Google 2011 Annual Report Download - page 84

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Google Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2009 2010 2011
Operating activities
Net income ................................................................. $ 6,520 $ 8,505 $ 9,737
Adjustments:
Depreciation and amortization of property and equipment ................... 1,240 1,067 1,396
Amortization of intangible and other assets ................................ 284 329 455
Stock-based compensation expense ...................................... 1,164 1,376 1,974
Excess tax benefits from stock-based award activities ...................... (90) (94) (86)
Deferred income taxes ................................................... (268) 9 343
Impairment of equity investments ......................................... 0 0 110
Other .................................................................. (20) (12) 6
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable ................................................ (504) (1,129) (1,156)
Income taxes, net ................................................... 217 102 731
Prepaid revenue share, expenses and other assets ...................... 262 (414) (262)
Accounts payable .................................................. 34 272 101
Accrued expenses and other liabilities ................................. 243 745 795
Accrued revenue share .............................................. 158 214 259
Deferred revenue ................................................... 76 111 162
Net cash provided by operating activities ....................................... 9,316 11,081 14,565
Investing activities
Purchases of property and equipment .......................................... (810) (4,018) (3,438)
Purchases of marketable securities ............................................ (29,139) (43,985) (61,672)
Maturities and sales of marketable securities ................................... 22,103 37,099 48,746
Investments in non-marketable equity securities ................................ (65) (320) (428)
Cash collateral received (returned) from securities lending ........................ 0 2,361 (354)
Investments in reverse repurchase agreements ................................. 0 (750) 5
Acquisitions, net of cash acquired, and purchases of intangible and other assets .... (108) (1,067) (1,900)
Net cash used in investing activities ........................................... (8,019) (10,680) (19,041)
Financing activities
Net proceeds (payments) from stock-based award activities ...................... 143 294 (5)
Excess tax benefits from stock-based award activities ........................... 90 94 86
Repurchase of common stock in connection with acquisitions .................... 0 (801) 0
Proceeds from issuance of debt, net of costs ................................... 0 5,246 10,905
Repayment of debt .......................................................... 0 (1,783) (10,179)
Net cash provided by financing activities ....................................... 233 3,050 807
Effect of exchange rate changes on cash and cash equivalents ................... 11 (19) 22
Net increase (decrease) in cash and cash equivalents ............................ 1,541 3,432 (3,647)
Cash and cash equivalents at beginning of year ................................. 8,657 10,198 13,630
Cash and cash equivalents at end of year ....................................... $ 10,198 $ 13,630 $ 9,983
Supplemental disclosures of cash flow information
Cash paid for interest ........................................................ $ 0 $ 0 $ 40
Cash paid for taxes .......................................................... $ 1,896 $ 2,175 $ 1,471
Non-cash financing activity:
Fair value of common stock issued and vested options assumed in connection
with acquisitions ...................................................... $ 0 $ 750 $ 0
See accompanying notes.
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