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See accompanying notes.

 

CASH FLOWS STATEMENTS















(In millions)

 

   

 

   

 

   

Year Ended June 30

 

2001

 

2002

 

2003













Operations

 

     

 

     

 

     

Net income

 

$   7,346 

 

$   7,829 

 

$   9,993 

Cumulative effect of accounting change, net of tax

 

  375 

 

  – 

 

  – 

Depreciation, amortization, and other noncash items

 

  1,536 

 

  1,084 

 

  1,439 

Net recognized losses on investments

 

  2,221 

 

  2,424 

 

  380 

Stock option income tax benefits

 

  2,066 

 

  1,596 

 

  1,376 

Deferred income taxes

 

  (420)

 

  (416)

 

  336 

Unearned revenue

 

  6,970 

 

  11,152 

 

  12,519 

Recognition of unearned revenue

 

  (6,369)

 

  (8,929)

 

(11,292)

Accounts receivable

 

  (418)

 

  (1,623)

 

  187 

Other current assets

 

  (482)

 

  (264)

 

  412 

Other long-term assets

 

  (330)

 

  (9)

 

  (28)

Other current liabilities

 

  774 

 

  1,449 

 

  35 

Other long-term liabilities

 

  153 

 

  216 

 

  440 

Net cash from operations

 

  13,422 

 

  14,509 

 

  15,797 













Financing

 

     

 

     

 

     

Common stock issued

 

  1,620 

 

  1,497 

 

  2,120 

Common stock repurchased

 

  (6,074)

 

  (6,069)

 

  (6,486)

Repurchases of put warrants

 

  (1,367)

 

  – 

 

  – 

Common stock dividends

 

  – 

 

  – 

 

  (857)

Other, net

 

  235 

 

  – 

 

  – 

Net cash used for financing

 

  (5,586)

 

  (4,572)

 

  (5,223)













Investing

 

     

 

     

 

     

Additions to property and equipment

 

  (1,103)

 

  (770)

 

  (891)

Acquisitions of companies, net of cash acquired

 

  –  

 

  –  

 

  (1,063)

Purchases of investments

 

(66,346)

 

  (89,386)

 

(89,621)

Maturities of investments

 

  5,867 

 

  8,654 

 

  9,205 

Sales of investments

 

  52,848 

 

  70,657 

 

  75,157 

Net cash used for investing

 

  (8,734)

 

  (10,845)

 

  (7,213)

Net change in cash and equivalents

 

  (898)

 

  (908)

 

  3,361 

Effect of exchange rates on cash and equivalents

 

  (26)

 

  2 

 

  61 

Cash and equivalents, beginning of year

 

  4,846 

 

  3,922 

 

  3,016 

Cash and equivalents, end of year

 

$   3,922 

 

$    3,016 

 

$   6,438 


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