Warning—there’s a lot of data up ahead. If that’s not your thing, check out this less math-heavy summary.

A Quick Note About Currency

Before we dive into the details, it’s important to note that all currency has been standardized to the US dollar.This is important.

Google Ads reports monetary figures in the currency of the account, which is why many agencies report that they manage 100-500 million in annual revenue.

However, these sorts of figures typically do not take into account exchange rates.

For example, one of our clients spent 5 million on Google Ads in 2015…5 million Indian Rupees (₹). An Indian Rupee is worth $0.015, so the client really only spent $76,000.