FY23 Q2 - Cash Flows - Investor Relations

Earnings Release FY23 Q2

Cash Flows Statements
(In millions) (Unaudited)		Three Months Ended December 31,		Six Months Ended December 31,
(In millions) (Unaudited)		2022	2021	2022	2021
	Operations
	Net income	$ 16,425	$ 18,765	$ 33,981	$ 39,270
	Adjustments to reconcile net income to net cash from operations:
	Depreciation, amortization, and other	3,648	3,496	6,438	6,708
	Stock-based compensation expense	2,538	1,897	4,730	3,599
	Net recognized losses (gains) on investments and derivatives	214	(307)	192	(671)
	Deferred income taxes	(1,305)	183	(2,496)	(5,787)
	Changes in operating assets and liabilities:
	Accounts receivable	(3,164)	(5,543)	8,565	4,943
	Inventories	1,305	394	762	(383)
	Other current assets	(392)	830	(724)	1,770
	Other long-term assets	(65)	(908)	(731)	(1,506)
	Accounts payable	(2,058)	235	(3,625)	(236)
	Unearned revenue	(5,186)	(4,343)	(8,508)	(7,228)
	Income taxes	(2,863)	(2,057)	(2,453)	596
	Other current liabilities	1,819	1,745	(2,205)	(2,398)
	Other long-term liabilities	257	93	445	343
	Net cash from operations	11,173	14,480	34,371	39,020
	Financing
	Repayments of debt	(750)	0	(1,750)	(4,826)
	Common stock issued	243	291	818	903
	Common stock repurchased	(5,459)	(7,433)	(11,032)	(15,117)
	Common stock cash dividends paid	(5,066)	(4,652)	(9,687)	(8,858)
	Other, net	(317)	(192)	(581)	(364)
	Net cash used in financing	(11,349)	(11,986)	(22,232)	(28,262)
	Investing
	Additions to property and equipment	(6,274)	(5,865)	(12,557)	(11,675)
	Acquisition of companies, net of cash acquired, and purchases of intangible and other assets	(679)	(850)	(1,028)	(2,056)
	Purchases of investments	(11,599)	(2,505)	(16,612)	(12,814)
	Maturities of investments	6,928	5,253	13,590	14,115
	Sales of investments	4,775	2,895	7,486	8,525
	Other, net	(301)	(89)	(1,161)	(506)
	Net cash used in investing	(7,150)	(1,161)	(10,282)	(4,411)
	Effect of foreign exchange rates on cash and cash equivalents	88	106	(142)	33
	Net change in cash and cash equivalents	(7,238)	1,439	1,715	6,380
	Cash and cash equivalents, beginning of period	22,884	19,165	13,931	14,224
	Cash and cash equivalents, end of period	$ 15,646	$ 20,604	$ 15,646	$ 20,604

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