Earnings Release FY21 Q2

Table Power BI

Cash Flows Statements
(In millions) (Unaudited)		Three Months Ended December 31,		Six Months Ended December 31,
(In millions) (Unaudited)		2020	2019	2020	2019
	Operations
	Net income	$ 15,463	$ 11,649	$ 29,356	$ 22,327
	Adjustments to reconcile net income to net cash from operations:
	Depreciation, amortization, and other	2,761	3,203	5,406	6,174
	Stock-based compensation expense	1,566	1,340	3,022	2,602
	Net recognized gains on investments and derivatives	(354)	(203)	(482)	(192)
	Deferred income taxes	(17)	(53)	(28)	(230)
	Changes in operating assets and liabilities:
	Accounts receivable	(4,008)	(4,203)	4,835	5,887
	Inventories	788	799	(20)	238
	Other current assets	730	165	676	(273)
	Other long-term assets	(1,499)	(517)	(1,561)	(850)
	Accounts payable	33	(7)	348	(554)
	Unearned revenue	(3,227)	(2,936)	(6,291)	(5,828)
	Income taxes	(2,368)	(471)	(3,351)	(3,807)
	Other current liabilities	1,755	1,489	(1,196)	(1,831)
	Other long-term liabilities	893	425	1,137	835
	Net cash from operations	12,516	10,680	31,851	24,498
	Financing
	Repayments of debt	(3,250)	(18)	(3,250)	(2,518)
	Common stock issued	302	234	847	661
	Common stock repurchased	(6,535)	(5,206)	(13,278)	(10,118)
	Common stock cash dividends paid	(4,230)	(3,886)	(8,086)	(7,396)
	Other, net	79	(39)	(156)	247
	Net cash used in financing	(13,634)	(8,915)	(23,923)	(19,124)
	Investing
	Additions to property and equipment	(4,174)	(3,545)	(9,081)	(6,930)
	Acquisition of companies, net of cash acquired, and purchases of intangible and other assets	(415)	(80)	(896)	(542)
	Purchases of investments	(15,092)	(19,011)	(29,672)	(42,401)
	Maturities of investments	15,264	11,230	29,530	30,312
	Sales of investments	2,421	5,370	4,835	11,749
	Other, net	327	0	(1,756)	0
	Net cash used in investing	(1,669)	(6,036)	(7,040)	(7,812)
	Effect of foreign exchange rates on cash and cash equivalents	14	18	(32)	(54)
	Net change in cash and cash equivalents	(2,773)	(4,253)	856	(2,492)
	Cash and cash equivalents, beginning of period	17,205	13,117	13,576	11,356
	Cash and cash equivalents, end of period	$ 14,432	$ 8,864	$ 14,432	$ 8,864

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