Microsoft 2006 Annual Report Download - page 44

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PAGE 43
CASH FLOWS STATEMENTS
(In millions)
Y
ear Ended June 30
2006
2005
2004
Operations
Net income
$
12,599
$ 12,254
$
8,168
Deprecia
t
ion, amortization, and other noncash items
903
855
1,186
Stock-based compensation
1,715
2,448
5,734
Net recognized gains on investments
(270) (527)
(1,296)
Stock option income tax benefits
–
668
1,100
Excess tax benefits from stock-based payment arrangements
(89) –
–
Deferred income taxes
219
(179)
(1,479)
Unearned revenue
16,453
13,831
11,777
Recognition of unearned revenue
(14,729) (12,919)
(12,527)
Accounts receivable
(2,07
1
) (1,243)
(687)
Other current assets
(1,405) (245)
478
Other lon
g
-
t
erm assets
(49) 21
34
Other current liabilities
(145) 396
1,529
Other lon
g
-
t
erm liabilities
1,273
1,245
609
Net cash from operations
14,404
16,605
14,626
Financin
g
Common stock issued
2,10
1
3,109
2,748
Common stock repurchased
(19,207) (8,057)
(3,383)
Common stock cash dividends
(3,545) (36,112)
(1,729)
Excess tax benefits from stock-based payment arrangements
89
–
–
Other
–
(18)
–
Net cash used in financin
g
(20,562) (41,078)
(2,364)
Investin
g
Additions to property and equipment
(1,578) (812)
(1,109)
Acquisition of companies, net of cash acquired
(649) (207)
(4)
Purchases of investments
(51,117) (68,045)
(95,005)
Maturities of investments
3,877
29,153
5,561
Sales of investments
54,353
54,938
87,215
Net proceeds from securities lendin
g
3,117
–
–
Net cash from (used in) investin
g
8,003
15,027
(3,342)
Net change in cash and equivalents
1,845
(9,446)
8,920
Effect of exchange rates on cash and equivalents
18
(7)
27
Cash and equivalents, beginning of period
4,85
1
14,304
5,357
Cash and equivalents, end of period
$
6,714
$ 4,851
$
14,304
See accompanying notes.