VMware 2013 Annual Report Download - page 63
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Table of Contents
VMware, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
The accompanying notes are an integral part of the consolidated financial statements.
For the Year Ended December 31,
2013
2012
2011
Operating activities:
Net income
$
1,014
$
746
$
724
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization
337
355
316
Stock-based compensation
454
426
335
Excess tax benefits from stock-based compensation
(70
)
(138
)
(224
)
Deferred income taxes, net
56
(74
)
(20
)
Non-cash realignment charges
15
—
—
Gain on sale of Terremark investment
—
—
(
56
)
Gain on disposition of certain lines of business and other, net
(31
)
—
—
Other
7
2
21
Changes in assets and liabilities, net of acquisitions:
Accounts receivable
(71
)
(268
)
(263
)
Other assets
(59
)
(112
)
(76
)
Due to/from related parties, net
60
6
(18
)
Accounts payable
30
24
(16
)
Accrued expenses
1
22
115
Income taxes receivable from EMC
17
19
269
Income taxes payable
19
138
79
Unearned revenues
756
751
840
Net cash provided by operating activities
2,535
1,897
2,026
Investing activities:
Additions to property and equipment
(345
)
(234
)
(230
)
Purchase of leasehold interest (see Note H)
—
—
(
151
)
Capitalized software development costs
—
—
(
74
)
Purchases of available-for-sale securities
(3,181
)
(3,189
)
(2,668
)
Sales of available-for-sale securities
1,599
1,880
816
Maturities of available-for-sale securities
717
902
974
Proceeds from disposition of certain lines of business
37
—
—
Sale of strategic investments
—
—
79
Business acquisitions, net of cash acquired
(289
)
(1,344
)
(304
)
Transfer of net assets under common control
—
—
(
22
)
Other investing
(10
)
(50
)
(31
)
Net cash used in investing activities
(1,472
)
(2,035
)
(1,611
)
Financing activities:
Proceeds from issuance of common stock
197
253
338
Repurchase of common stock
(508
)
(467
)
(526
)
Excess tax benefits from stock-based compensation
70
138
224
Shares repurchased for tax withholdings on vesting of restricted stock
(126
)
(133
)
(124
)
Net cash used in financing activities
(367
)
(209
)
(88
)
Net increase (decrease) in cash and cash equivalents
696
(347
)
327
Cash and cash equivalents at beginning of the period
1,609
1,956
1,629
Cash and cash equivalents at end of the period
$
2,305
$
1,609
$
1,956
Supplemental disclosures of cash flow information:
Cash paid for interest
$
6
$
7
$
6
Cash paid (refunded) for taxes, net
35
56
(269
)
Non-cash items:
Changes in capital additions, accrued but not paid
$
(16
)
$
37
$
12