FY Q3 - Cash Flows - Investor Relations

Earnings Release FY23 Q3

Cash Flows Statements
(In millions) (Unaudited)		Three Months Ended March 31,		Nine Months Ended March 31,
(In millions) (Unaudited)		2023	2022	2023	2022
	Operations
	Net income	$ 18,299	$ 16,728	$ 52,280	$ 55,998
	Adjustments to reconcile net income to net cash from operations:
	Depreciation, amortization, and other	3,549	3,773	9,987	10,481
	Stock-based compensation expense	2,465	1,906	7,195	5,505
	Net recognized losses (gains) on investments and derivatives	(40)	105	152	(566)
	Deferred income taxes	(1,675)	(198)	(4,171)	(5,985)
	Changes in operating assets and liabilities:
	Accounts receivable	(1,408)	857	7,157	5,800
	Inventories	106	(279)	868	(662)
	Other current assets	1,152	91	428	1,861
	Other long-term assets	(554)	(724)	(1,285)	(2,230)
	Accounts payable	(407)	520	(4,032)	284
	Unearned revenue	(181)	(209)	(8,689)	(7,437)
	Income taxes	1,414	1,091	(1,039)	1,687
	Other current liabilities	1,715	1,287	(490)	(1,111)
	Other long-term liabilities	6	438	451	781
	Net cash from operations	24,441	25,386	58,812	64,406
	Financing
	Repayments of debt	0	(4,197)	(1,750)	(9,023)
	Common stock issued	536	477	1,354	1,380
	Common stock repurchased	(5,509)	(8,822)	(16,541)	(23,939)
	Common stock cash dividends paid	(5,059)	(4,645)	(14,746)	(13,503)
	Other, net	(258)	(158)	(839)	(522)
	Net cash used in financing	(10,290)	(17,345)	(32,522)	(45,607)
	Investing
	Additions to property and equipment	(6,607)	(5,340)	(19,164)	(17,015)
	Acquisition of companies, net of cash acquired, and purchases of intangible and other assets	(301)	(18,719)	(1,329)	(20,775)
	Purchases of investments	(9,063)	(8,723)	(25,675)	(21,537)
	Maturities of investments	13,154	1,099	26,744	15,214
	Sales of investments	1,239	16,693	8,725	25,218
	Other, net	(1,686)	(1,181)	(2,847)	(1,687)
	Net cash used in investing	(3,264)	(16,171)	(13,546)	(20,582)
	Effect of foreign exchange rates on cash and cash equivalents	29	24	(113)	57
	Net change in cash and cash equivalents	10,916	(8,106)	12,631	(1,726)
	Cash and cash equivalents, beginning of period	15,646	20,604	13,931	14,224
	Cash and cash equivalents, end of period	$ 26,562	$ 12,498	$ 26,562	$ 12,498

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