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Google Inc. | ||||||
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CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
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(In millions) | ||||||
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Three Months Ended | ||||||
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March 31, | ||||||
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2013 | 2014 | |||||
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(unaudited) | ||||||
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Operating activities | ||||||
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Net income | $3,346 | $3,452 | ||||
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Adjustments: | ||||||
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Depreciation expense and loss on disposal of property and equipment | 584 | 816 | ||||
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Amortization of intangible and other assets | 315 | 270 | ||||
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Stock-based compensation expense | 708 | 887 | ||||
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Excess tax benefits from stock-based award activities | (94) | (155) | ||||
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Deferred income taxes | 202 | 144 | ||||
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Gain on equity interest | 0 | (103) | ||||
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Gain on sale of non-marketable equity investments | 0 | (117) | ||||
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Other | 37 | (14) | ||||
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Changes in assets and liabilities, net of effects of acquisitions: | ||||||
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Accounts receivable | 256 | 267 | ||||
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Income taxes, net | (335) | 201 | ||||
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Inventories | (142) | 26 | ||||
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Prepaid revenue share, expenses and other assets | (212) | (334) | ||||
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Accounts payable | 87 | 177 | ||||
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Accrued expenses and other liabilities | (1,059) | (1,079) | ||||
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Accrued revenue share | (27) | (70) | ||||
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Deferred revenue | (33) | 23 | ||||
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Net cash provided by operating activities | 3,633 | 4,391 | ||||
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Investing activities | ||||||
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Purchases of property and equipment | (1,203) | (2,345) | ||||
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Purchases of marketable securities | (7,834) | (12,082) | ||||
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Maturities and sales of marketable securities | 6,319 | 9,406 | ||||
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Investments in non-marketable equity investments | (36) | (168) | ||||
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Cash collateral related to securities lending | 564 | 779 | ||||
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Investments in reverse repurchase agreements | 0 | 50 | ||||
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Acquisitions, net of cash acquired, and purchases of intangibles and other assets | (251) | (2,947) | ||||
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Net cash used in investing activities | (2,441) | (7,307) | ||||
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Financing activities | ||||||
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Net payments related to stock-based award activities | (210) | (326) | ||||
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Excess tax benefits from stock-based award activities | 94 | 155 | ||||
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Proceeds from issuance of debt, net of costs | 2,922 | 3,416 | ||||
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Repayments of debt | (3,323) | (2,423) | ||||
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Net cash (used in) provided by financing activities | (517) | 822 | ||||
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Effect of exchange rate changes on cash and cash equivalents | (78) | (5) | ||||
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Net increase (decrease) in cash and cash equivalents | 597 | (2,099) | ||||
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Cash and cash equivalents at beginning of period | 14,778 | 18,898 | ||||
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Reclassification to assets held for sale | 0 | (160) | ||||
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Cash and cash equivalents at end of period | $15,375 | $16,639 | ||||