Earnings Release FY24 Q2

Cash Flows Statements
(In millions) (Unaudited)		Three Months Ended December 31,		Six Months Ended December 31,
(In millions) (Unaudited)		2023	2022	2023	2022
	Operations
	Net income	$ 21,870	$ 16,425	$ 44,161	$ 33,981
	Adjustments to reconcile net income to net cash from operations:
	Depreciation, amortization, and other	5,959	3,648	9,880	6,438
	Stock-based compensation expense	2,828	2,538	5,335	4,730
	Net recognized losses on investments and derivatives	198	214	212	192
	Deferred income taxes	(1,702)	(1,305)	(2,270)	(2,496)
	Changes in operating assets and liabilities:
	Accounts receivable	(2,951)	(3,164)	8,083	8,565
	Inventories	1,474	1,305	969	762
	Other current assets	725	(392)	(71)	(724)
	Other long-term assets	(1,427)	(65)	(3,440)	(731)
	Accounts payable	(2,521)	(2,058)	(1,307)	(3,625)
	Unearned revenue	(5,538)	(5,186)	(9,664)	(8,508)
	Income taxes	(1,554)	(2,863)	(129)	(2,453)
	Other current liabilities	1,518	1,819	(2,588)	(2,205)
	Other long-term liabilities	(26)	257	265	445
	Net cash from operations	18,853	11,173	49,436	34,371
	Financing
	Proceeds from issuance (repayments) of debt, maturities of 90 days or less, net	(8,490)	0	10,202	0
	Proceeds from issuance of debt	10,773	0	17,846	0
	Repayments of debt	(2,916)	(750)	(4,416)	(1,750)
	Common stock issued	261	243	946	818
	Common stock repurchased	(4,000)	(5,459)	(8,831)	(11,032)
	Common stock cash dividends paid	(5,574)	(5,066)	(10,625)	(9,687)
	Other, net	(201)	(317)	(508)	(581)
	Net cash from (used in) financing	(10,147)	(11,349)	4,614	(22,232)
	Investing
	Additions to property and equipment	(9,735)	(6,274)	(19,652)	(12,557)
	Acquisition of companies, net of cash acquired, and purchases of intangible and other assets	(65,029)	(679)	(66,215)	(1,028)
	Purchases of investments	(4,258)	(11,599)	(12,718)	(16,612)
	Maturities of investments	4,150	6,928	19,868	13,590
	Sales of investments	1,600	4,775	6,930	7,486
	Other, net	1,347	(301)	365	(1,161)
	Net cash used in investing	(71,925)	(7,150)	(71,422)	(10,282)
	Effect of foreign exchange rates on cash and cash equivalents	72	88	(27)	(142)
	Net change in cash and cash equivalents	(63,147)	(7,238)	(17,399)	1,715
	Cash and cash equivalents, beginning of period	80,452	22,884	34,704	13,931
	Cash and cash equivalents, end of period	$ 17,305	$ 15,646	$ 17,305	$ 15,646

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