Oracle 2008 Annual Report Download - page 83

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Table of Contents
ORACLE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended May 31, 2009, 2008 and 2007
Year Ended May 31,
(in millions) 2009 2008 2007
Cash Flows From Operating Activities:
Net income $ 5,593 $ 5,521 $ 4,274
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation 263 268 249
Amortization of intangible assets 1,713 1,212 878
Provision for trade receivable allowances 118 164 244
Deferred income taxes (395) (135) (56)
Minority interests in income 84 60 71
Stock-based compensation 355 369 207
Tax benefits on the exercise of stock options 252 588 338
Excess tax benefits on the exercise of stock options (97) (454) (259)
In-process research and development 10 24 151
Other gains, net (6) (66) (22)
Changes in operating assets and liabilities, net of effects from
acquisitions:
Decrease (increase) in trade receivables 336 (825) (723)
Decrease (increase) in prepaid expenses and other assets 145 (191) (153)
Decrease in accounts payable and other liabilities (691) (153) (345)
Increase in income taxes payable 142 368 279
Increase in deferred revenues 433 652 387
Net cash provided by operating activities 8,255 7,402 5,520
Cash Flows From Investing Activities:
Purchases of marketable securities and other investments (9,315) (5,624) (5,405)
Proceeds from maturities and sales of marketable securities and other
investments 8,404 4,281 5,756
Acquisitions, net of cash acquired (1,159) (7,643) (5,005)
Capital expenditures (529) (243) (319)
Proceeds from sale of property — 153 2
Net cash used for investing activities (2,599) (9,076) (4,971)
Cash Flows From Financing Activities:
Payments for repurchases of common stock (3,972) (2,023) (3,937)
Proceeds from issuances of common stock 760 1,288 924
Payment of dividends to stockholders (250) — —
Proceeds from borrowings, net of issuance costs — 6,171 4,079
Repayments of borrowings (1,004) (2,560) (2,418)
Excess tax benefits on the exercise of stock options 97 454 259
Distributions to minority interests (53) (49) (46)
Net cash (used for) provided by financing activities (4,422) 3,281 (1,139)
Effect of exchange rate changes on cash and cash equivalents (501) 437 149
Net increase (decrease) in cash and cash equivalents 733 2,044 (441)
Cash and cash equivalents at beginning of period 8,262 6,218 6,659
Cash and cash equivalents at end of period $ 8,995 $ 8,262 $ 6,218
Non-cash investing and financing transactions:
Fair value of stock awards assumed in connection with acquisitions $ 1 $ 240 $ 97
(Decrease) increase in unsettled repurchases of common stock $ (12) $ (23) $ 47
Supplemental schedule of cash flow data:
Cash paid for income taxes $ 2,170 $ 1,687 $ 1,197
Cash paid for interest $ 627 $ 347 $ 354
See notes to consolidated financial statements.
75
Source: ORACLE CORP, 10-K, June 29, 2009 Powered by Morningstar® Document Research℠