(Analyzing the cash flow Statement) Google, Inc. (GOOG), is one of the most successful Internet firms, and it experienced very rapid growth in revenues from 2011 through 2014. The cash flow statements for Google, Inc. spanning the period are found here:

Answer the following questions using the information found in these statements:

(US$ millions) 12/31/2014 12/31/2013 12/31/2012 12/31/2011 Net income $14,471 $12,902 $10,704 $9,754 Depreciation 3,487 2,737 1,929 1,408 Amortization 1,435 1,186 903 498 Deferred taxes (166) (491) (298) 394 Noncash items 2,746 2,207 2,274 2,037 Changes in working capital 316 (32) 939 695 Cash from operating activities $22,289 $18,509 $16,451 $14,786 Capital expenditures $(10,944) $(7,379) $(3,263) $(3,443) Other investing cash flow items (10,075) (6,339) (9,808) (15,625) Cash from investing activities $(21,019) $(13,718) $(13,071) $(19,068) Interest and financing cash flow items $(1,422) $(310) $(108) $75 Total cash dividends paid 0 0 0 0 Issuance (retirement) of stock 4 0 10 0 Issuance (retirement) of debt (16) (527) 1,334 748 Cash from financing activities $(1,434) $(837) $1,236 $823 Foreign exchange effects $(442) $(3) $4 $26 Net change in cash $(606) $3,951 $4,620 $(3,433)

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

b. How much did Google invest in new capital expenditures over the period?

c. Describe Google's sources of financing in the financial markets over the period?

d. Based solely on the cash flow statements for 2011 through 2014, write a brief narrative that describes the major activities of Google's management team over the period.