Google Cash Sheet

Google Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
	Three Months Ended
	March 31,
	$                       2,012.00	$    2,013.00
	(unaudited)
Operating activities
Net income	$                       2,890.00	$    3,346.00
Adjustments:
Depreciation and amortization of property and equipment	$                           378.00	$        584.00
Amortization of intangible and other assets	$                           133.00	$        315.00
Stock-based compensation expense	$                           556.00	$        708.00
Excess tax benefits from stock-based award activities	$                           (28.00)	$        (94.00)
Deferred income taxes	$                           354.00	$        202.00
Gain on sale of marketable equity securities	$                           (44.00)	$                 -
Other	$                           (24.00)	$          37.00
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable	$                           301.00	$        256.00
Income taxes, net	$                           143.00	$     (335.00)
Inventories	$                           (32.00)	$     (142.00)
Prepaid revenue share, expenses and other assets	$                        (276.00)	$     (212.00)
Accounts payable	$                           169.00	$          87.00
Accrued expenses and other liabilities	$                        (855.00)	$  (1,059.00)
Accrued revenue share	$                           (11.00)	$        (27.00)
Deferred revenue	$                             40.00	$        (33.00)
Net cash provided by operating activities	$                       3,694.00	$    3,633.00
Investing activities
Purchases of property and equipment	$                        (607.00)	$  (1,203.00)
Purchases of marketable securities	$                     (8,688.00)	$  (7,834.00)
Maturities and sales of marketable securities	$                     17,201.00	$    6,319.00
Investments in non-marketable equity investments	$                        (103.00)	$        (36.00)
Cash collateral related to securities lending	$                           245.00	$        564.00
Investments in reverse repurchase agreements	$                           195.00	$                 -
Acquisitions, net of cash acquired, and purchases of intangibles and other assets	$                           (92.00)	$     (251.00)
Net cash provided by (used in) investing activities	$                       8,151.00	$  (2,441.00)
Financing activities
Net payments related to stock-based award activities	$                           (47.00)	$     (210.00)
Excess tax benefits from stock-based award activities	$                             28.00	$          94.00
Proceeds from issuance of debt, net of costs	$                       3,149.00	$    2,922.00
Repayments of debt	$                     (1,900.00)	$  (3,323.00)
Net cash provided by (used in) financing activities	$                       1,230.00	$     (517.00)
Effect of exchange rate changes on cash and cash equivalents	$                             50.00	$        (78.00)
Net increase in cash and cash equivalents	$                     13,125.00	$        597.00
Cash and cash equivalents at beginning of period	$                       9,983.00	$  14,778.00
Cash and cash equivalents at end of period	$                     23,108.00	$  15,375.00