Q4 net income was 701 million dollars or 25 cents per share and non gap net income was 1.5 billion dollars or 54 cents per share. In 2014, we spent 1.8 billion dollars on Capex and generated over 3.6 billion dollars of free cash flow. We ended 2014 with 11.2 billion dollars in cash and investments and a net operating loss carry forward of approximately 4.5 billion dollars. Turning now to the outlook, let me now start with revenue. We are still in the early stages of building out many aspects of our apps business and we remain optimistic about our long term opportunities.
Looking at 2015, there are couple things I want to know. The first involves how the recent movements in exchange rates might impact our 2015 revenue. Assuming exchange rates were to remain constant at today’s level, we would expect that our total revenue in 2015 would be approximately 5% lower than it would be under 2014 exchange rates. Note this 5% represents the expected reduction in 2015 total revenue, not the reduction in the year over year growth rate. And second, we were recording revenue from Atlis, live real and the audience network on a net, not a gross basis. So, the growth in those products will have less of an impact on our overall reported revenue growth in 2015. Turning now to expenses, we are tightening are ranges modestly given the better visibility into 2015 spending. We expect that a full year 2015 total gap expenses will increase 55 to 70 % compared to 2014. We expect that our 2015 total non-gap expenses will increase 50 to 65 %.
A simple way of thinking about our investments across three categories, people, product and infra-structure. On the people’s side, we entered 2015 with 45 % more employees than we did a year ago and we will continue to invest in and grow the talent base throughout the year. In terms of product, we are investing to build great experiences for people, marketers and developers ranging from our existing products and services to newer initiatives such as ad tech, internet.org and Oculus and Whatsapp. We will also invest in marketing to support all of these initiatives which is I noted was a driver of expense growth in Q4. Turning to infrastructure, we continue to build out our global infrastructure to enable billions of people around the world to connect, message and share with each other.
We will be investing in data centers, our network and servers to grow our existing services and support newer initiatives such as video and our global connectivity efforts through internet.org. We anticipate our 2015 will be in the neighborhood of 2.7 to 3.2 billion dollars. We expect stock based compensation for 2015 to be in the range of 3 to 3.3 billion dollars, approximately half of which is related to our prior acquisitions most notably Whatsapp. We expect amortization expenses for 2015 to be approximately 700 to 800 million dollars. And finally we anticipate our Q1 and full year 2015 gap tax rates to be in the mid to high 40’s and non gap rates to be in the mid to high 30’s. In summer, a Q4 caps off a great year for Facebook in which we executed well and also made very important investments for our future. In 2015, we are focused on continuing to execute on the business and investing in our long term mission and success. With that Courtney, let’s open up the call for questions.
Operator
We will not open the lines for a question and answer session. To ask a question, press * followed by the number 1 on your touch tone phone. Please pick up your handset before asking your question to assure clarity. As well if you are streaming today’s call, please mute your computer speakers.
Your first question comes from the line of Heather Payne with Goldman Sachs. Your line is open.
Heather Payne, Goldman Sachs
Great thank you, I just had two quick questions, Sheryl or Mark I was just wondering from a brand advertising perspective, is there a way you could share with us how your conversations with these advertisers has been trending over the past 12 months, how they have been evolving and kind of what they are, how they are thinking about the video opportunity and then Dave, I just wanted to follow up on your question about total expense guidance because in the past you have given a 5 point range. I believe for total expenses in this year its 15 granted you did tighten it which we appreciate and just wondering the parameters around, you know how we think about the low end versus the high end.
