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Alphabet 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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2015 2016
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(unaudited)
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Operating activities
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Net income $3,515 $4,207
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Adjustments:
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Depreciation expense and impairment of property and equipment 938 1,155
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Amortization and impairment of intangible assets 239 216
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Stock-based compensation expense 1,203 1,494
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Deferred income taxes 71 414
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Loss on marketable and non-marketable investments, net 16 280
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Other 61 64
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Changes in assets and liabilities, net of effects of acquisitions:
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Accounts receivable 698 818
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Income taxes, net 827 271
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Prepaid revenue share, expenses and other assets 43 185
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Accounts payable (24) (269)
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Accrued expenses and other liabilities (601) (1,064)
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Accrued revenue share (205) (131)
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Deferred revenue (59) 18
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Net cash provided by operating activities 6,722 7,658
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Investing activities
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Purchases of property and equipment (2,927) (2,428)
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Purchases of marketable securities (12,558) (20,748)
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Maturities and sales of marketable securities 10,389 17,443
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Purchases of non-marketable investments (1,074) (321)
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Cash collateral related to securities lending (1,120) (257)
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Investments in reverse repurchase agreements 50 100
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Acquisitions, net of cash acquired, and purchases of intangible assets (64) (34)
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Net cash used in investing activities (7,304) (6,245)
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Financing activities
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Net payments related to stock-based award activities (493) (807)
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Repurchases of capital stock 0 (2,098)
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Proceeds from issuance of debt, net of costs 3,305 3,956
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Repayments of debt (3,308) (3,962)
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Net cash used in financing activities (496) (2,911)
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Effect of exchange rate changes on cash and cash equivalents (293) 60
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Net decrease in cash and cash equivalents (1,371) (1,438)
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Cash and cash equivalents at beginning of period 18,347 16,549
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Cash and cash equivalents at end of period $16,976 $15,111
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