Oracle 2012 Annual Report Download - page 91

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ORACLE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended May 31, 2012, 2011 and 2010
Year Ended May 31,
(in millions) 2012 2011 2010
Cash Flows From Operating Activities:
Net income ........................................................... $ 9,981 $ 8,547 $ 6,135
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation ...................................................... 486 368 298
Amortization of intangible assets ...................................... 2,430 2,428 1,973
Allowances for doubtful accounts receivable ............................ 92 164 143
Deferred income taxes .............................................. 9 (253) (511)
Stock-based compensation ........................................... 659 510 436
Tax benefits on the exercise of stock options and vesting of restricted stock-
based awards ................................................... 182 325 203
Excess tax benefits on the exercise of stock options and vesting of restricted
stock-based awards ............................................... (97) (215) (110)
Other, net ........................................................ 84 68 13
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in trade receivables ..................................... (8) (729) (362)
Decrease (increase) in inventories ................................. 150 (28) 73
(Increase) decrease in prepaid expenses and other assets ............... (51) 14 340
Decrease in accounts payable and other liabilities ..................... (720) (120) (360)
Increase (decrease) in income taxes payable ......................... 54 (96) (79)
Increase in deferred revenues ..................................... 492 231 489
Net cash provided by operating activities ....................... 13,743 11,214 8,681
Cash Flows From Investing Activities:
Purchases of marketable securities and other investments....................... (38,625) (31,009) (15,703)
Proceeds from maturities and sales of marketable securities and other investments . . . 35,594 27,120 11,220
Acquisitions, net of cash acquired ......................................... (4,702) (1,847) (5,606)
Capital expenditures .................................................... (648) (450) (230)
Proceeds from sale of property ............................................ — 105 —
Net cash used for investing activities ........................... (8,381) (6,081) (10,319)
Cash Flows From Financing Activities:
Payments for repurchases of common stock ................................. (5,856) (1,160) (992)
Proceeds from issuances of common stock .................................. 733 1,376 874
Payments of dividends to stockholders ..................................... (1,205) (1,061) (1,004)
Proceeds from borrowings, net of issuance costs .............................. 1,700 4,354 7,220
Repayments of borrowings ............................................... (1,405) (3,143) (3,582)
Excess tax benefits on the exercise of stock options and vesting of restricted stock-
based awards ....................................................... 97 215 110
Distributions to noncontrolling interests .................................... (163) (65) (59)
Other, net ............................................................ — — 97
Net cash (used for) provided by financing activities ............... (6,099) 516 2,664
Effect of exchange rate changes on cash and cash equivalents ....................... (471) 600 (107)
Net (decrease) increase in cash and cash equivalents .............................. (1,208) 6,249 919
Cash and cash equivalents at beginning of period ................................. 16,163 9,914 8,995
Cash and cash equivalents at end of period ...................................... $ 14,955 $ 16,163 $ 9,914
Non-cash investing and financing transactions:
Fair value of stock options and restricted stock-based awards assumed in connection
with acquisitions ..................................................... $ 29 $ 17 $ 100
Fair value of contingent consideration payable in connection with acquisition ...... $ 346 $ — $ —
Increase in unsettled repurchases of common stock ........................... $ 112 $ 12 $ —
Supplemental schedule of cash flow data:
Cash paid for income taxes .............................................. $ 2,731 $ 2,931 $ 2,488
Cash paid for interest ................................................... $ 737 $ 770 $ 652
See notes to consolidated financial statements.
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