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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 Twelve Months Ended
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December 31, December 31,
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2015 2016 2015 2016
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(unaudited) (unaudited)
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Operating activities
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Net income $4,923 $5,333 $16,348 $19,478
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Adjustments:
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Depreciation and impairment of property and equipment 1,153 1,464 4,132 5,267
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Amortization and impairment of intangible assets 251 223 931 877
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Stock-based compensation expense 1,436 1,846 5,203 6,703
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Deferred income taxes 387 (157) (179) (38)
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Loss on marketable and non-marketable investments, net 302 71 334 275
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Other 55 57 212 174
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Changes in assets and liabilities, net of effects of acquisitions:
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Accounts receivable (1,758) (2,279) (2,094) (2,578)
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Income taxes, net (1,272) 972 (179) 3,125
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Prepaid revenue share, expenses and other assets (522) 198 (318) 312
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Accounts payable 371 (128) 203 110
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Accrued expenses and other liabilities 777 1,177 1,597 1,515
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Accrued revenue share 408 455 339 593
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Deferred revenue 98 181 43 223
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Net cash provided by operating activities 6,609 9,413 26,572 36,036
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Investing activities
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Purchases of property and equipment (2,102) (3,078) (9,950) (10,212)
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Proceeds from disposals of property and equipment 2 14 35 240
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Purchases of marketable securities (18,151) (13,550) (74,368) (84,509)
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Maturities and sales of marketable securities 16,045 12,516 62,905 66,895
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Purchases of non-marketable investments (406) (247) (2,326) (1,109)
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Maturities and sales of non-marketable investments 5 305 154 494
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Cash collateral related to securities lending (838) 0 (350) (2,428)
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Investments in reverse repurchase agreements (50) 0 425 450
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Acquisitions, net of cash acquired, and purchases of intangible assets 8 (662) (236) (986)
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Net cash used in investing activities (5,487) (4,702) (23,711) (31,165)
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Financing activities
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Net payments related to stock-based award activities (765) (879) (2,375) (3,304)
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Adjustment payment to Class C capital stockholders 0 0 (47) 0
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Repurchases of capital stock (1,780) 0 (1,780) (3,693)
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Proceeds from issuance of debt, net of costs 3,373 0 13,705 8,729
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Repayments of debt (3,387) (13) (13,728) (10,064)
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Net cash used in financing activities (2,559) (892) (4,225) (8,332)
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Effect of exchange rate changes on cash and cash equivalents (82) (307) (434) (170)
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Net increase (decrease) in cash and cash equivalents (1,519) 3,512 (1,798) (3,631)
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Cash and cash equivalents at beginning of period 18,068 9,406 18,347 16,549
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Cash and cash equivalents at end of period $16,549 $12,918 $16,549 $12,918
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