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Table of Contents
ORACLE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended May 31, 2014, 2013 and 2012
See notes to consolidated financial statements.
88
Year Ended May 31,
(in millions)
2014
2013
2012
Cash Flows From Operating Activities:
Net income
$
10,955
$
10,925
$
9,981
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
608
546
486
Amortization of intangible assets
2,300
2,385
2,430
Allowances for doubtful accounts receivable
122
118
92
Deferred income taxes
(248
)
(117
)
9
Stock
-
based compensation
805
755
659
Tax benefits on the exercise of stock options and vesting of restricted stock
-
based awards
480
410
182
Excess tax benefits on the exercise of stock options and vesting of restricted stock
-
based awards
(250
)
(241
)
(97
)
Other, net
311
155
84
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease (increase) in trade receivables
24
267
(8
)
Decrease (increase) in inventories
57
(66
)
150
Increase in prepaid expenses and other assets
(143
)
(555
)
(51
)
Increase (decrease) in accounts payable and other liabilities
48
(541
)
(720
)
(Decrease) increase in income taxes payable
(320
)
35
54
Increase in deferred revenues
172
148
492
Net cash provided by operating activities
14,921
14,224
13,743
Cash Flows From Investing Activities:
Purchases of marketable securities and other investments
(32,316
)
(32,160
)
(38,625
)
Proceeds from maturities and sales of marketable securities and other investments
28,845
30,159
35,594
Acquisitions, net of cash acquired
(3,488
)
(3,305
)
(4,702
)
Capital expenditures
(580
)
(650
)
(648
)
Net cash used for investing activities
(7,539
)
(5,956
)
(8,381
)
Cash Flows From Financing Activities:
Payments for repurchases of common stock
(9,813
)
(11,021
)
(5,856
)
Proceeds from issuances of common stock
2,135
1,527
733
Payments of dividends to stockholders
(2,178
)
(1,433
)
(1,205
)
Proceeds from borrowings, net of issuance costs
5,566
4,974
1,700
Repayments of borrowings
—
(
2,950
)
(1,405
)
Excess tax benefits on the exercise of stock options and vesting of restricted stock
-
based awards
250
241
97
Distributions to noncontrolling interests
(28
)
(31
)
(163
)
Other, net
—
193
—
Net cash used for financing activities
(4,068
)
(8,500
)
(6,099
)
Effect of exchange rate changes on cash and cash equivalents
(158
)
(110
)
(471
)
Net increase (decrease) in cash and cash equivalents
3,156
(342
)
(1,208
)
Cash and cash equivalents at beginning of period
14,613
14,955
16,163
Cash and cash equivalents at end of period
$
17,769
$
14,613
$
14,955
Non
-
cash investing and financing transactions:
Fair value of stock options and restricted stock
-
based awards assumed in connection with acquisitions
$
148
$
15
$
29
Fair value of contingent consideration payable in connection with acquisition
$
—
$
—
$
346
(Decrease) increase in unsettled repurchases of common stock
$
(15
)
$
(27
)
$
112
Increase in unsettled purchases of marketable securities
$
78
$
—
$
—
Supplemental schedule of cash flow data:
Cash paid for income taxes
$
2,841
$
2,644
$
2,731
Cash paid for interest
$
827
$
781
$
737