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Table of Contents
ORACLE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended May 31, 2015, 2014 and 2013
See notes to consolidated financial statements.
90
Year Ended May 31,
(in millions)
2015
2014
2013
Cash flows from operating activities:
Net income
$
9,938
$
10,955
$
10,925
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
712
608
546
Amortization of intangible assets
2,149
2,300
2,385
Allowances for doubtful accounts receivable
56
122
118
Deferred income taxes
(548
)
(248
)
(117
)
Stock
-
based compensation
933
805
755
Tax benefits on the exercise of stock options and vesting of restricted stock
-
based awards
396
480
410
Excess tax benefits on the exercise of stock options and vesting of restricted stock
-
based awards
(244
)
(250
)
(241
)
Other, net
327
311
155
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease in trade receivables
208
24
267
(Increase) decrease in inventories
(96
)
57
(66
)
Increase in prepaid expenses and other assets
(387
)
(143
)
(555
)
Increase (decrease) in accounts payable and other liabilities
247
48
(541
)
(Decrease) increase in income taxes payable
(10
)
(320
)
35
Increase in deferred revenues
655
172
148
Net cash provided by operating activities
14,336
14,921
14,224
Cash flows from investing activities:
Purchases of marketable securities and other investments
(31,421
)
(32,316
)
(32,160
)
Proceeds from maturities and sales of marketable securities and other investments
20,004
28,845
30,159
Acquisitions, net of cash acquired
(6,239
)
(3,488
)
(3,305
)
Capital expenditures
(1,391
)
(580
)
(650
)
Net cash used for investing activities
(19,047
)
(7,539
)
(5,956
)
Cash flows from financing activities:
Payments for repurchases of common stock
(8,087
)
(9,813
)
(11,021
)
Proceeds from issuances of common stock
1,802
2,135
1,527
Payments of dividends to stockholders
(2,255
)
(2,178
)
(1,433
)
Proceeds from borrowings, net of issuance costs
19,842
5,566
4,974
Repayments of borrowings
(1,500
)
—
(
2,950
)
Excess tax benefits on the exercise of stock options and vesting of restricted stock
-
based awards
244
250
241
Distributions to noncontrolling interests
(196
)
(28
)
(31
)
Other, net
—
—
193
Net cash provided by (used for) financing activities
9,850
(4,068
)
(8,500
)
Effect of exchange rate changes on cash and cash equivalents
(1,192
)
(158
)
(110
)
Net increase (decrease) in cash and cash equivalents
3,947
3,156
(342
)
Cash and cash equivalents at beginning of period
17,769
14,613
14,955
Cash and cash equivalents at end of period
$
21,716
$
17,769
$
14,613
Non
-
cash investing and financing transactions:
Fair value of stock options and restricted stock
-
based awards assumed in connection with acquisitions
$
12
$
148
$
15
Increase (decrease) in unsettled repurchases of common stock
$
1
$
(15
)
$
(27
)
Increase in unsettled investment purchases
$
264
$
78
$
—
Supplemental schedule of cash flow data:
Cash paid for income taxes
$
3,055
$
2,841
$
2,644
Cash paid for interest
$
1,022
$
827
$
781