$14($GOOG$),$ is one of the most successful internet firms, and it expe$-$ rienced very rapid growth in revenues from $2011$ through $2014.$ The cash flow statements for Google, Inc., spanning the period are as follows:

US$ millions$)12/31/201412/31/201312/31/201212/31/2011$

Net income $ $14,444$ $ $12,920$ $ $10,737$ $ $9,737$

Depreciation $3,5232,7811,9881,396$

Amortization $1,4561,158974455$

Deferred taxes $(104)(437)(266)343$

Noncash items $2,6932,2682,2882,004$

Changes in working capital $364(31)898630$

Cash flow from

$ $22,376$ $ $18,659$ $ $16,619$ $ $14,565$

$($US$ millions$)12/31/201412/31/201312/31/201212/31/2011$

Capital expenditures $(10,959)(7,358)(3,273)(3,438)$

Other investing cash flow

$(10,096)(6,321)(9,783)(15,603)$

items, total

Cash flow from

investing activities

$(21,055)(13,679)(13,056)(19,041)$

Interest and financing cash

flow items

$(1,421)(300)(99)81$

Total cash dividends paid $----$

Issuance $($retirement$)$ of

$----$

stock, net

Issuance $($retirement$)$ of

$(18)(557)1,328726$

debt, net

Cash flow from

financing activities

$(1,439)(857)1,229807$

Foreign exchange effects $(433)(3)322$

Net Change in Cash $(551)4,1204,795(3,647)$

a$.$ Is Google generating positive cash flow from its operations?

b$.$ How much did Google invest in new capital expenditures over these four years?

c$.$ Describe Google$$s sources of financing in the financial markets over these four

years.

d$.$ Based solely on the cash flow statements for $2011$ through $2014,$ write a brief nar$-$

rative that describes the major activities of Google$$s management team over these four years.