Google Inc (NASDAQ:GOOG) announced a stock split in the company’s conference call today. Shares were up four percent after hours on the news (or hopefully on the earnings). Patrick Pichette Google Inc – SVP, CFO, Principal Accounting Officer, made the announcement on the conference call. Below is a transcript discussing the details of the stock split.
Patrick Pichette Google Inc (NASDAQ:GOOG) – SVP, CFO, Principal Accounting Officer
Our OI&E was $125 million for the quarter. Interest income and realized gains on investments offset the
continued impact of our FAS133 expense from our hedging program. For more detail on OI&E, please refer to the slides that the Company [display] on our IR website.
Chris Hohn the founder and manager of TCI Fund Management was the star speaker at this year's London Value Investor Conference, which took place on May 19th. The investor has earned himself a reputation for being one of the world's most successful hedge fund managers over the past few decades. TCI, which stands for The Read More
We continue to be happy with our strong operating cash flow at $5.2 billion, CapEx for the quarter was $2.3 billion. And this quarter the majority of our CapEx spend was related to production equipment, data center construction, and Real Estate purchases.
As I mentioned last quarter during my remarks, we continue to invest for the long term and our infrastructure continues to be a key strategic area for us to invest. Our Free Cash Flow in consequence of all this was $3 billion. So there you have it. Strong results and an optimism that provides us the confidence to fund strategic growth opportunities, including Android, Chrome, YouTube, Enterprise just to name a few.
Before I wrap up, I want to cover two quick things. First, I want to remind everybody as I do every time at this time of year, that as we start a New Year, things such as employer taxes, 401(k)’s and all these other related accruals tend to be front loaded in the year. So please consider this as you model your forecasts.
Patrick Pichette Google Inc – SVP, CFO, Principal Accounting Officer on the new stock structure
And second, before I hand it off to Nikesh, I want to give an update on our issuance of Class C shares. Our Board of Directors has formerly approved a Class C dividend and has set the March 27, 2014 as the record date and April 2 of this year as the issuance date. So we expect the Class C shares to begin trading on April 3, 2014.
We’re excited to announce that the Class C shares will actually trade under our original ticker, that is GOOG, while the Class A shares will trade under a new ticker, GOOGL. We’re setting up a link on our Investor Relations site so that it can give you more information on the Class C dividend.