Earnings Release FY20 Q2

Table Power BI

Cash Flows Statements
(In millions) (Unaudited)		Three Months Ended December 31,		Six Months Ended December 31,
(In millions) (Unaudited)		2019	2018	2019	2018
	Operations
	Net income	$ 11,649	$ 8,420	$ 22,327	$ 17,244
	Adjustments to reconcile net income to net cash from operations:
	Depreciation, amortization, and other	3,203	2,995	6,174	5,832
	Stock-based compensation expense	1,340	1,183	2,602	2,290
	Net recognized gains on investments and derivatives	(203)	(135)	(192)	(375)
	Deferred income taxes	(53)	(173)	(230)	(420)
	Changes in operating assets and liabilities:
	Accounts receivable	(4,203)	(2,396)	5,887	6,798
	Inventories	799	1,654	238	698
	Other current assets	165	(173)	(273)	(850)
	Other long-term assets	(517)	(473)	(850)	(452)
	Accounts payable	(7)	(440)	(554)	(835)
	Unearned revenue	(2,936)	(2,122)	(5,828)	(4,563)
	Income taxes	(471)	(64)	(3,807)	(1,155)
	Other current liabilities	1,489	656	(1,831)	(1,666)
	Other long-term liabilities	425	(32)	835	11
	Net cash from operations	10,680	8,900	24,498	22,557
	Financing
	Repayments of debt	(18)	(3,000)	(2,518)	(3,000)
	Common stock issued	234	200	661	560
	Common stock repurchased	(5,206)	(6,413)	(10,118)	(10,157)
	Common stock cash dividends paid	(3,886)	(3,544)	(7,396)	(6,764)
	Other, net	(39)	(459)	247	(1,239)
	Net cash used in financing	(8,915)	(13,216)	(19,124)	(20,600)
	Investing
	Additions to property and equipment	(3,545)	(3,707)	(6,930)	(7,309)
	Acquisition of companies, net of cash acquired, and purchases of intangible and other assets	(80)	(1,593)	(542)	(1,838)
	Purchases of investments	(19,011)	(16,858)	(42,401)	(36,409)
	Maturities of investments	11,230	3,782	30,312	8,996
	Sales of investments	5,370	14,176	11,749	29,407
	Net cash used in investing	(6,036)	(4,200)	(7,812)	(7,153)
	Effect of foreign exchange rates on cash and cash equivalents	18	17	(54)	(112)
	Net change in cash and cash equivalents	(4,253)	(8,499)	(2,492)	(5,308)
	Cash and cash equivalents, beginning of period	13,117	15,137	11,356	11,946
	Cash and cash equivalents, end of period	$ 8,864	$ 6,638	$ 8,864	$ 6,638

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