Microsoft 2007 Annual Report Download - page 36

Download and view the complete annual report

Please find page 36 of the 2007 Microsoft annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 69

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69

PAGE 35
CASH FLOWS STATEMENTS
(In millions)
Y
ear Ended June 30 2007 2006 2005
Operations
Net income $ 14,065 $ 12,599 $ 12,254
Depreciation, amortization, and other noncash items 1,440 903 855
Stock-based compensation 1,550 1,715 2,448
Net recognized gains on investments (292) (270) (527)
Stock option income tax benefits – –668
Excess tax benefits from stock-based payment arrangements (77) (89) –
Deferred income taxes 421 219 (179)
Unearned revenue 21,032 16,453 13,831
Recognition of unearned revenue (19,382) (14,729) (12,919)
Accounts receivable (1,764) (2,071) (1,243)
Other current assets 232 (1,405) (245)
Other long-term assets (435) (49) 21
Other current liabilities (552) (145) 396
Other long-term liabilities 1,558 1,273 1,245
Net cash from operations 17,796 14,404 16,605
Financing
Common stock issued 6,782 2,101 3,109
Common stock repurchased (27,575) (19,207) (8,057)
Common stock cash dividends (3,805) (3,545) (36,112)
Excess tax benefits from stock-based payment arrangements 77 89 –
Other (23) –(18)
Net cash used in financing (24,544) (20,562) (41,078)
Investing
Additions to property and equipment (2,264) (1,578) (812)
Acquisition of companies, net of cash acquired (1,150) (649) (207)
Purchases of investments (36,308) (51,117) (68,045)
Maturities of investments 4,736 3,877 29,153
Sales of investments 41,451 54,353 54,938
Securities lending payable (376) 3,117 –
Net cash from investing 6,089 8,003 15,027
Net change in cash and equivalents (659) 1,845 (9,446)
Effect of exchange rates on cash and equivalents 56 18 (7)
Cash and equivalents, beginning of period 6,714 4,851 14,304
Cash and equivalents, end of period $ 6,111 $ 6,714 $ 4,851
See accompanying notes.