Company Quick10K Filing
Microsoft
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 7,753 $1,038,359
10-Q 2020-01-29 Quarter: 2019-12-31
10-Q 2019-10-23 Quarter: 2019-09-30
10-K 2019-08-01 Annual: 2019-06-30
10-Q 2019-04-24 Quarter: 2019-03-31
10-Q 2019-01-30 Quarter: 2018-12-31
10-Q 2018-10-24 Quarter: 2018-09-30
10-K 2018-08-03 Annual: 2018-06-30
10-Q 2018-04-26 Quarter: 2018-03-31
10-Q 2018-01-31 Quarter: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-K 2017-08-02 Annual: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-Q 2017-01-26 Quarter: 2016-12-31
10-Q 2016-10-20 Quarter: 2016-09-30
10-K 2016-07-28 Annual: 2016-06-30
10-Q 2016-04-21 Quarter: 2016-03-31
10-Q 2016-01-28 Quarter: 2015-12-31
10-Q 2015-10-22 Quarter: 2015-09-30
10-K 2015-07-31 Annual: 2015-06-30
10-Q 2015-04-23 Quarter: 2015-03-31
10-Q 2015-01-26 Quarter: 2014-12-31
10-Q 2014-10-23 Quarter: 2014-09-30
10-K 2014-07-31 Annual: 2014-06-30
10-Q 2014-04-24 Quarter: 2014-03-31
10-Q 2014-01-23 Quarter: 2013-12-31
10-Q 2013-10-24 Quarter: 2013-09-30
10-K 2013-07-30 Annual: 2013-06-30
10-Q 2013-04-18 Quarter: 2013-03-31
10-Q 2013-01-24 Quarter: 2012-12-31
10-Q 2012-10-18 Quarter: 2012-09-30
10-K 2012-07-26 Annual: 2012-06-30
10-Q 2012-04-19 Quarter: 2012-03-31
10-Q 2012-01-19 Quarter: 2011-12-31
10-Q 2011-10-20 Quarter: 2011-09-30
10-K 2011-07-28 Annual: 2011-06-30
10-Q 2011-04-28 Quarter: 2011-03-31
10-Q 2011-01-27 Quarter: 2010-12-31
10-K 2010-07-30 Annual: 2010-06-30
10-Q 2010-04-22 Quarter: 2010-03-31
10-Q 2010-01-28 Quarter: 2009-12-31
8-K 2020-01-29 Earnings, Exhibits
8-K 2019-12-04 Shareholder Vote
8-K 2019-09-19 Officers, Exhibits
8-K 2019-07-18 Earnings, Exhibits
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2018-11-28 Shareholder Vote
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-09-17 Officers, Exhibits
8-K 2018-07-19 Earnings, Exhibits
8-K 2018-06-04 Other Events, Regulation FD, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-01-31 Earnings, Exhibits
MSFT 2019-12-31
Part I
Item 1
Part I. Financial Information
Item 1. Financial Statements
Part I
Item 1
Note 1 - Accounting Policies
Part I
Item 1
Note 2 - Earnings per Share
Part I
Item 1
Note 3 - Other Income (Expense), Net
Part I
Item 1
Note 4 - Investments
Part I
Item 1
Note 5 - Derivatives
Part I
Item 1
Note 6 - Inventories
Part I
Item 1
Note 7 - Goodwill
Note 8 - Intangible Assets
Part I
Item 1
Note 9 - Debt
Part I
Item 1
Note 10 - Income Taxes
Part I
Item 1
Note 11 - Unearned Revenue
Note 12 - Leases
Part I
Item 1
Note 13 - Contingencies
Part I
Item 1
Note 14 - Stockholders' Equity
Part I
Item 1
Note 15 - Accumulated Other Comprehensive Income (Loss)
Part I
Item 1
Note 16 - Segment Information and Geographic Data
Part I
Item 1
Item 2
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Part I
Item 2
Item 3, 4
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1, 1A
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Part II
Item 1A
Item 2
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Part II
Item 6
Item 6. Exhibits
EX-15 msft-ex151_8.htm
EX-31 msft-ex311_10.htm
EX-31 msft-ex312_7.htm
EX-32 msft-ex321_9.htm
EX-32 msft-ex322_6.htm

Microsoft Earnings 2019-12-31

MSFT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MSFT 1,038,359 286,556 184,226 125,843 82,933 39,240 46,374 983,440 66% 21.2 14%
ORCL 179,230 106,229 87,210 39,531 0 10,955 17,206 198,839 0% 11.6 10%
ADBE 137,757 20,055 9,812 10,644 9,272 2,786 3,723 135,094 87% 36.3 14%
CRM 134,163 33,336 16,170 15,074 11,013 950 2,727 133,649 73% 49.0 3%
INTU 70,823 6,283 2,534 6,784 713 1,557 2,086 68,857 11% 33.0 25%
VMW 64,205 20,372 15,173 9,496 0 6,267 2,563 65,133 0% 25.4 31%
NOW 52,221 4,603 3,342 3,011 2,301 3 215 51,634 76% 240.4 0%
ATVI 35,351 17,495 5,518 7,426 1,549 1,685 2,415 33,452 21% 13.9 10%
ADSK 34,134 4,873 5,067 3,005 2,619 57 297 34,600 87% 116.6 1%
CTXS 30,974 3,935 3,427 3,002 2,567 528 814 30,469 86% 37.4 13%

msft-10q_20191231.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2019

OR

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From                  to                 

Commission File Number 001-37845

 

MICROSOFT CORPORATION

 

 

Washington

 

91-1144442

(State of incorporation)

 

(I.R.S. ID)

 

ONE MICROSOFT WAY, REDMOND, washington 98052-6399

(425) 882-8080

www.microsoft.com/investor

 

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

 

 

 

 

Title of each class

 

Trading Symbol

 

Name of exchange on which registered

 

 

 

 

 

Common stock, $0.00000625 par value per share

 

MSFT

 

NASDAQ

2.125% Notes due 2021

 

MSFT

 

NASDAQ

3.125% Notes due 2028

 

MSFT

 

NASDAQ

2.625% Notes due 2033

 

MSFT

 

NASDAQ

 

 

 

 

 

Securities registered pursuant to Section 12(g) of the Act:

 

 

 

 

 

 

 

 

 

NONE

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer 

 

Accelerated filer 

Non-accelerated filer 

 

Smaller reporting company 

 

 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

 

Outstanding as of  January 24, 2020

 

 

 

 

 

Common Stock, $0.00000625 par value per share

 

 

7,606,047,010 shares

 

 

 

 

 


 

MICROSOFT CORPORATION

FORM 10-Q

For the Quarter Ended December 31, 2019

INDEX

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

 

 

 

a)

Income Statements for the Three and Six  Months Ended December 31, 2019 and 2018

3

 

 

 

 

 

 

 

b)

Comprehensive Income Statements for the Three and Six Months Ended December 31, 2019 and 2018

4

 

 

 

 

 

 

 

c)

Balance Sheets as of December 31, 2019 and June 30, 2019

5

 

 

 

 

 

 

 

d)

Cash Flows Statements for the Three and Six Months Ended December 31, 2019 and 2018

6

 

 

 

 

 

 

 

e)

Stockholders’ Equity Statements for the Three and Six Months Ended December 31, 2019 and 2018

7

 

 

 

 

 

 

 

f)

Notes to Financial Statements

8

 

 

 

 

 

 

 

g)

Report of Independent Registered Public Accounting Firm

30

 

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

 

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

 

 

 

 

 

 

Item 4.

Controls and Procedures

46

 

 

 

 

 

PART II. 

OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

Legal Proceedings

47

 

 

 

 

 

 

Item 1A.

Risk Factors

47

 

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

59

 

 

 

 

 

 

Item 6.

Exhibits

60

 

 

 

 

 

SIGNATURE

61

 

 

 

2


PART I

Item 1

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

INCOME STATEMENTS

 

(In millions, except per share amounts) (Unaudited)

 

Three Months Ended
December 31,

 

 

Six Months Ended
December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

 

2019

 

 

 

2018

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

18,255

 

 

$

16,219

 

 

$

34,023

 

 

$

33,518

 

Service and other

 

 

18,651

 

 

 

16,252

 

 

 

35,938

 

 

 

28,037

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

 

36,906

 

 

 

32,471

 

 

 

69,961

 

 

 

61,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

4,966

 

 

 

5,885

 

 

 

8,271

 

 

 

9,534

 

Service and other

 

 

7,392

 

 

 

6,538

 

 

 

14,493

 

 

 

12,794

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cost of revenue

 

 

12,358

 

 

 

12,423

 

 

 

22,764

 

 

 

22,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

24,548

 

 

 

20,048

 

 

 

47,197

 

 

 

39,227

 

Research and development

 

 

4,603

 

 

 

4,070

 

 

 

9,168

 

 

 

8,047

 

Sales and marketing

 

 

4,933

 

 

 

4,588

 

 

 

9,270

 

 

 

8,686

 

General and administrative

 

 

1,121

 

 

 

1,132

 

 

 

2,182

 

 

 

2,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

13,891

 

 

 

10,258

 

 

 

26,577

 

 

 

20,213

 

Other income, net

 

 

194

 

 

 

127

 

 

 

194

 

 

 

393

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

14,085

 

 

 

10,385

 

 

 

26,771

 

 

 

20,606

 

Provision for income taxes

 

 

2,436

 

 

 

1,965

 

 

 

4,444

 

 

 

3,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

11,649

 

 

$

8,420

 

 

$

22,327

 

 

$

17,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.53

 

 

$

1.09

 

 

$

2.93

 

 

$

2.24

 

Diluted

 

$

1.51

 

 

$

1.08

 

 

$

2.90

 

 

$

2.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

7,621

 

 

 

7,692

 

 

 

7,628

 

 

 

7,683

 

Diluted

 

 

7,691

 

 

 

7,768

 

 

 

7,701

 

 

 

7,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Refer to accompanying notes.

3


PART I

Item 1

 

COMPREHENSIVE INCOME STATEMENTS

 

(In millions) (Unaudited)

 

Three Months Ended
December 31,

 

 

Six Months Ended
December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

 

2019

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

11,649

 

 

$

8,420

 

 

$

22,327

 

 

$

17,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change related to derivatives

 

 

(4

)

 

 

(15

)

 

 

(6

)

 

 

(60

)

Net change related to investments

 

 

(420

)

 

 

881

 

 

 

157

 

 

 

620

 

Translation adjustments and other

 

 

230

 

 

 

(264

)

 

 

(66

)

 

 

(319

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

(194

)

 

 

602

 

 

 

85

 

 

 

241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

11,455

 

 

$

9,022

 

 

$

22,412

 

 

$

17,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Refer to accompanying notes.

4


PART I

Item 1

 

BALANCE SHEETS

 

(In millions) (Unaudited)

 

 

 

 

 

 

 

 

 

 

December 31,
2019

 

 

June 30,
2019

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,864

 

 

$

11,356

 

Short-term investments

 

 

125,389

 

 

 

122,463

 

 

 

 

 

 

 

 

 

 

 

 

 

Total cash, cash equivalents, and short-term investments

 

 

134,253

 

 

 

133,819

 

Accounts receivable, net of allowance for doubtful accounts of $384 and $411

 

 

23,525

 

 

 

29,524

 

Inventories

 

 

1,823

 

 

 

2,063

 

Other current assets

 

 

7,473

 

 

 

10,146

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

167,074

 

 

 

175,552

 

Property and equipment, net of accumulated depreciation of $39,597 and $35,330

 

 

40,522

 

 

 

36,477

 

Operating lease right-of-use assets

 

 

8,439

 

 

 

7,379

 

Equity investments

 

 

2,755

 

 

 

2,649

 

Goodwill

 

 

42,248

 

 

 

42,026

 

Intangible assets, net

 

 

7,126

 

 

 

7,750

 

Other long-term assets

 

 

14,630

 

 

 

14,723

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

282,794

 

 

$

286,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

8,811

 

 

$

9,382

 

Current portion of long-term debt

 

 

6,247

 

 

 

5,516

 

Accrued compensation

 

 

5,421

 

 

 

6,830

 

Short-term income taxes

 

 

2,687

 

 

 

5,665

 

Short-term unearned revenue

 

 

27,343

 

 

 

32,676

 

Other current liabilities

 

 

9,131

 

 

 

9,351

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

59,640

 

 

 

69,420

 

Long-term debt

 

 

63,361

 

 

 

66,662

 

Long-term income taxes

 

 

28,754

 

 

 

29,612

 

Long-term unearned revenue

 

 

3,878

 

 

 

4,530

 

Deferred income taxes

 

 

222

 

 

 

233

 

Operating lease liabilities

 

 

7,172

 

 

 

6,188

 

Other long-term liabilities

 

 

9,658

 

 

 

7,581

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

172,685

 

 

 

184,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock and paid-in capital – shares authorized 24,000; outstanding 7,611 and 7,643

 

 

79,625

 

 

 

78,520

 

Retained earnings

 

 

30,739

 

 

 

24,150

 

Accumulated other comprehensive loss

 

 

(255

)

 

 

(340

)

 

 

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

 

110,109

 

 

 

102,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

282,794

 

 

$

286,556

 

 

 

 

 

 

 

 

 

 

 

Refer to accompanying notes.

 

5


PART I

Item 1

 

CASH FLOWS STATEMENTS

 

(In millions) (Unaudited)

 

Three Months Ended

December 31,

 

 

 

Six Months Ended

December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

11,649

 

 

$

8,420

 

 

$

22,327

 

 

$

17,244

 

Adjustments to reconcile net income to net cash from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, amortization, and other

 

 

3,203

 

 

 

2,995

 

 

 

6,174

 

 

 

5,832

 

Stock-based compensation expense

 

 

1,340

 

 

 

1,183

 

 

 

2,602

 

 

 

2,290

 

Net recognized gains on investments and derivatives

 

 

(203

)

 

 

(135

)

 

 

(192

)

 

 

(375

)

Deferred income taxes

 

 

(53

)

 

 

(173

)

 

 

(230

)

 

 

(420

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(4,203

)

 

 

(2,396

)

 

 

5,887

 

 

 

6,798

 

Inventories

 

 

799

 

 

 

1,654

 

 

 

238

 

 

 

698

 

Other current assets

 

 

165

 

 

 

(173

)

 

 

(273

)

 

 

(850

)

Other long-term assets

 

 

(517

)

 

 

(473

)

 

 

(850

)

 

 

(452

)

Accounts payable

 

 

(7

)

 

 

(440

)

 

 

(554

)

 

 

(835

)

Unearned revenue

 

 

(2,936

)

 

 

(2,122

)

 

 

(5,828

)

 

 

(4,563

)

Income taxes

 

 

(471

)

 

 

(64

)

 

 

(3,807

)

 

 

(1,155

)

Other current liabilities

 

 

1,489

 

 

 

656

 

 

 

(1,831

)

 

 

(1,666

)

Other long-term liabilities

 

 

425

 

 

 

(32

)

 

 

835

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash from operations

 

 

10,680

 

 

 

8,900

 

 

 

24,498

 

 

 

22,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayments of debt

 

 

(18

)

 

 

(3,000

)

 

 

(2,518

)

 

 

(3,000

)

Common stock issued

 

 

234

 

 

 

200

 

 

 

661

 

 

 

560

 

Common stock repurchased

 

 

(5,206

)

 

 

(6,413

)

 

 

(10,118

)

 

 

(10,157

)

Common stock cash dividends paid

 

 

(3,886

)

 

 

(3,544

)

 

 

(7,396

)

 

 

(6,764

)

Other, net

 

 

(39

)

 

 

(459

)

 

 

247

 

 

 

(1,239

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in financing