Microsoft 1999 Annual Report: Cash Flows Statements

	CASH FLOWS STATEMENTS


msft	In millions

	Year Ended June 30			1997		1998		1999

	Operations

		Net income		$ 3,454		$ 4,490		$ 7,785

		Depreciation and amortization		557		1,024		1,010

		Write-off of acquired in-process technology		—		296		—

		Gain on sale of Softimage, Inc.		—		—		(160	)

		Unearned revenue		1,601		3,268		5,877

		Recognition of unearned revenue from prior periods		(743	)	(1,798	)	(4,526	)

		Other current liabilities		321		208		966

		Accounts receivable		(336	)	(520	)	(687	)

		Other current assets		(165	)	(88	)	(235	)

			Net cash from operations	4,689		6,880		10,030


	Financing

		Common stock issued		744		959		1,350

		Common stock repurchased		(3,101	)	(2,468	)	(2,950	)

		Put warrant proceeds		95		538		766

		Preferred stock issued		980		—		—

		Preferred stock dividends		(15	)	(28	)	(28	)

		Stock option income tax benefits		796		1,553		3,107

			Net cash from (used for) financing	(501	)	554		2,245


	Investing

		Additions to property and equipment		(499	)	(656	)	(583	)

		Cash portion of WebTV purchase price		—		(190	)	—

		Cash proceeds from sale of Softimage, Inc.		—		—		79

		Purchases of investments		(18,216	)	(19,114	)	(36,441	)

		Maturities of investments		1,874		1,890		4,674

		Sales of investments		13,752		10,798		21,080

			Net cash used for investing	(3,089	)	(7,272	)	(11,191	)

	Net change in cash and equivalents			1,099		162		1,084

	Effect of exchange rates on cash and equivalents			6		(29	)	52

	Cash and equivalents, beginning of year			2,601		3,706		3,839

	Cash and equivalents, end of year			3,706		3,839		4,975

	Short-term investments			5,260		10,088		12,261

	Cash and short-term investments			$ 8,966		$ 13,927		$ 17,236


	See accompanying notes.

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Last updated May 28, 2010