| |
Cash Flows StatementsIn
millions
| Year Ended June 30 |
1996 |
|
1997 |
|
1998 |
|
|
|
|
|
|
|
|
| Operations |
|
|
Net income |
$ 2,195 |
|
$ 3,454 |
|
$ 4,490 |
|
| |
|
|
|
|
|
|
|
|
Depreciation and amortization |
480 |
|
557 |
|
1,024 |
|
|
|
|
|
|
|
|
|
|
Write-off of acquired in-process technology |
– |
|
– |
|
296 |
|
|
|
|
|
|
|
|
|
|
Unearned revenue |
983 |
|
1,601 |
|
3,268 |
|
|
|
|
|
|
|
|
|
|
Recognition of unearned revenue from prior periods |
(477 |
) |
(743 |
) |
(1,798 |
) |
|
|
|
|
|
|
|
|
|
Other current liabilities |
584 |
|
321 |
|
208 |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
(71 |
) |
(336 |
) |
(520 |
) |
|
|
|
|
|
|
|
|
|
Other current assets |
25 |
|
(165 |
) |
(88 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Net cash from operations |
3,719 |
|
4,689 |
|
6,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued |
504 |
|
744 |
|
959 |
|
|
|
|
|
|
|
|
|
|
Common stock repurchased |
(1,385 |
) |
(3,101 |
) |
(2,468 |
) |
|
|
|
|
|
|
|
|
|
Put warrant proceeds |
124 |
|
95 |
|
538 |
|
|
|
|
|
|
|
|
|
|
Preferred stock issued |
– |
|
980 |
|
– |
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends |
– |
|
(15 |
) |
(28 |
) |
|
|
|
|
|
|
|
|
|
Stock option income tax benefits |
352 |
|
796 |
|
1,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash from (used for) financing |
(405 |
) |
(501 |
) |
554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property and equipment |
(494 |
) |
(499 |
) |
(656 |
) |
|
|
|
|
|
|
|
|
|
Cash portion of WebTV purchase price |
– |
|
– |
|
(190 |
) |
|
|
|
|
|
|
|
|
|
Equity investments and other |
(625 |
) |
(1,669 |
) |
(1,598 |
) |
|
|
|
|
|
|
|
|
|
Short-term investments |
(1,551 |
) |
(921 |
) |
(4,828 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash used for investments |
(2,670 |
) |
(3,089 |
) |
(7,272 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net change in cash and equivalents |
644 |
|
1,099 |
|
162 |
|
|
|
|
|
|
|
|
| Effect of exchange rates on cash and equivalents |
(5 |
) |
6 |
|
(29 |
) |
|
|
|
|
|
|
|
| Cash and equivalents, beginning of year |
1,962 |
|
2,601 |
|
3,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and equivalents, end of year |
2,601 |
|
3,706 |
|
3,839 |
|
|
|
|
|
|
|
|
| Short-term investments |
4,339 |
|
5,260 |
|
10,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and short-term investments |
$ 6,940 |
|
$ 8,966 |
|
$13,927 |
|
|
|
|
|
|
|
See
accompanying notes.
>> Download the Cash Flows Statements
as a Microsoft Excel file. << |
