VMware 2014 Annual Report Download - page 66

Download and view the complete annual report

Please find page 66 of the 2014 VMware annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

Table of Contents
VMware, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the Year Ended December 31,
2014
2013
2012
Operating activities:
Net income
$
886
$
1,014
$
746
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
345
337
355
Stock-based compensation
529
454
426
Excess tax benefits from stock-based compensation
(36
)
(70
)
(138
)
Deferred income taxes, net
(128
)
56
(74
)
Non-cash realignment charges
—
15
—
Gain on disposition of certain lines of business and other, net
—
(
31
)
—
Gain on sales of strategic investments
(6
)
—
—
Other
(1
)
7
2
Changes in assets and liabilities, net of acquisitions:
Accounts receivable
(267
)
(71
)
(268
)
Other assets
(70
)
(59
)
(112
)
Due to/from related parties, net
(46
)
60
6
Accounts payable
69
30
24
Accrued expenses
135
1
22
Income taxes receivable from EMC
—
17
19
Income taxes payable
77
19
138
Unearned revenues
693
756
751
Net cash provided by operating activities
2,180
2,535
1,897
Investing activities:
Additions to property and equipment
(352
)
(345
)
(234
)
Purchases of available-for-sale securities
(3,937
)
(3,181
)
(3,189
)
Sales of available-for-sale securities
2,076
1,599
1,880
Maturities of available-for-sale securities
717
717
902
Proceeds from disposition of certain lines of business
—
37
—
Purchases of strategic investments
(52
)
(8
)
(51
)
Sales of strategic investments
11
—
—
Business acquisitions, net of cash acquired
(1,159
)
(289
)
(1,344
)
Decrease (increase) in restricted cash
(78
)
(3
)
1
Other investing
(11
)
1
—
Net cash used in investing activities
(2,785
)
(1,472
)
(2,035
)
Financing activities:
Proceeds from issuance of common stock
164
197
253
Proceeds from issuance of notes payable to EMC
1,050
—
—
Reduction in capital from EMC
(24
)
—
—
Proceeds from non-controlling interests
7
—
—
Repurchase of common stock
(700
)
(508
)
(467
)
Excess tax benefits from stock-based compensation
36
70
138
Shares repurchased for tax withholdings on vesting of restricted stock
(162
)
(126
)
(133
)
Net cash provided by (used in) financing activities
371
(367
)
(209
)
Net increase (decrease) in cash and cash equivalents
(234
)
696
(347
)
Cash and cash equivalents at beginning of the period
2,305
1,609
1,956
Cash and cash equivalents at end of the period
$
2,071
$
2,305
$
1,609
Supplemental disclosures of cash flow information:
Cash paid for interest
$
27
$
6
$
7