Google 2008 Annual Report Download - page 84

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Google Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2006 2007 2008
Operating activities
Net income ............................................... $ 3,077,446 $ 4,203,720 $ 4,226,858
Adjustments:
Depreciation and amortization of property and equipment . . 494,430 807,743 1,212,237
Amortization of intangibles and other .................... 77,509 159,915 287,650
Stock-based compensation ............................. 458,100 868,646 1,119,766
Excess tax benefits from stock-based award activity ....... (581,732) (379,206) (159,088)
Deferred income taxes ................................. (98,468) (164,212) (224,645)
Impairment of equity investments ....................... — — 1,094,757
Other, net ............................................ 12,474 (39,741) (31,910)
Changes in assets and liabilities, net of effects of
acquisitions:
Accounts receivable ............................... (624,012) (837,247) (334,464)
Income taxes, net ................................. 496,882 744,802 626,027
Prepaid revenue share, expenses and other assets .... (289,157) (298,689) (147,132)
Accounts payable ................................. 95,402 70,135 (211,539)
Accrued expenses and other liabilities ............... 291,533 418,905 338,907
Accrued revenue share ............................ 139,300 150,310 14,000
Deferred revenue ................................. 30,801 70,329 41,433
Net cash provided by operating activities ..................... 3,580,508 5,775,410 7,852,857
Investing activities
Purchases of property and equipment ........................ (1,902,798) (2,402,840) (2,358,461)
Purchases of marketable securities .......................... (26,681,891) (15,997,060) (15,356,304)
Maturities and sales of marketable securities .................. 23,107,132 15,659,473 15,762,796
Investments in non-marketable equity securities ............... (1,019,147) (34,511) (47,154)
Acquisitions, net of cash acquired and proceeds received from
divestiture, and purchases of intangible and other assets ..... (402,446) (906,651) (3,320,299)
Net cash used in investing activities .......................... (6,899,150) (3,681,589) (5,319,422)
Financing activities
Net proceeds (payments) from stock-based award activity ...... 321,117 23,861 (71,521)
Excess tax benefits from stock-based award activity ........... 581,732 379,206 159,088
Net proceeds from a public offering .......................... 2,063,549 — —
Net cash provided by financing activities ...................... 2,966,398 403,067 87,567
Effect of exchange rate changes on cash and cash
equivalents ............................................. 19,741 40,034 (45,923)
Net increase (decrease) in cash and cash equivalents .......... (332,503) 2,536,922 2,575,079
Cash and cash equivalents at beginning of year ................ 3,877,174 3,544,671 6,081,593
Cash and cash equivalents at end of year ..................... $ 3,544,671 $ 6,081,593 $ 8,656,672
Supplemental disclosures of cash flow information
Cash paid for interest ....................................... $ 257 $ 1,336 $ 1,564
Cash paid for taxes ......................................... $ 537,702 $ 882,688 $ 1,223,985
Acquisition related activities:
Issuance of equity in connection with acquisitions, net .......... $ 1,173,234 $ — $ —
See accompanying notes.
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