 billion.
Patrick Pichette
So I'll take both questions, if you don't mind. So first, we will not -- we don't provide the TAC rate on the blended. And you're right that, I mean, if you think of the big properties that are in there, right, so you will have the GDN, we'll have YouTube, right, we'll have all of the additional elements of our Display business, which includes the Teracents and then all of the other optimizers but also the AdMob on mobile. So that's the kind of key elements of it. But we do not -- we don't kind of comment on the details of the blended TAC on them. On the economy, look, we had actually quite a solid Q4 performance, and we're really pleased of our revenue growth. I mean, even despite the FX issues -- so you have to separate the FX issues from the economics fundamentals of our business. And performance in Europe was actually quite healthy despite the environment that we got there. And that's driven by the secular shifts of off-line to online continues, and the secular shifts of more mobile continues. So from that perspective, right, obviously, we don't control the economy, we don't control exchange rates, but we're actually quite pleased with the performance that we've had internationally in addition to the U.K. and the U.S.
And we'll take our next question from Mark Mahaney with Citi.
Mark S. Mahaney - Citigroup Inc, Research Division
I just wanted to ask about YouTube. I know that in that Display bucket. Could you quantify it at all? Is the growth you're seeing out of YouTube similar to what you're seeing in the overall Display bucket? And specifically, are you seeing a sign that TV ad budgets specifically are migrating online into assets like YouTube? When you ask advertisers who are spending more money in YouTube, where those dollars are coming from? Where are they coming from?
Patrick Pichette
So let's do a 1-2 punch quickly. YouTube is doing absolutely terrific. And on the advertising side, Nikesh will probably be the better answer to give the details. Or Larry, whichever of the 2.
Larry Page
Yes, I'd say on the advertising side, I think we're tremendously excited about our growth on YouTube. And the amount of success we're having in advertising there is very significant. But it's not significant compared to the overall kind of video advertising space. It's a tiny percentage of that. We have a huge amount to grow. But I don't think the advertisers are thinking about it as being a significant percentage of their other spend on video. So we don't really see that.
And we'll go next to Ben Schachter with Macquarie.
Benjamin A. Schachter - Macquarie Research
On Android, the numbers are obviously very, very strong. But can you talk about the monetization potential that's beyond Search? What has to happen with Android for you to actually make money on this? And how are you going to do it? And then secondly, the revenue growth did decelerate more than I think most people expected. And you had such strong tailwinds with Mobile and Display. Do you think that some of the deceleration came from people going to information directly through apps or going directly through vertical search like going to Amazon directly for commerce or Expedia directly for travel?
Larry Page
Yes, I mean, Ben, maybe I'll take the first on there on Android. I think we are in a very -- as I mentioned in my remarks, we're in the early stages of monetization for a number of our new products, and Android is one of those. I think we do make money from Search on apps. We do make -- we mentioned that we have a very strong advertising business on mobile, which we obviously -- a lot of those people are on Android as well. And I think that you also see we announced 11 billion downloads on Android markets. Obviously, a lot of those are free, but we also are having a lot of people buy stuff there, too. We've seen a lot of potential for us to make money on Android, and I think you'll see us increase that a lot over time. It's hard to give you details about that right now, but I'm very, very optimistic.
Patrick Pichette
On the second part of the question, let me jump in. If you look at our growth -- first of all, you're right that FX played a part. You also have to remember that last year at this time, right, we had such a strong comp. We had such an amazing Q4 of 2010. That the year-over-year comparison in a way represents also this really high kind of level on which to start from. And so from that perspective -- and if you also look at our mix between our own Google websites versus all of our network, I mean, our core properties continue to be actually very strong. So for all these reasons, I wouldn't be worried of the way that you've described it. In fact, we've got -- continue to have very strong growth.
And we'll go next to Heather Bellini with Goldman Sachs.
Heather Bellini - Goldman Sachs Group Inc., Research Division
I just had another follow-up on CPC. And kind of as you look out given -- to the first half of the year, and given the metrics that Susan rank-ordered or impacting them in Q4, how do we think about how those metrics that you rank-ordered might impact them in the first half of the year or just even looking out over the next quarter? What are the things we should be paying attention to?
Patrick Pichette
Yes, I mean, at the highest level and then maybe Susan can jump in if she wants to add additional, if you think of the core elements of it, she mentioned quality. And we -- the -- all of the Panda changes and everything we talked about, right, its full year is going to be represented only by the next spring. And then FX rate, we don't control ourselves. So obviously, it has a significant impact. The rest of it is actually the mix between how the innovation that we drive to our products, which is if you have a great product that drives a ton of clicks and it happens to have lower cost or CPC, then that's still for the benefit of everybody. So then, that's really about our innovation agenda, but we don't give forward guidance on that.
Heather Bellini - Goldman Sachs Group Inc., Research Division
Right. But it just looks like those trends that you mentioned that impacted Q4 are in existence as we look out, at least initially, into 2012.
Patrick Pichette
I think you have to make the call on the FX yourself. And then on the...
Heather Bellini - Goldman Sachs Group Inc., Research Division
Aside from FX, obviously, right.
Patrick Pichette
Yes, yes and then the quality, I think will going to -- flow through the year, sometime in the spring.
Susan D. Wojcicki
I mean, the one thing I would just add is, the way we think about the business is we're focused on how do we provide better ads for our users and for our advertisers, and we look at all of those metrics combined. And what we saw in Q3 was we made a bunch of changes. They were small. There was no one individually that actually affected things, but it just so happened that the changes we made drew more attention and caused an increase in paid clicks. And so, as I mentioned, there are many factors. But really, what we use as a guiding metric are to understand that something is revenue, advertiser and user positive.
And we'll go next to Carlos Kirjner with Sanford C. Bernstein.
Carlos Kirjner - Sanford C. Bernstein & Co., LLC., Research Division
Help me reconcile the 15% year-on-year growth in Google partnered revenue with the 130% growth in the DoubleClick Exchange and the $5 billion run rate for Display. I mean, something -- it seems that something must be decreasing. And how do we make these numbers close?
Patrick Pichette
Look, I think that you have to remember -- in the highest level, you have to remember that sites and network lines in our financials are not good proxies for Search and Display revenue, right? I mean, in its most simple term, YouTube, which is Display, right, ends up in our Google sites. And yet, AFS which is Search, is included in the network. So when people actually do the math, right, it's really easy to get confused between these lines. So I would kind of caution you to have one which is growing at 15% obviously being -- jumping to the conclusion that that's Display. That doesn't work.
Carlos Kirjner - Sanford C. Bernstein & Co., LLC., Research Division
So does that mean that a material portion of the $5 billion come from YouTube?
Patrick Pichette
All I'm saying is we don't give the breakdown, but you could -- I just want to make sure that you -- caution you that because of these mix issues, right, it can lead to interpretations that are wrong.
And we'll go next to Doug Anmuth with JPMorgan.
Douglas Anmuth - JP Morgan Chase & Co, Research Division
I just wanted to go back to the CPCs for a minute. And it sounds like -- and we can obviously take the FX out, but it sounds like you're saying that the improvements in 3Q were perhaps a much bigger factor than the mix shift toward mobile in terms of CPCs. Susan, can you provide any more color there in terms of the improvements that you made which could drive sort of a meaningful shift like that? And then secondly, TAC as a percentage of advertising revenues have been down for many straight quarters now, and here they ticked back up a little bit. Can you clarify that at all, the reason for that?
Patrick Pichette
Yes, on the latter -- let me just jump in on the latter and then I'll let Susan give a bit more color, commentary. But it's just mix issue between partners. So as you have partner mix, it will just affect. But it's not a dramatic number, by the way, right? It's still kind of hovering around 24. So it hasn't plummeted in any way shape or form.
Douglas Anmuth - JP Morgan Chase & Co, Research Division
Is it more partner mix? Or is it possible that it's more mobile mix like desktop to mobile?
Patrick Pichette
Yes is the short answer. But partners mix affects it as well. Like, it's not only mobile, I guess, is my point. I'll let Susan give you more details on the colors of the -- if any, on the changes that we've done that would have impacted the CPC.
Susan D. Wojcicki
So the 2 biggest factors, as I mentioned, were the FX and also the changes that we made to -- in terms of ad quality or format changes that we made. And those were changes that we made in Q3. There was no, I think, one significant one that drove the metrics. Or like this quarter, we made 20 different changes. Last quarter, we made something similar. And it was the combination of those different changes. Now it's important to remember that we rolled those out over the course of Q3. And so that meant that if we rolled one out at the end of Q3, that you wound up seeing that impact in Q4 period. And so there was a cumulative effect. But again, there was not any one big one. It was the sum of a bunch of other changes. And those changes that we wind up making are changes that may make the ads more readable, they may be more visible, they're UI treatments or quality changes. They're a bunch of different things that make it more visible so that users are noticing the ads. And we see those as positive. We measure the metrics, how do our users respond, how do our advertisers respond. And they are revenue positive.
Patrick Pichette
Yes. Another way to think about this is in many quarters, we would have a bunch of them that would actually move down the CPC, a bunch of them that would have moved up in [ph] click. It just happens that in the latter part of this year, they kind of all moved one way, which is not neither good nor bad. It just happens that the quality team and the advertising teams actually have kind of unearthed these type of opportunities. So it's a bit of circumstantial as well.
And we'll take our next question from Jeetil Patel with Deutsche Bank Securities.
Jeetil J. Patel - Deutsche Bank AG, Research Division
Two questions. First of all, I think, Larry, early on you referred -- you talked about shuttering a couple of products and then doubling on key products that are showing some quite bit of success. I guess can you speak to are you still innovating across new products around the consumer? And anything that's not tied to advertising as we look ahead? Second question, can you talk about -- I guess when you look at mobile distribution costs in general, do you envision a scenario where mobile distribution costs stay about where they are today? Or how do you think those kind of play out over time as you think about the development of the mobile market?
Larry Page
Maybe I'll take the first question and Nikesh can take the second part of the question. I think we -- I didn't mean to imply in any way that we're stopping innovating. And I think we will continue to launch new products in new areas and things that aren't necessarily advertising supported, as we have been doing for a while. And I'm very excited about that. But we may not launch 100 such things. We may launch a few of those such things over the next few years. I think we'll try to make sure we're more concentrated in our efforts to make sure we're producing really amazing products for our users and for our customers that are really well thought out and work really well. And so, I mean, we've put a lot of effort into those things. So we're just really just been concentrating our efforts around our innovation and making sure we're doing a really great job on the things that we really care about and that really matter to the world. And so that's very consistent with sort of everything I've said. Nikesh?
Nikesh Arora
Yes, I think on mobile distribution, it's pretty similar to what happens on Search today. Many consumers get their mobile applications from Google directly on their devices. Some people get them through our distribution partners, and some people get them through our carriers. And to be honest, the distribution costs really depend on the mix of those devices. And you can see, traditionally the mix is less and less specific to other distribution partners in the middle, and more and more people are organically getting access to device and applications that they choose given the large plethora of opportunities and options that they have.
And we'll go to Justin Post, Bank of America Merrill Lynch.
Justin Post - BofA Merrill Lynch, Research Division
A couple of things. Patrick, on the hedging program, you had $134 million loss on the expenses of getting the hedges, but you only made $25 million and it was a pretty volatile quarter. Do you have a lot of backlog saved up for next year in profits? And is this working the way you want? And then maybe for Larry, obviously CPC growth is really accelerating. Can you explain why that's good for Google and why you think you're going in the right direction? The mix seems to be a big controversy, but obviously you're making these changes. Can you really explain the positive benefit to the user experience or to the company?
Patrick Pichette
So on the first question, actually thanks for your question, Justin, because I'm sure a lot of people are thinking about that. Our hedges -- so the cost that we accelerated is actually relative to the entire portfolio of hedges that we have that spans over 18 months forward. So what -- think of it as a complete program that extends 18 months out and -- of which think of it like a bond ladder, right, with a lot in the short term and -- less in the long term. All of those hedges, right, you have to mark to market. And when you have to mark to market, they're so much in the money. Then you have to actually accelerate your expensing of them. So you're absolutely right that today as we stand or as we close our books on the 31st, right, they signaled about the weakness of the euro because the euro had lost quite a bit in the quarter and relative to our portfolio. So we would -- if things stayed exactly the same, right, we wouldn't reap a lot of benefits in the coming quarters and wouldn't have those expenses because we took them all in one shot. So I hope that makes sense. And it's really tied to FASB 133 that doesn't allow you to just do it pretty [ph] early.
Larry Page
I can take, say, a little bit about CPC from my perspective. I think -- and I don't have the detail here, quarter or whatever, but I do think that CPCs -- do vary a fair amount, and we're not surprised by that. There are lots of product changes that we can make that can increase CPCs or decrease CPCs and kind of have a -- or an inverse effect on the number of clicks and sort of not change the actual dollars spent, for example. And that's not that surprising because we can do things that -- in product changes that affect people's attention to ads that Susan mentioned or that affect the quality of the conversions that advertises receive. They might receive better quality clicks, or they're -- or those -- each CPC that they got that's more likely to convert into what they care about. And so we are constantly optimizing all those things across a number of different product areas and ad placements and everything else. And our advertisers are doing the same, and the algorithms are also doing all that. So I think in any healthy economic -- economy, like we have of advertising, we're going to see variation in the different factors we use to measure it. And I'm not surprised by that.
Justin Post - BofA Merrill Lynch, Research Division
Are you happy with the results in the quarter? Are they going the direction you expected based on the changes you made?
Larry Page
As I said, I'm very happy with our results overall in the quarter. And I think those are a function of all the metrics that we gave you. So yes, I'm happy with our results.
Susan D. Wojcicki
Yes. I mean, one additional thing I'd like to say about the increase in paid clicks is the increase in paid clicks, in a lot of ways, is a proxy for where the ad is useful. Do the users find interesting enough to click on them? Do we have enough advertisers who served ads? So an increase in paid clicks shows that our advertising system is working, that we have more advertisers, we have more clicks. And as Larry alluded to, there are many, many different variables that go into it, but an increase in paid clicks is something that we see as a sign that our advertising system is in demand and it's healthy.
And we'll take our next question from Scott Devitt with Morgan Stanley.
Scott W. Devitt - Morgan Stanley, Research Division
I'll ask about paid clicks and their relationship to CPCs. There's a third-party data that suggest that paid clicks continue to grow faster than free clicks. And so the 34% paid click growth that you reported, it would seem to make that fairly accurate that there's a mix shift that's occurring in favor of paid versus free. And with search quality improvements as the driver of this potentially, it would seem that advertisers would be paying more for better distribution, yet CPC is down. So if you were to look at your business on a same distribution basis normalized for mobile and increased ad coverage and all the other potential drags on CPC, I'm just -- the question is a simple one. If you look at advertisers, are they paying more or less on a unit basis for distribution?
Patrick Pichette
I think that -- let we make 2 statements on this. The first one is that we shy from talking about -- anything about specific which is third-party data, because typically we find there are so much errors and methodology issues with them. I think that we're seeing -- what we have clearly seen this year once again, right, is more holiday shopping happened online this year again, right. Nikesh talked about, right, record Cyber Sundays and Fridays that are black. And, I mean, all of these things have hit record year -- this year again, and we're seeing again a transition of off-line to online. I think that Susan's last point is really the critical point, which is as we're moving and exploring formats that really work well for both the advertiser and the user, you should see a symptom which is more clicking. And that's exactly what we see. And if there's a slight pressure on the CPC as a consequence of it, but overall we get a better result, right, that's actually a pretty healthy environment and an innovative one. And then -- and just again, as we mentioned and as Susan said, it happened that in Q3, we had just a number of them that just went one way. And I wouldn't read any data points in that as saying that that's the future or that it will not revert back to others. It's -- that's just the nature of experimentation in our systems.
And we'll go next to Jason Maynard with Wells Fargo.
Jason Maynard - Wells Fargo Securities, LLC, Research Division
I guess I'll spare you on CPC. I have actually a couple of questions for Larry on Google+. Last quarter, I think you referred to it your as social lair. And I guess I almost think of it like Google's -- it's like your social operating system, I guess, to a certain extent. So I'd love to get your vision on how you think G+ can improve engagement across all your properties. And then the second question would be, identities that are on Facebook and Twitter, do you think ultimately those firms will open up the data stream and we could see even richer results with clearly Facebook- and Twitter-like information?
Larry Page
Yes. I think we see -- as I mentioned in my opening remarks that we see really engaging with users on -- really deeply understanding who they are by getting them the right things that make sense for them and so on. It's really, really important. And I think we are at the early stages of that, and Google+ is a big part of that effort. If you look at some of the things we've done, I think that if you look at in Search, you can do a search now and get somebody's name and have that name really appear as a chip in the search. And that means that it's no longer a string that you're searching for, it's actually a real person. That notion of identity is really a deep, deep part of what we're doing. And it's an example of how we can make all of our products better by really understanding people. So we definitely think about that. There's a reason why we called it Google+ in that way. I think -- and so I think you're -- you've got the right idea in general about that. I think that -- I think with other big companies, other big companies that work on social data and so on, I think we've seen very much general tendency to wall that data up and to wall the card in and not make the data available. Where we have publicly been able to access the data -- for example, in Search, we've provided a lot of third-party social data in Search, and we love doing that and we'd love to have more such data. But in general, I would say companies generally have been walling that data up, and we'd love to be able to use more of it.
Jason Maynard - Wells Fargo Securities, LLC, Research Division
Great. Can I maybe ask a follow-up and get a prediction from you in terms of how many G+ users you expect in a year or so?
Larry Page
Oh my goodness, I won't try to predict that. But we're very excited about the growth we had, and we're certainly seeing tremendous number of people being added every day.
And we'll go next to Ross Sandler with RBC Capital Markets.
Ross Sandler - RBC Capital Markets, LLC, Research Division
Two quick questions, neither on CPC. Susan, on Google Offers, quick question there. Given Google [ph] and LivingSocial's early success in this space, it seemed like scale is an advantage in the local and national deals area. Is there any reason why Google is only in 30 markets to date? It seemed like you've got all the merchant relationships that you need. So is there something else that's preventing a broader rollout? And then a follow-up for Nikesh on Europe. You mentioned in your prepared remarks that Germany was a little weak in the quarter. Can you give us a little color on which verticals? Was it travel, retail, finance? A little color on the verticals that were weak. Or was it broad-based?
Susan D. Wojcicki
So right now, we have 30 markets to date, and that's just what we have to date. So as there are more markets and as it makes more sense for us over time, then we will roll out more markets. But I do think that there is -- it's very important to understand what's working in a specific market and in a city and perfecting that and really understanding the dynamics that make sense for us for the success of that city. And so as we expand, we'll expand with that knowledge. And we'll expand as we -- as it makes sense for us in terms of the users, the solution and building all of those learnings that we've made in those initial 30 markets.
Patrick Pichette
Nikesh, any comments on your side?
Nikesh Arora
Yes, I guess in terms of verticals, generally auto has been strong around the world. We've seen that. And then in different markets, different verticals have been special in terms of the -- the U.S., we had – education, we had health. So there have been different vertical performances around the world. And Germany has been a market which has been doing really well for us in the last few quarters. So part of it is we're running up against some very, very tough comps versus last year. But it was general sort of weakness across the board. It wasn't specific to any particular vertical that has changed.
Larry Page
I should mention, too, you can actually go to Google Insights for Search, and you can look at our Search free graph over time for any of these verticals yourself. It's some great data.
And we'll go next to Herman Leung with Susquehanna International Group.
Herman Leung - Susquehanna Financial Group, LLLP, Research Division
Just 2 quick questions. First, I remember last year in the fourth quarter there was a pretty big change that you guys made on the quality side, which I think you mentioned a bit on the prepared remarks. Wondering if that -- how much of a headwind that was relative to the fourth quarter of this year. If there's a way you could sort of quantify that. And second question is the hiring rate that you guys have made, 1,100 people, this quarter. Wondering -- that's a bit of a slowdown from the previous quarters in the past. Wondering if there was something there to look into.
Patrick Pichette
So a 1-2 punch on this one, Herman. On the first one, we mentioned it because we thought it was material. It was such a big impact last year. We don't comment on the specifics, but it was sufficiently material that that's -- you're absolutely right that it created a headwind for us this year. No doubt about it. And that's why we mentioned it. On the second question, you'll remember that in Q3, we kind of had a double hitter where Larry had already said that we had reached what was kind of tolerable in terms of the pace of hiring.
Larry Page
The edge of what's manageable.
Patrick Pichette
The edge of what is manageable. And thank you, Larry, for that clarification. And we also had at the end of Q3 all of the -- we had the summer -- everybody comes -- leaves -- comes from school, comes into Q3. So we had quite a bit of a bump in Q3. We're really pleased by -- and you can see in our results now that actually, it's a good evidence of we're managing -- we have managed down our numbers into Q4, and a good evidence of we are managing it to make it digestible for us.
And we'll take our final question from Youssef Squali with Jefferies & Company.
Youssef H. Squali - Jefferies & Company, Inc., Research Division
So first, one product we didn't talk much about is Google Wallet. So I was wondering that based -- if based on your early test, is that a product that you're planning on doubling down on? And if so, what is the path to wider adoption? And second, on MMI, I know the deal hasn't obviously closed yet. But just given the size of that transaction, it certainly has the potential to really change Google's growth and margin profile pretty significantly, which is a big concern to many. So at a very high level, Larry, I was wondering if you could maybe just talk about your commitment to be a principal in the handset business. And if so, how does -- how do you avoid channel conflicts with the partners?
Susan D. Wojcicki
Youssef, this is Susan. So I can talk a little bit about Google Wallet. And so as Larry has mentioned a number of times, we want to focus on products that people use every day. So products that are core. And all of us use our wallet every day. And we think that's a big opportunity for us. So we are continuing to invest in our Wallet business. And we see a lot of opportunity. And for example, there might be opportunities in the future in terms of how online and off-line are linked together, and better opportunities with the way different parts of our business wind up working. So we are very excited about Wallet, and we will continue to invest in it.
Larry Page
And I should mention on Motorola obviously we're going to break that out separately, so you'll be able to track the changes to margins and so on. I think that -- and able to track the business separately. So that should not be an issue. We've been very clear that Motorola's obviously going to remain a licensee of Android, and Android will remain open. And when we announced the deal, we really said our strategy is working with different manufacturers on lead devices is going to continue. And Motorola will bid with -- just like any other OEM for those devices. So that process will be unchanged. And obviously, I think we have done a great job managing our partner ecosystem. That's a difficult thing to do, and I think we do it quite well. And I expect we're going to continue to do that well with Motorola. And obviously, it shows our commitment to Android in making sure that we have the freedom to innovate and as do all of our OEMs.
Patrick Pichette
So even more specifically, we -- you can expect segmented reporting for Motorola. So the Google will continue to be very clear in terms of its performance and transparency to investors. Motorola will also, on its own, be very clear and transparent to investors. And just before we close the call, just a reminder to everybody, as the headcount question that was asked a minute ago reminded me. As we launch into Q1, it's important to remember that there's a lot of expenses. As people kind of think of resetting their models, it's really -- I just want to remind everybody because every year we go through this, that the employer taxes and 401(k)s and all of the things that launch into Q1 typically get reset. And so I just want to give a friendly reminder to all our -- the people that have financial models out there to make sure that -- to take that into consideration because it surprises everybody every year. So rather than get another surprise at the end of Q1, I just thought I'd remind everyone. On that note, I think it's really -- I'd love to, once again on behalf of the 4 of us here, thank profusely our Googlers. I mean, they do an amazing job and, as we said, landing a great quarter, crowning a terrific year and really well set for an absolute exciting year for 2012 and look forward it. So on that, Jamie, I'll let you close the call.
Thank you, sir. That does conclude today's conference. We appreciate everyone's participation.
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Number of States, District of Columbia, Territories, and Tribes with established laws on smoke-free indoor air that prohibit smoking in bars
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Nutrition Facts
Serving Size ½ of recipe
Calories 275
Total Fat 16.5 g
Saturated Fat 5.5 g
Sodium 553 mg
Total Carbohydrate 1.5 g
Dietary Fiber 0.5 g
Protein 30.5 g
Ingredients and Preparation
Ingredients Measures
Turkey breast ½ pound
Salt ¼ teaspoon
Fresh ground pepper to taste
Olive oil 1 teaspoon
Mustard ½ tablespoon
Water ½ tablespoon
Chives, chopped 1 + 1 tablespoons
Bacon, cooked and cut into small pieces 2 strips
- Season the turkey with salt and pepper.
- Mix together olive oil, mustard, water, and half of the chives in a small bowl.
- Place turkey on grill or indoor grill pan coated with cooking spray, and cook for about 5-6 minutes on each side, or until cooked through.
- Slice the turkey horizontally into smaller pieces. Distribute onto plates and top with the mustard sauce, bacon, and remainder of the chives.


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text:
Stay on top with these clever hints
Ladders can give the upper hand to any job.� Safety is especially important when working at higher altitudes.� These seven handy hints will make your next ladder labor much easier and safer. Tip for Descending a Ladder Missing the bottom ladder rung or step when you�re descending can be startling and dangerous. Club member Robert Moore of Fontana, California, has an eye-catching way to solve this problem. He spray-paints the step a bright color that�s distinctly different than the ladder�s color, such as a brilliant red or orange. This also helps to differentiate his ladder from others. How to Ground a Ladder Club member Jeff O�Brien of Greenfield, Wisconsin, had to erect a 32-ft. ladder on a steep hill to paint the side of a large house and wanted to make sure he had a stable base. Rather than build up the low side of the ladder with lumber scraps, he cut a series of 1 x 2-ft. level notches into the bank using a flat shovel. As soon as he was finished, he replaced the dirt and sod and watered it well. No one was the wiser. How to Build a Painting Platform When Club member Nicholas Clew of Farmington Hills, Michigan, decided to paint his house, he faced a challenge. To reach the upper portion of his home�s walls, he�d need to stand on part of the roof. Of course, the roof lacked a flat surface on which to set equipment or raise a ladder. Nick solved the dilemma by constructing this platform from 2x4s and 3/4-in. plywood. With foam pads tacked to the undersides, the platform not only provides a firm, level work surface but also helps to reduce the stress on the shingles because Nick spends far less� time walking on them. How to Climb with Tools Next time you need to tote tools up a ladder, try this tip from Club member Van Adams of Milwaukee, Wisconsin. Use a discarded plastic hanging-plant basket as a tool caddy. You can easily suspend it from a ladder rung, keeping your tools within reach, and its hanging hook doubles as a convenient carrying handle as you move up and down the ladder. Ladder Work Tray Trick Because his ladder didn�t have a fold-down work tray, Club member James Callen of La Habra, California, couldn�t attach his paint tray. So he built his own detachable work tray. He used a section of plywood outfitted with two end blocks and a support block underneath. The end blocks keep the paint tray from sliding off of the plywood platform, and the support block is grooved to fit over the ladder�s aluminum cross brace, James even made a small tray that fastens to the top of the ladder for resting his paintbrush. How to Protect Gutters Club member Jerry Komassa of Muskego, Wisconsin, came up with this practical way to keep his ladder from damaging his home�s gutters. Simply slip a length of pipe insulation around each of the ladder�s uprights at the points where it rests against the gutter. The insulation will protect the gutters, and it can easily be repositioned to accommodate different gutter heights. How to Build a Paint Can Holder Club member Ronald Uppinghouse of Willits, California, built this simple paint can holder by using a 1-in.-dia. x 28-in.-long dowel and a couple of fender washers. He screwed a washer onto one end of the dowel, slid the dowel through the rung of his aluminum ladder and then attached another washer to the opposite dowel end. Now he has a convenient place to hang his paint can while he works. Brought to you by: American Profile


text:
About this set: Some of the most beautiful coins left in their original state are the draped and capped bust half dollars. The coin community values these coins so highly that few are conserved, and remain highly toned and lusterous. Add the rarity of many dates and this series becomes the most under-priced of all major series at this time.I am especially proud of the 1794 in 61, 1796 15 and 16 stars, 1797, 1801 and 02, 1812/11 lg 8,1814 E/A, 1815/2, 181.7, 1828 c.2 with knob, 1838 and 1839.
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USGS Body-Wave Moment Tensor Solution
12/04/11 22:41:49.16 Epicenter: 43.623 -127.514 MW 5.7 USGS MOMENT TENSOR SOLUTION Depth 12 No. of sta: 28 Moment Tensor; Scale 10**17 Nm Mrr= 0.68 Mtt=-3.56 Mpp= 2.88 Mrt= 0.42 Mrp=-1.42 Mtp=-2.99 Principal axes: T Val= 4.61 Plg=21 Azm= 69 N 0.13 69 244 P -4.74 1 338 Best Double Couple:Mo=4.7*10**17 NP1:Strike=205 Dip=77 Slip= 16 NP2: 112 75 166
The figure above shows a visual representation of the style of faulting (focal mechanism) derived from the estimated moment tensor. Shaded areas show quadrants of the focal sphere in which the P-wave first-motions are away from the source, and unshaded areas show quadrants in which the P-wave first-motions are toward the source. The dots represent the axis of maximum compressional strain (in black, called the "P-axis") and the axis of maximum extensional strain (in white, called the "T-axis") resulting from the earthquake.


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A Resistol cowboy hat that George Strait would be proud to wear! This traditional western hat looks and feels better than so many of the rest, in black genuine fur felt. Hat features a 4 1/2" cattleman crease hat crown and 4" hat brim. Satin crown lining. Head shape: oval.
Cowboy hat crown height and brim width may vary slightly.


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To Market, To Market
A new wave of farmers' markets gives locals and visitors more choice and amenities.
In an era of self-checkout grocery tills and the genetically modified dinner, thousands of Calgarians are breaking the mold, eagerly seeking out the faces, and often, the smiles, of those growing their food at their local farmers' markets.
"Farmers' markets give people a direct connection with the land, and an even greater connection to the people growing the vegetables and raising the animals," says John Gilchrist, Calgary food critic and avid farmers' market supporter. "For city dwellers, that connection to the earth can be tremendous."
Alberta's significant agriculture industry is often overshadowed by big-business oil, and it can be difficult to peer into our history as farmers and cattlemen where as a culture, our seeds were literally sewn.
"We're traditionally a farming province—we see the fields and the barns all around us, but we can't just walk up to the barn and ask to meet the cows," says Gilchrist. "That's where farmers' markets come in. I love meeting the people, and being a farm-boy myself, it's important to show the farmers that we support them."
Pay a visit to one of Calgary's two indoor farmers' markets or the Crossroads Market—if the noise level doesn't immediately paint the picture, browse around for a while and it'll soon become clear that people aren't just here to shop.
"When you look back in history, everyone went to the market to get their produce and meet their neighbours, and people are just aching for that in the city these days," says Ken Aylesworth, general manager of the Calgary Farmers' Market (CFM), which just last month moved into its swank new 65,000-square-foot digs in the city's southeast (510 – 77 Ave SE, Thur to Sun).
A number of Calgarians were dismayed to learn about the closure of the CFM in its old Currie Barracks location last December. The market had literally grown too big for its britches, both in terms of size and ambitions. Before the ground had been broken on its new Blackfoot and Heritage location, Aylesworth and his team were at the drawing board, busily recreating the idea of just what a farmers' market could be.
Despite some delays in construction and funding, the new CFM was well worth the wait. The facility itself is simply stunning. Overhead an ornate trellis system mimics a canopy of trees. In the food court, walls were knocked down to give a wide-open barn feel, while a 45-foot-high ceiling and expansive dormers allow natural light to pour in. The centrepiece is a giant fireplace, which encourages visitors to sit down and meet their neighbours.
There's also a dedicated place for families, including one of the largest kids play areas in the city. As well, they've built a raised stage area to host cooking presentations and educational seminars.
Aylesworth is particularly proud of the market's "farm gate" concept—a general store in the middle of the market, owned and operated by the CFM, that works with and buys organic wholesale from local producers who don't have the ability to participate in the year-round market.
"So you can come in and get the little guy that sells his sausage in Rocky Mountain House at his gate and that's the only place he sells it," he says. The project advisor is Scott Pohorelic, former head chef at the River Café.
As far as food goes, the CFM has added 20 new vendors to the new location, some of which may be familiar to Calgarians. The Main Dish, a popular deli-style eatery run by Jason Zaran in the Bridgeland neighbourhood, has opened a marquee space in the market. Another famous name to Calgary, Dominique Moussu, will run an offshoot of his popular French deli L'Epicerie.
The Calgary Farmers' Market isn't the only rodeo in town, the Kingsland Farmers' Market opened the doors to its brand new indoor location on Macleod Trail last December (7711 Macleod Tr S, Thur to Sun).
Run by a former CFM vendor, Tim Hoven of Hoven Farms Organic Beef, the Kingsland Market is warm and welcoming with a constant hum of activity around the vendors. Bright produce pops with colour and the beautiful aromas of freshly baked bread, curries and even cookies lilt in the air.
Some of the anchor vendors include Lund's Organic Farm, which sells crunchy, deliciously sweet carrots, and Broxburn Vegetables, which has Calgarians salivating at the thought of tomato season each year.
There's also the Sugar Pie Bakery, run by Sarah Schaus who makes the wildly popular "pie on a stick," in a variety of sweet and savoury flavours. Kingsland also boasts Calgary's only Indonesian eatery, Kaffir Lime Indonesian Grill, which sells a number of curry style dishes and also offers takeaway curry packs so you can recreate their recipes at home. And of course, there's Hoven's organic beef, serving up some of Alberta's tenderest steaks. Although the Kingsland Market is small, that's how Hoven likes it.
"It's not a big, empty warehouse, it's a thriving marketplace with a community feel," he says. "So far the reception has been phenomenal."
Calgarians take a lot of pride in finding their "own" little source of fine cheese, vine-ripened peppers or French baked goods—and they can be fiercely loyal.
Just look at the Crossroads Market, which has been in business for more than 20 years. Located in a 100,000-square-foot historic building in Inglewood, the market is a labyrinth of twists and turns, with pleasant surprises around every corner. The indoor market is a perfect place to spend a Saturday afternoon sampling Ukrainian poppy seed rolls, and browsing through the flea market's used books, records, toys, as well as handmade jewellery, moccasians and artwork from the vendors that have come from the far corners of the world.
"What makes Crossroads so unique is not only the diverseness of products, but also the multicultural aspect of the people involved," says Matthew McDonald, manager at Crossroads Market. "We support people from many different nationalities by providing a facility where they can promote their business, sell their wares, and as well, share their stories."
Of course, Calgary's farmers' markets are selling food—a vast, eclectic and delicious variety of it (just try and leave on an empty stomach). But it's the stories, and the people, and inevitably, the smiles, that keep Calgarians coming back, week after week.By Dan Leahul


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Oct '11 - May '13
Half a day of installing. I'm so spent, but made less progress than I planned to. But I think it's save to say I've managed to be half-way through. Time to 'make it work', as Tim Gunn would say.
It's looking excellent! Keep at it!!
A school blog on Arch Dept, Cranbrook Academy of Art. By farid rakun, admitted Fall 2011.


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Just came back from seeing it with the wife. Thought it was amusing in places, but nowhere near as hilarious as the first one. It felt very "forced" at times and it seemed like very long stretches would go by without me even cracking a smile. Not as quotable as the first, and the characters didn't seem to really do or say anything funny or memorable...they just reacted to what they encountered, usually by shrieking or screaming variations of the f-word. Definitely a disappointment.
See it if you've got 8 bucks and a couple hours to waste, but you're not missing out on anything if you don't.


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|This package updates the BIOS (including system program and Embedded Controller program) stored in the ThinkPad computer to fix problems, add new functions, or expand functions as noted below.
Supported ThinkPad system:
Supported Operating Systems:
- Microsoft Windows 7 32-bit, 64-bit
- Microsoft Windows Vista 32-bit, 64-bit
- Microsoft Windows XP Home Edition, Professional
- This program is language independent and can be used with any language system.
|Additional information
Version 3.15
Version 3.14
Version 3.13
Note: Please refer to the README file under the "File details" section for a complete list of changes fixed by this driver update.
This section assumes to use Internet Explorer and Windows Explorer.
[Downloading file]
[Extracting file]
[Updating the BIOS]
Finally delete the file saved in Step 4.
Note: This procedure is intended only for system administrators. The BIOS is updated without any user interaction.
To view the update result, refer to the WINUPTP.log file created at the same directory of the package.
BIOS Initialization is suggested for some problems. To initialize the BIOS settings:
There are two ways to check the BIOS version and BIOS ID.
[Windows 7/Vista]
If you are prompted for an administrator password or confirmation, type your password, or click Continue.
[Windows XP]
Note: The following versions of BIOS and ECP (Embedded Controller Program) have been released to date.
The following conventional memory addresses are reserved by the BIOS and others. (When Intel Turbo Memory is installed in your system, conventional memory addresses are reserved 11 Kbytes more.)
The following memory address can be used by the memory manager such as EMM386.


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November 16-17
CSM Water Polo State Finals
Fri Nov 16, 2012
Start Time TBA
De Anza College21250 Stevens Creek Blvd.
Cupertino, CA 95014 USA
Browse Events at this Location
Event Contact InfoRandy Wright
(650) 574-6449
Share this EventEmail to a Friend
Save to Your CalendariCalendarvCalendar
Google Calendar
Yahoo! Calendar
Windows Live Calendar


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Vitamin E and Selenium work together to promote antioxidant health**
Supports heart health and healthy circulation**
Contributes to a healthy immune system**
Easy to swallow rapid release softgels
One a day is all you need!
Vitamin E and Selenium are two powerful antioxidants that fight free radicals.** Studies have shown that oxidative stress caused by free radicals may contribute to the premature aging of cells.** Vitamin E and Selenium also promote immune function, while Vitamin E helps support cardiovascular health.** This product delivers 400 IU of Vitamin E and 50 mcg of Selenium. Adults can take one softgel daily.No Artificial Color, Flavor or Sweetener, No Preservatives, No Sugar, No Starch, No Milk, No Lactose, No Gluten, No Wheat, No Fish, Sodium Free.


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Friday, November 6, 2009
Makeup Artist Series: Traincases
I get a lot of questions from aspiring makeup artists on tips, tricks, techniques and advice to help them get started. I've been wanting to do this series for a while to show you all some things I've learned along the way. The next installment in the series will focus on Makeup Artist Chairs.
Today I will be featuring traincases. These are essential for traveling makeup artists or even for those who are looking to store makeup. In the video, I go over the benefits and purposes of a traincase, qualities you'll want to look for, as well as show you my collection of traincases.
I'm a huge nerd when it comes to researching a product. After hours of internet searching, I found that http://www.yazmo.com/ was the best resource for finding a huge assortment of professional makeup traincases at a decent price. This is after comparing prices on various price finder sites and intense googling.
I've been able to partner with yazmo to offer you guys a great deal. Check out these discount codes and special offers:
Use the code renren to get 10% off your total order!
Also, for the month of November, you get free shipping! (This helps a lot since traincases are super heavy and expensive to ship)
Lastly, all orders over $99 (which are most of the nicer traincases) get a free 9 piece brush set!
Make sure to check out the video if you are an aspiring makeup artist or if you're in the market for a new traincase.
I'm currently in love with the Pro Aluminum Makeup Case All Black 4 Wheeled Spinner TS-88A. It's the newest model and seems to combine all of the best qualities of my former traincases into one.
***Picture credit to http://www.yazmo.com/
This is what the website has to say about it:
This LIMITED EDITION professional makeup case is equipped to store all your makeup, accessories, and more! This cosmetic case features an all NEW 360 degree, fully mobile, easy to transport rolling system. When you're on the go, this stylish makeup case is the solution. This makeup case separates into two sections, with an additional lid that turns the bottom section into its own rolling makeup case. Also included is an ergonomic shoulder strap that turns the top section into a carrying makeup case, for those smaller jobs.
This makeup case comes with a high end lock and key system to keep your makeup secure, four roomy slide out trays with padded vinyl lining, a removable tray with adjustable/removable dividers, and a retractable handle for easy rolling.
This is a must have for any professional makeup artist! Take it on your next trip, next job, or let it become a fixture in your bathroom or bedroom. The sleek all black finish is sure to attract attention and turn heads. Buy this ultimate cosmetic case while supplies last.
- NEW 360 degree rolling wheel system
- Sleek all black exterior finish with black aluminum frame
- Makeup case interior lined with easy to clean high end vinyl material
- Lock and key system for added security
- Extra lid included for bottom makeup case, shoulder strap for top section
- Removable tray on bottom makeup case
- Retractable/telescoping handle for easy rolling
- Ergonomic handle for added comfort and mobility
Overall Makeup Case Dimensions: 14.5" length x 10" width x 31" height
Top Section: 14.5" length x 10" width x 11" heightBottom Section: 14.5" length x 10" width x 20" heightTop Trays: 7" length x 7" width x 2" heightTop empty space below trays: 14 " length x 9" width x 4.5" heightBottom empty space (without tray): 14 " length x 9" width x 17.5" height
-Of course I love how it has all 4 wheels so it can be spun 360 degrees. This makes it easier to navigate and twist and turn in tight places. Also, you don't have to worry about dragging it at a 45 degree angle which places all of the weight on your arm. Instead, you can just keep it upright on 4 wheels and push it...so much lighter!
-I like the padded, vinyl lined trays. They look nicer and cushion makeup more when you travel.
-The sleek black finish makes it look super professional and very chic.
-Holds a lot of makeup!
-Removeable trays, straps, keys and lock are a plus
-Drawer lining makes it easy to clean
-Wheels are very smooth and run easily
-it doesn't have the elastic straps on the inside lid and sides of bottom portion like it's predecessor the ts-36
-the trays on the top portion of the traincase could pull out a little farther in my opinion, I don't like when you have to reach under the tray to reach items in the tray below it.
To see previous videos of my other traincases, click here.
I hope you guys enjoyed my first installment in this series. Stay tuned for more!
Atlanta Makeup Artist
6 comments:
- jamie said...
if they can only ship to my country..:(
- November 6, 2009 at 10:07 AM
- QueenKimie said...
Thanks Ren for posting this...it will save us a fortune in train cases! You rock :)
- November 6, 2009 at 1:52 PM
- LoveBLENDnBeauty said...
haha, i was JUST about to ask you your opinions on traincases!! i've been searching on Yazmo lately and i came across this one -- now i know it's worth it!! =] thank youuuuu!
- November 6, 2009 at 8:52 PM
- Beauty by Sara P. said...
omg i love this thing. i will get it one day. oh yes... i will.
- November 10, 2009 at 10:48 PM
- Project Danielle said...
Thanks for posting! I used the coupon and got a nice red case for my bathroom.
- November 13, 2009 at 12:25 PM
- Unknown said...
I've been putting off so many things because I haven't got a train case yet, reviews were hard to find, but yours was AWESOME! (found on youtube first). Im ordering this case and thanks so much for the discount! I will definately follow your blog from now on :) THANK YOU! The time you spend on all of this is appreciated. :)
- February 27, 2013 at 10:50 PM


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Split Pea Soup with Ham Hocks
- 1/4 cup olive oil
- 1 large onion, finely diced
- 2 celery stalks, finely diced
- 2 carrots, finely diced
- 1 -pound bag split peas, rinsed and picked through
- 1 1/2 pound smoked ham hock
- 2 quarts chicken stock, water, or combination
- Salt and freshly ground black pepper
In a large saucepan, saute onion, celery and carrots over medium-high heat. Add peas and ham hock and cover with stock by a couple inches. Bring to a simmer and cook about 1 hour until soup is thick and peas have almost disintegrated but not quite. Season, to taste, with salt and pepper. Remove ham hock and let cool. Pull meat from ham hock bone and shred. Garnish with ham and pepper.
Recipe courtesy of Dave Lieberman
Cooking Tips
More Recipes and Ideas
Greek Split Pea Soup with Lemon
Recipe courtesy of Rachael Ray
Easy Peasy Split Pea Soup
Recipe courtesy of Sunny Anderson
Slow Cooker Split Pea Soup with Chorizo
Recipe courtesy of Robin Miller


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International Students Weekly Bulletin
Roomate Needed
One female graduate student and one male undergraduate student are looking for a third roommate to live with them in their 3 bedroom apartment located right across the street from the SCSU library. Large bedroom and closet, bathroom just remodeled. Roommates are very fun, active, and open-minded. Apartment is currently open and you could move in whenever. Rent is $335 per month. International student friendly! Please contact Rachel at (414) 430-4344 or firstname.lastname@example.com."
* If you would like your message to be considered for the Weekly Bulletin, e-mail email@example.com with a description of the event. Messages must be received by Tuesday at 4:30 p.m.


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Boy Meets World met television audiences in 1993, starring Ben Savage as Cory Matthews, the titular boy, dealing with typical boy things like school, girls, and family. The primary focus of the show became his relationship with the spacey hippie Topanga (Danielle Fishel), who gradually dialed down her weirdness.
Now we get the news that these characters will be back in the new Disney Channel show Girl Meets World, which will focus on Corey and Topanga's daughter, and hopefully will also see the return of most of the original cast. (It's not like they've been all that busy.) This news got us thinking about which of our other favorite 90's shows should get the reboot treatment.
Check out our ideas for five other shows that most need a return to television!


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[Part 1 is here.]
Some might answer any defense of the free economy by pointing to the housing and financial crisis that came to a head in 2008, holding it up as proof positive the free economy is a wrecking ball swinging through communities and leaving all manner of economic and cultural destruction in its wake. The financial crisis did enormous damage, but the major drivers of the crisis were a series of public policies that manipulated the market in pursuit of certain desired ends.
It all began modestly enough. The federal government built incentives into the tax code in favor of taking out a home mortgage. Many local governments also provide property tax breaks to home owners unavailable to renters. While people who are forced by circumstances to rent might question the fairness of such tax breaks, these measures are seen by most as relatively benign. Eventually, however, other top-down manipulations of the housing market were piled on top of these tax breaks.
The U.S. government offered implicit backing to mortgage giants Fannie Mae and Freddie Mac so that the companies understood that if they got into financial trouble, Washington would bail them out. This allowed Fannie and Freddie to offer low interest home loans to high risks borrowers, since the companies knew the government would come to their rescue if too many of these borrowers started defaulting on their loans.
The government also passed regulations that actually pushed mortgage companies, including Fannie and Freddie, to provide home loans to people with bad credit—subprime loans.
Finally, (more…)