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Table of Contents
VMware, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
The accompanying notes are an integral part of the consolidated financial statements.
70
For the Year Ended December 31,
2009
2008
2007
Cash flows from operating activities:
Net income
$
197,098
$
290,133
$
218,137
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
198,486
158,628
104,027
Stock
-
based compensation, excluding amounts capitalized
231,456
166,516
92,406
Excess tax benefits from stock
-
based compensation
(26,214
)
(85,776
)
—
Gain on acquisition
(5,859
)
—
—
Other
8,675
8,663
(167
)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable
(193,610
)
(52,527
)
(88,969
)
Other assets
(14,181
)
(21,910
)
(977
)
Due to/from EMC, net
(64,762
)
40,348
5,004
Accounts payable
(17,886
)
3,012
15,571
Accrued expenses
124,685
22,930
61,620
Income taxes receivable from EMC
107,927
(111,050
)
—
Income taxes payable
32,779
26,623
(17,812
)
Deferred income taxes, net
(40,476
)
38,908
(78,486
)
Deferred revenue
447,498
315,633
242,082
Net cash provided by operating activities
985,616
800,131
552,436
Cash flows from investing activities:
Additions to property and equipment
(103,375
)
(191,596
)
(136,395
)
Purchase of headquarters facilities from EMC
—
—
(
132,564
)
Capitalized software development costs
(68,611
)
(90,900
)
(47,735
)
Purchase of investments
(34,665
)
(1,750
)
—
Business acquisitions, net of cash acquired
(356,278
)
(138,569
)
(82,535
)
Decrease (increase) in restricted cash
549
928
(4,466
)
Net cash used in investing activities
(562,380
)
(421,887
)
(403,695
)
Cash flows from financing activities:
Proceeds from issuance of common stock
227,666
190,107
1,256,293
Excess tax benefits from stock
-
based compensation
26,214
85,776
—
Shares repurchased for tax withholdings on vesting of restricted stock
(31,467
)
(44,483
)
—
Repayment of note payable to EMC
—
—
(
350,000
)
Net cash provided by financing activities
222,413
231,400
906,293
Net increase in cash and cash equivalents
645,649
609,644
1,055,034
Cash and cash equivalents at beginning of the period
1,840,812
1,231,168
176,134
Cash and cash equivalents at end of the period
$
2,486,461
$
1,840,812
$
1,231,168
Supplemental disclosures of cash flow information:
Cash paid for interest
$
10,963
$
20,180
$
19,991
Cash paid (refunded) for taxes
$
(74,362
)
$
74,549
$
118,413
Non
-
cash items:
Changes in capital additions, accrued but not paid
$
(11,303
)
$
19,566
$
—
Capitalization of facilities under financing lease transaction
$
—
$
19,077
$
—
Fair value of stock options assumed in acquisition
$
16,187
$
2,388
$
—