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Table of Contents
ORACLE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended May 31, 2007, 2006 and 2005
Year Ended May 31,
(in millions) 2007 2006 2005
Cash Flows From Operating Activities:
Net income $ 4,274 $ 3,381 $ 2,886
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation 249 223 206
Amortization of intangible assets 878 583 219
Provision for trade receivable allowances 244 241 197
Deferred income taxes 56 (40) (66)
Minority interests in income 71 41 42
Non-cash restructuring — — 33
Stock-based compensation 207 49 72
Tax benefits on the exercise of stock awards 338 162 130
Excess tax benefits from stock-based compensation (259) — —
In-process research and development 151 78 46
Net investment gains related to equity securities (22) (39) (2)
Changes in assets and liabilities, net of effects from acquisitions:
Increase in trade receivables (723) (355) (88)
Decrease (increase) in prepaid expenses and other assets (153) 14 164
Increase (decrease) in accounts payable and other liabilities (345) 23 (533)
Increase (decrease) in income taxes payable 167 (98) (148)
Increase in deferred revenues 387 278 394
Net cash provided by operating activities 5,520 4,541 3,552
Cash Flows From Investing Activities:
Purchases of marketable securities (5,383) (2,128) (7,101)
Proceeds from maturities and sale of marketable securities 5,756 3,676 12,194
Acquisitions, net of cash acquired (5,005) (3,953) (10,656)
Purchases of equity and other investments (22) (858) (2)
Capital expenditures (319) (236) (188)
Proceeds from sale of property 2 140 —
Net cash used for investing activities (4,971) (3,359) (5,753)
Cash Flows From Financing Activities:
Payments for repurchase of common stock (3,937) (2,067) (1,343)
Proceeds from issuance of common stock 924 632 596
Proceeds from borrowings, net of financing costs 4,079 12,636 12,505
Payments of debt (2,418) (9,635) (9,830)
Excess tax benefits from stock-based compensation 259 — —
Distributions to minority interests (46) (39) (44)
Net cash (used for) provided by financing activities (1,139) 1,527 1,884
Effect of exchange rate changes on cash and cash equivalents 149 56 73
Net increase (decrease) in cash and cash equivalents (441) 2,765 (244)
Cash and cash equivalents at beginning of period 6,659 3,894 4,138
Cash and cash equivalents at end of period $ 6,218 $ 6,659 $ 3,894
Non-cash financing transactions:
Fair value of stock awards and stock issued in connection with
acquisitions $ 97 $ 2,042 $ 504
Unsettled repurchases of common stock $ 47 $ — $ —
Debt issued in connection with acquisitions $ 13 $ — $ —
Supplemental schedule of cash flow data:
Cash paid for income taxes $ 1,197 $ 1,413 $ 1,268
Cash paid for interest $ 354 $ 74 $ 119
See notes to consolidated financial statements.
70
Source: ORACLE CORP, 10-K, June 29, 2007 Powered by Morningstar® Document Research℠