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2014 Annual Report
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Earnings Release FY11 Q3
Financial Statements
Cash Flows Statements (in millions) (Unaudited)
   Three Months Ended
March 31,
   Nine Months Ended
March 31,
2011 2010 2011 2010
Operations
Net income $ 5,232 $ 4,006 $ 17,276 $ 14,242
Adjustments to reconcile net income to net cash from operations:
Depreciation, amortization, and other 720 694 2,077 1,955
Stock-based compensation expense 541 481 1,622 1,409
Net recognized gains on investments and derivatives (122) (68) (377) (322)
Excess tax benefits from stock-based compensation (5) (14) (14) (38)
Deferred income taxes (59) (241) (324) 263
Deferral of unearned revenue 6,616 6,087 19,331 19,692
Recognition of unearned revenue (7,026) (6,395) (21,189) (21,758)
Changes in operating assets and liabilities:
Accounts receivable 3,031 1,947 3,435 1,906
Inventories (170) 77 (258) 216
Other current assets (618) (361) (487) 90
Other long-term assets (8) (81) 172 (143)
Accounts payable (51) 122 (235) 89
Other current liabilities 237 775 (1,174) (146)
Other long-term liabilities 354 364 1,197 1,014
Net cash from operations 8,672 7,393 21,052 18,469
Financing
Short-term debt repayments, maturities of 90 days or less, net 0 (349) (186) (446)
Proceeds from issuance of debt, maturities longer than 90 days 2,239 851 6,960 2,592
Repayments of debt, maturities longer than 90 days 0 (502) (814) (1,898)
Common stock issued 1,405 422 2,242 1,399
Common stock repurchased (848) (2,023) (10,299) (7,430)
Common stock cash dividends paid (1,349) (1,139) (3,830) (3,448)
Excess tax benefits from stock-based compensation 5 14 14 38
Other (15) 0 (40) 0
Net cash from (used in) financing 1,437 (2,726) (5,953) (9,193)
Investing
Additions to property and equipment (658) (408) (1,713) (1,219)
Acquisition of companies, net of cash acquired 0 (143) (69) (245)
Purchases of investments (14,394) (11,217) (27,707) (25,994)
Maturities of investments 2,286 1,054 4,992 6,448
Sales of investments 5,738 4,927 9,768 12,705
Securities lending payable (111) (117) 1,063 1,110
Net cash used in investing (7,139) (5,904) (13,666) (7,195)
Effect of exchange rates on cash and cash equivalents 28 (30) 83 (2)
Net change in cash and cash equivalents 2,998 (1,267) 1,516 2,079
Cash and cash equivalents, beginning of period 4,023 9,422 5,505 6,076
Cash and cash equivalents, end of period $ 7,021 $ 8,155 $ 7,021 $ 8,155
 
FY11 Earnings Release Schedule
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