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Table of Contents
ORACLE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended May 31, 2016, 2015 and 2014
Year Ended May 31,
(in millions) 2016 2015 2014
Cash flows from operating activities:
Net income $ 8,901 $ 9,938 $ 10,955
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 871 712 608
Amortization of intangible assets 1,638 2,149 2,300
Allowances for doubtful accounts receivable 130 56 122
Deferred income taxes (105) (548) (248)
Stock-based compensation 1,037 933 805
Tax benefits on the exercise of stock options and vesting of restricted stock-based awards 311 396 480
Excess tax benefits on the exercise of stock options and vesting of restricted stock-based awards (124) (244) (250)
Other, net 143 327 311
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease in trade receivables 96 208 24
Decrease (increase) in inventories 88 (96) 57
Increase in prepaid expenses and other assets (90) (387) (143)
(Decrease) increase in accounts payable and other liabilities (13) 247 48
Increase (decrease) in income taxes payable 2 (10) (320)
Increase in deferred revenues 676 655 172
Net cash provided by operating activities 13,561 14,336 14,921
Cash flows from investing activities:
Purchases of marketable securities and other investments (24,562) (31,421) (32,316)
Proceeds from maturities and sales of marketable securities and other investments 21,247 20,004 28,845
Acquisitions, net of cash acquired (650) (6,239) (3,488)
Capital expenditures (1,189) (1,391) (580)
Net cash used for investing activities (5,154) (19,047) (7,539)
Cash flows from financing activities:
Payments for repurchases of common stock (10,440) (8,087) (9,813)
Proceeds from issuances of common stock 1,425 1,816 2,155
Shares repurchased for tax withholdings upon vesting of restricted stock-based awards (89) (14) (20)
Payments of dividends to stockholders (2,541) (2,255) (2,178)
Proceeds from borrowings, net of issuance costs 3,750 19,842 5,566
Repayments of borrowings (2,000) (1,500) —
Excess tax benefits on the exercise of stock options and vesting of restricted stock-based awards 124 244 250
Distributions to noncontrolling interests (85) (196) (28)
Net cash (used for) provided by financing activities (9,856) 9,850 (4,068)
Effect of exchange rate changes on cash and cash equivalents (115) (1,192) (158)
Net (decrease) increase in cash and cash equivalents (1,564) 3,947 3,156
Cash and cash equivalents at beginning of period 21,716 17,769 14,613
Cash and cash equivalents at end of period $ 20,152 $ 21,716 $ 17,769
Non-cash investing and financing transactions:
Fair values of restricted stock-based awards and stock options assumed in connection with acquisitions $ 1 $ 12 $ 148
(Decrease) increase in unsettled repurchases of common stock $ (1) $ 1 $ (15)
(Decrease) increase in unsettled investment purchases $ (112) $ 264 $ 78
Supplemental schedule of cash flow data:
Cash paid for income taxes $ 2,331 $ 3,055 $ 2,841
Cash paid for interest $ 1,616 $ 1,022 $ 827
See notes to consolidated financial statements.
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