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Alphabet Inc.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(In millions; unaudited)
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Three Months Ended
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March 31,
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2016 2017
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Operating activities
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Net income $4,207 $5,426
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Adjustments:
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Depreciation and impairment of property and equipment 1,155 1,287
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Amortization and impairment of intangible assets 216 216
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Stock-based compensation expense 1,494 2,009
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Deferred income taxes 414 613
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Loss on marketable and non-marketable investments, net 280 68
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Other 64 8
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Changes in assets and liabilities, net of effects of acquisitions:
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Accounts receivable 818 1,267
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Income taxes, net 271 510
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Prepaid revenue share, expenses and other assets 185 (128)
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Accounts payable (269) 103
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Accrued expenses and other liabilities (1,064) (1,868)
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Accrued revenue share (131) (74)
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Deferred revenue 18 111
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Net cash provided by operating activities 7,658 9,548
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Investing activities
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Purchases of property and equipment (2,444) (2,508)
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Proceeds from disposals of property and equipment
16 41
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Purchases of marketable securities (20,748) (20,119)
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Maturities and sales of marketable securities 17,443 19,362
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Purchases of non-marketable investments (363) (354)
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Maturities and sales of non-marketable investments
42 78
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Cash collateral related to securities lending (257) 0
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Investments in reverse repurchase agreements 100 0
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Acquisitions, net of cash acquired, and purchases of intangible assets (34) (101)
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Proceeds from collection of notes receivable
0 750
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Net cash used in investing activities (6,245) (2,851)
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Financing activities
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Net payments related to stock-based award activities (807) (1,009)
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Repurchases of capital stock
(2,098) (1,127)
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Proceeds from issuance of debt, net of costs 3,956 0
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Repayments of debt
(3,962) (18)
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Proceeds from sale of subsidiary shares 0 480
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Net cash used in financing activities (2,911) (1,674)
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Effect of exchange rate changes on cash and cash equivalents 60 191
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Net increase (decrease) in cash and cash equivalents (1,438) 5,214
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Cash and cash equivalents at beginning of period 16,549 12,918
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Cash and cash equivalents at end of period $15,111 $18,132
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