We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, including information technology infrastructure and land and buildings, can be used for strategic opportunities, including investing in our business, making strategic acquisitions, and strengthening the balance sheet.
ENGADGET: Google's Q4 2011 results: $2.71 billion profit, $8.13 billion in revenue, Wall Street disappointed