Look at a minimum of two years. What are the major sources of cash in operating,

Question

Look at a minimum of two years. What are the major sources of cash in operating, investing, and financing? How about the major uses? Calculate free cash flow for the prior two years?

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CONSOLIDATED STATEMENTS OF CASH FLOWs (in millions) Year Eaded December 31, 2013 2014 2012 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD OPERATING ACTIVITES Net income (loss) Adjustments to reconcile net income (loss) to net cash from operating activities: 8,658 $ 8,084 $ 5,269 (241) (39) Depreciation of property and equipment, including internal-use software and website development, and other amortization Stock-based compensation Other operating expense (income), net Losses (gains) on sales of marketable securities, net Other expense (income), net Deferred income taxes Excess tax benefits from stock-based compensation 4,746 1.497 3,253 1,134 114 833 154 166 253 (265 (429) 316) Changes in operating assets and liabilities: a.193) .410) (1.193) (1,039) 1,759 (1.410) (846) (861) Accounts receivable, net and other Accounts payable Accrued Additions to umeaned revenue expenses and other 706 4,433 3,692) 6,842 2,691 1,796 (1,521) 4,180 mortization of previously unearued revenue Net cash provided by (used in) operating activities 5,475 INVESTING ACTIVITIES Purchases of property and equipment, inchuding internal-use software and website (4.893) 3,444) (312) 2,306 (2,82 (4,276) (3,785) (745) Acquisitious, net of cash acquired, and other Sales and maturities of marketable securities and other investments Purchases of marketable securities and other investments 3,349 (3,302) (3,595) Net cash provided by (used in) investing activities FINANCINGACTIVITIES Excess tax benefits from stock-based compensation Common stock repurchased Proceeds from long-term debt and other Repayments of loug-term debt Principal repayments of capital lease Principal repayments of finance lease obligations 429 3,378 6,359 (513) (1,285) 394 (231) (486) (20) 2,259 obligations of fmance lease obligations Net cash provided by (used in) financing activities 4,432 310) 5,899 14,557 $ (539) Foreign-cuurency effect on cash and cash equivalents Net increase (decrease) in cash and cash equivalents CASH AND CASH EQUIVALENTS, END OF PERIOD SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest on long-term debt Cash paid for income taxes (pet of refunds) Property and equipment acquired under capital leases Property and equipment acquired umder build-to-suit leases 574 2,815 8,658 3 91 $ 97 $ 169 112 802 4,008 1,867 877 See accompanying notes to consolidated financial statements.

Explanation / Answer

After reviewing year 2014 and 2013 , the following are the major sources and uses of cash Major Sources operating activity Increase in accounts payable Increase in unearned revenue Investing activity Sale of marketable securities Financing activity Proceeds from long term debt Major uses operating activity Increase in accounts receivable increase in inventory Investing activity Purchase of property and equipment Purchase of marketable securities Financing activity Principal repayments of capital lease obligations Free cash flow = cash flow from operating activity - net capital expenditures (total capital expenditure - after tax proceeds from sale of assets) 2014 2013 Net cash provided by operating activity 6842 5475 Less : Capital expenditure 4893 3444 Acquisition net of cash acquired 979 312 Free cash flow 970 1719

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