Microsoft 2009 Annual Report Download - page 42

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PAGE 42
CASH FLOWS STATEMENTS
(In millions)
Y
ear Ended June 30, 2009
2008 2007
Operations
Net income $14,569
$ 17,681 $14,065
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other noncash items 2,562
2,056 1,440
Stock-based compensation 1,708
1,479 1,550
Net recognized losses (gains) on investments and derivatives 683
(572) (292 )
Excess tax benefits from stock-based compensation (52 )
(120) (77 )
Deferred income taxes 762
935 421
Deferral of unearned revenue 24,409
24,532 21,032
Recognition of unearned revenue
(
25,426 )
(21,944)
(
19,382)
Changes in operating assets and liabilities:
Accounts receivable 2,215
(1,569) (1,764 )
Other current assets (422 )
153 232
Other long-term assets (273 )
(98) (435 )
Other current liabilities (3,371 )
(748) (552 )
Other long-term liabilities 1,673
(173) 1,558
Net cash from operations 19,037
21,612 17,796
Financing
Short-term borrowings, maturities of 90 days or less, net 1,178
– –
Proceeds from issuance of debt, maturities longer than 90 days 4,796
– –
Repayments of debt, maturities longer than 90 days (228 )
– –
Common stock issued 579
3,494 6,782
Common stock repurchased (9,353 )
(12,533)
(
27,575)
Common stock cash dividends (4,468 )
(4,015) (3,805 )
Excess tax benefits from stock-based compensation 52
120 77
Other (19 ) – (23 )
Net cash used in financing (7,463 )
(12,934)
(
24,544)
Investing
Additions to property and equipment (3,119 )
(3,182) (2,264 )
Acquisition of companies, net of cash acquired (868 )
(8,053) (1,150 )
Purchases of investments
(
36,850 )
(20,954)
(
36,308)
Maturities of investments 6,191
2,597 4,736
Sales of investments 19,806
25,132 41,451
Securities lending payable (930 )
(127) (376 )
Net cash from (used in) investing
(
15,770 ) (4,587) 6,089
Effect of exchange rates on cash and cash equivalents (67 ) 137 56
Net change in cash and cash equivalents (4,263 )
4,228 (603)
Cash and cash equivalents, beginning of period 10,339
6,111 6,714
Cash and cash equivalents, end of period $6,076
$ 10,339 $6,111
See accompanying notes.