Microsoft Corporation Annual Report 2005
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Financial Review
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CASH FLOWS STATEMENTS

(In millions)

Year Ended June 30
2007) spacer 2006) spacer 2005)
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Operations          
    Net income $ 14,065)   $ 12,599)   $ 12,254)
    Depreciation, amortization, and other noncash items 1,440)   903)   855)
    Stock-based compensation 1,550)   1,715)   2,448)
    Net recognized gains on investments (292))   (270))   (527))
    Stock option income tax benefits )   )   668)
    Excess tax benefits from stock-based payment arrangements (77))   (89))   )
    Deferred income taxes 421)   219)   (179))
    Unearned revenue 21,032)   16,453)   13,831)
    Recognition of unearned revenue (19,382))   (14,729))   (12,919))
    Accounts receivable (1,764))   (2,071))   (1,243))
    Other current assets 232)   (1,405))   (245))
    Other long-term assets (435))   (49))   21)
    Other current liabilities (552))   (145))   396)
    Other long-term liabilities 1,558)   1,273)   1,245)
        Net cash from operations 17,796)   14,404)   16,605)
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Financing
    Common stock issued 6,782)   2,101)   3,109)
    Common stock repurchased (27,575))   (19,207))   (8,057))
    Common stock cash dividends (3,805))   (3,545))   (36,112))
    Excess tax benefits from stock-based payment arrangements 77)   89)   )
    Other (23))   )   (18))
        Net cash used in financing (24,544))   (20,562))   (41,078))
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Investing          
    Additions to property and equipment (2,264))   (1,578))   (812))
    Acquisition of companies, net of cash acquired (1,150))   (649))   (207))
    Purchases of investments (36,308))   (51,117))   (68,045))
    Maturities of investments 4,736)   3,877)   29,153)
    Sales of investments 41,451)   54,353)   54,938)
    Securities lending payable (376))   3,117)   )
        Net cash from investing 6,089)   8,003)   15,027)
Net change in cash and equivalents (659))   1,845)   (9,446))
Effect of exchange rates on cash and equivalents 56)   18)   (7))
Cash and equivalents, beginning of period 6,714)   4,851)   14,304)
Cash and equivalents, end of period $ (6,111)   $ (6,714)   $ (4,851)

See accompanying notes.

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