Alphabet Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
Quarter Ended June 30, Year to Date June 30,
2023 2024 2023 2024
Operating activities
Net income $ 18,368 $ 23,619 $ 33,419 $ 47,281
Adjustments:
Depreciation of property and equipment 2,824 3,708 5,459 7,121
Stock-based compensation expense 5,774 5,865 11,058 11,129
Deferred income taxes (2,415) (3,157) (4,269) (2,738)
Loss (gain) on debt and equity securities, net 509 1,024 425 (757)
Other 670 851 1,774 1,185
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net (2,948) (3,057) 1,506 110
Income taxes, net
(1)
4,451 (3,900) 8,520 (889)
Other assets (513) (532) (1,259) (1,532)
Accounts payable 1,119 1,561 14 (563)
Accrued expenses and other liabilities 459 (122) (4,037) (5,176)
Accrued revenue share 184 419 (418) 97
Deferred revenue 184 361 (17) 220
Net cash provided by operating activities 28,666 26,640 52,175 55,488
Investing activities
Purchases of property and equipment (6,888) (13,186) (13,177) (25,198)
Purchases of marketable securities (21,362) (22,327) (35,589) (43,011)
Maturities and sales of marketable securities 18,722 33,592 37,049 58,577
Purchases of non-marketable securities (887) (993) (1,513) (2,199)
Maturities and sales of non-marketable securities 145 292 181 605
Acquisitions, net of cash acquired, and purchases of intangible
assets (298) (26) (340) (87)
Other investing activities (232) (133) (357) (32)
Net cash used in investing activities (10,800) (2,781) (13,746) (11,345)
Financing activities
Net payments related to stock-based award activities (2,736) (3,209) (4,725) (6,138)
Repurchases of stock (14,969) (15,684) (29,526) (31,380)
Dividend payments 0 (2,466) 0 (2,466)
Proceeds from issuance of debt, net of costs 1,123 2,893 8,050 4,875
Repayments of debt (1,255) (2,423) (8,207) (5,502)
Proceeds from sale of interest in consolidated entities, net 2 0 5 8
Net cash used in financing activities (17,835) (20,889) (34,403) (40,603)
Effect of exchange rate changes on cash and cash equivalents (26) (238) 24 (363)
Net increase (decrease) in cash and cash equivalents 5 2,732 4,050 3,177
Cash and cash equivalents at beginning of period 25,924 24,493 21,879 24,048
Cash and cash equivalents at end of period $ 25,929 $ 27,225 $ 25,929 $ 27,225
(1)
The three and six months periods ended June 30, 2023 included the effect of the IRS payment deferral relief made
available to taxpayers headquartered in designated counties in California,
6