Microsoft 2008 Annual Report Download - page 38

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PAGE 37
CASH FLOWS STATEMENTS
(In millions)
Y
ear Ended June 30, 2008
2007 2006
Operations
Net income $17,681
$ 14,065 $ 12,599
Depreciation, amortization, and other noncash items 2,056
1,440 903
Stock-based compensation 1,479
1,550 1,715
Net recognized gains on investments (572) (292) (270)
Excess tax benefits from stock-based payment arrangements (120) (77) (89)
Deferred income taxes 935
421 219
Unearned revenue 24,532
21,032 16,453
Recognition of unearned revenue (21,944) (19,382) (14,729)
Accounts receivable (1,569) (1,764) (2,071)
Other current assets 153
232 (1,405)
Other long-term assets (98) (435) (49)
Other current liabilities (748) (552) (145)
Other long-term liabilities (173) 1,558 1,273
Net cash from operations 21,612
17,796 14,404
Financing
Common stock issued 3,494
6,782 2,101
Common stock repurchased (12,533) (27,575) (19,207)
Common stock cash dividends (4,015) (3,805) (3,545)
Excess tax benefits from stock-based payment arrangements 120
77 89
Other –
(23) –
Net cash used in financing (12,934) (24,544) (20,562)
Investing
Additions to property and equipment (3,182) (2,264) (1,578)
Acquisition of companies, net of cash acquired (8,053) (1,150) (649)
Purchases of investments (20,954) (36,308) (51,117)
Maturities of investments 2,597
4,736 3,877
Sales of investments 25,132
41,451 54,353
Securities lending payable (127) (376) 3,117
Net cash from (used in) investing (4,587) 6,089 8,003
Effect of exchange rates on cash and cash equivalents 137
56 18
Net change in cash and cash equivalents 4,228
(603) 1,863
Cash and cash equivalents, beginning of period 6,111
6,714 4,851
Cash and cash equivalents, end of period $10,339
$ 6,111 $ 6,714
See accompanying notes.