Activision Blizzard, Inc.

and Subsidiaries
Consolidated Statements of Operations
For the Year Ended December 31,
(Dollars in milions)
2018 2017 2016 2015
Net revenues
Product sales 2,255 2,110 2,196 2,447
Subscription, licensing, and other revenues 5,245 4,907 4,412 2,217
Total net revenues 7,500 7,017 6,608 4,664
Costs and expenses
Cost of sales (product sales) - product costs 719 733 741 872
Cost of sales (product sales) - software royalties, amort & lic 371 300 331 370
Cost of sales (subscription) - game operations 1,028 984 851 274
Cost of sales (subscription) - software royalties, amort & lic 399 484 471 69
Product development 1,101 1,069 958 646
Sales and marketing 1,062 1,378 1,210 734
General and administrative 832 760 634 380
Total costs and expenses 5,512 5,708 5,196 3,345
Operating income 1,988 1,309 1,412 1,319
Interest and other investment income (expense), net 111 158 306 198
Income before income tax expense 1,877 1,151 1,106 1,121
Income tax expense (benefit) 64 878 140 229

Net income 1,813 273 966 892

Tax Rate 3.41% 76.28% 12.66% 20.43%

1
Activision Blizzard, Inc. and Subsidiaries
Consolidated Balance Sheets
December 31,
(Dollars in millions)
2018 2017 2016 2015
ASSETS
Current assets
Cash and cash equivalents 4,225 4,713 3,262 5,392
Short-term investments 0 0 0 0
Accounts receivable 1,035 918 732 679
Inventories, net 43 46 49 128
Software development 264 367 412 336
Intellectual property licenses 0 0 0 30
Deferred income taxes, net 0 0 0 0
Other current assets 539 476 375 383
Total current assets 6,106 6,520 4,830 6,948
Long-term investments 0 0 0 9
Software development 65 86 54 80
Intellectual property licenses 0 0 0 0
Property and equipment, net 282 294 258 189
Deferred income taxes, net 403 459 283 275
Other assets 482 440 401 173
Intangible assets, net 735 1,106 1,858 482
Goodwill 9,762 9,763 9,768 7,095

Total assets 17,835 18,668 17,452 15,251

Liabilities and Shareholders' Equity
Current liabilities
Accounts payable 253 323 222 284
Deferred revenues 1,493 1,929 1,628 1,702
Accrued expenses and other liabilities 896 1,411 806 625
Current portion of long-term debt 0 0 0 0
Total current liabilities 2,642 3,663 2,656 2,611
Long-term debt, net 2,671 4,390 4,887 4,079
Deferred income taxes, net 18 21 44 10
Other liabilities 1,147 1,132 746 483
Total liabilities 6,478 9,206 8,333 7,183
Shareholders' equity
Common stock 0 0 0 0

2
Additional paid-in capital 10,963 10,747 10,442 10,242
Less: Treasury stock, at cost (5,563) (5,563) (5,563) (5,637)
Retained earnings (accumulated deficit) 6,558 4,916 4,869 4,096
Accumulated other comprehensive income (loss) (601) (638) (629) (633)
Total shareholders' equity 11,357 9,462 9,119 8,068

Total liabilities and shareholders' equity 17,835 18,668 17,452 15,251

Purchase 2,514 2,498 2,315 1,590

3
Activision Blizzard, Inc. and Subsidiaries
Consolidated Statements of Cash Flow
December 31,
(Dollars in millions)
2018 2017 2016 2015
Cash flows from operating activities:
Net income (loss) 1,813 273 966 892
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Deferred income taxes 20 (181) (9) (27)
Provision for inventories 6 33 42 43
Depreciation and amortization 509 888 829 95
Loss on disposal of property and equipment 0 0 0 0
Amortization and write-off of capitalized software development
costs and intellectual property licenses 489 311 321 399
Premium payment for early redemption of note 0 0 63 0
Amortization of debt discount and debt financing costs 46 24 50 7
Stock-based compensation expense 209 176 147 92
Other 1 28 4 0
Changes in operating assets and liabilities:
Accounts receivable (114) (165) 84 (40)
Inventories (5) (26) 32 (54)
Software development and intellectual property licenses (372) (301) (362) (350)
Other assets (51) (97) (10) 21
Deferred revenues (122) 220 (35) (27)
Accounts payable (65) 85 (50) (25)
Accrued expenses and other liabilities (574) 945 83 233
Net cash provided by operating activities 1,790 2,213 2,155 1,259
Cash flows from investing activities:
Proceeds from maturities of available-for-sale investments 116 80 0 145
Proceeds from sale of available-for-sale investments 0 0 0 0
Purchase of available-for-sale investments (209) (135) 0 (137)
Acquisition of business 0 0 (4,586) (46)
Capital expenditures (131) (155) (136) (111)
Other investing activities (6) 3 (7) 2
Net cash provided by (used in) investing activities (230) (207) (4,729) (147)
Cash flows from financing activities:
Proceeds from issuance of common stock to employees 99 178 106 106
Tax pmt related to net share settlements on restricted stock (94) (56) (115) (83)
Repurchase of common stock 0 0 0 0
Dividends paid (259) (226) (195) (170)
Proceeds from issuance of long-term debt 0 3,741 6,878 0

4
 Repayment of long-term debt (1,740) (4,251) (6,104) (250)
Other financing activities (26) (10) (70) (7)
Proceeds received from shareholder settlement 0 0 0 202
Net cash provided by (used in) financing activities (2,020) (624) 500 (202)
Effect of foreign exchange rate changes (31) 76 (56) (366)
Net increase (decrease) in cash and cash equivalents (491) 1,458 (2,130) 544
Cash and cash equivalents at beginning of year 4,720 3,262 5,392 4,848

Cash and cash equivalents and restricted cash at end of year 4,229 4,720 3,262 5,392

5
2014 2013

2,786 3,201
1,622 1,382
4,408 4,583

999 1,053
260 187
232 204
34 87
571 584
712 606
417 490
3,225 3,211
1,183 1,372
202 53
981 1,319
146 309

835 1,010
14.88% 23.43%

6
2014 2013

4,848 4,410
10 33
659 515
123 171
452 367
5 11
0 321
444 413
6,541 6,241
9 9
20 21
18 0
157 138
264 0
85 35
462 476
7,086 7,092

14,642 14,012

325 355
1,797 1,389
592 636
0 25
2,714 2,405
4,324 4,668
10 20
361 297
7,409 7,390

0 0

7
 9,924 9,682
(5,762) (5,814)
3,374 2,686
(303) 68
7,233 6,622

14,642 14,012

1,477 1,702

8
2014

835

(44)
39
90
1

256
0
7
104
0

(177)
(2)
(349)
18
475
(12)
90
1,331

21
0
0
0
(107)
2
(84)

175
(66)
0
(147)
0

9
(375)
0
0
(413)
(396)
438
4,410

4,848

10
Profitability 2018 2017 2016 2015
Asset turnover
Sales 0.411 0.376 0.379 0.306
Average Total Assets

Profit margin
Net Income + 0.26 0.04 0.19 0.23
(Interest * (1 - Tax Rate))
+ Minority Interest
Sales

Return on assets
Asset Turnover * 0.105 0.017 0.071 0.069
Profit Margin

Financing Cost Ratio

Net Income – 0.94 0.88 0.78 0.85
Preferred Dividends
Net Income +
(Interest * (1 - Tax Rate))
+ Minority Interest

Capital structure leverage

Average Total Assets 1.75 1.94 1.90 1.95
Average Common Equity

Return on common equity

Return on Assets * 0.17 0.03 0.11 0.11
Financing Cost Ratio *
Capital Structure Leverage

Operating Cycle
Accounts receivable turnover (days) 48 43 39 52
Average A/R, Net * 365
Sales

Inventory turnover (days)

Average Inventory * 365 6 7 13 29
Cost of Goods Sold

Gross operating cycle

AR Turnover + Inv Turnover 54 50 52 81

Accounts payable turnover (days)

Average A/P * 365 41.8 39.8 39.9 69.9
Purchases
(End inv + COGS - Beg inv)

Deferred revenue turnover (days)

Average Deferred Revenues * 365 83.27 92.51 91.97 136.91
 Revenues

Net operating cycle

Gross Operating Cycle - (71.11) (82.48) (79.40) (125.56)
Accounts Payable Turnover -
Deferred Revenue Turnover

Liquidity and Solvency

Ability of cash flow from operations to cover current debt and dividends

Cash Flow from Operations 6.91 57.36% 76.26% 45.65%

Current Portion of Financing
Debt + Dividends

Free cash flow Cash Flow from Operations - 1,293 1,289 1,257 1,132
Capital Expenditures

Current ratio
Current Assets 2.311128 1.77996 1.81852 2.661049
Current Liabilities

Quick ratio
Cash, Cash Equivalents & A/R, net 1.99 1.54 1.50 2.33
Current Liabilities

Total debt to equity

Total Liabilities 0.570397 0.97294 0.91381 0.890307
Shareholder's Equity

Financing debt to equity

Financing Liabilities 0.235 0.464 0.536 0.506
Shareholder's Equity

Long-term ability of cash flow from operations to cover current debt and dividends 4.970391
Five Years of Financing Debt
Maturities + Five Years of
Dividends (cur div paid * 5)
Cash Flow from Operations
 2014 2013

0.301 0.327

0.23 0.23

0.069 0.075

0.83 0.96

2.07 2.12

0.12 0.15

49

35

84

84.0

131.91
(132.14)

49.04%

1,222

2.410096 2.59501

2.03 2.05

1.024333 1.115977

0.598 0.709
Activision Blizzard, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Year Ended December 31,
(Dollars in milions) 2018-2017 2017-2016 2016-2015
2018 2017 2016
Net revenues
Product sales 2,255 6.43% 2,110 -4% 2,196 -10%
Subscription, licensing, and other revenues 5,245 6.44% 4,907 11% 4,412 99%
Total net revenues 7,500 6.44% 7,017 6% 6,608 42%
Costs and expenses
Cost of sales (product sales) - product costs 719 -1.95% 733 -1% 741 -15%
Cost of sales (product sales) - software royalties, amort & lic 371 19.14% 300 -9% 331 -11%
Cost of sales (subscription) - game operations 1,028 4.28% 984 16% 851 211%
Cost of sales (subscription) - software royalties, amort & lic 399 -21.30% 484 3% 471 583%
Product development 1,101 2.91% 1,069 12% 958 48%
Sales and marketing 1,062 -29.76% 1,378 14% 1,210 65%
General and administrative 832 8.65% 760 20% 634 67%
Total costs and expenses 5,512 -3.56% 5,708 10% 5,196 55%
Operating income 1,988 34.15% 1,309 -7% 1,412 7%
Interest and other investment income (expense), net (111) -42.34% (158) -48% (306) 55%
Income before income tax expense 1,877 38.68% 1,151 4% 1,106 -1%
Income tax expense (benefit) 64 -1271.88% 878 527% 140 -39%

Net income 1,813 84.94% 273 -72% 966 8%

15
Activision Blizzard, Inc. and Subsidiaries
Consolidated Balance Sheets
December 31,
(Dollars in millions) 2018-2017 2017-2016 2016-2015
2018 2017 2016
ASSETS
Current assets
Cash and cash equivalents 4,225 -10.4% 4,713 44.5% 3,262 -39.5%
Short-term investments 0 0 0
Accounts receivable 1,035 12.7% 918 25.4% 732 7.8%
Inventories, net 43 -6.5% 46 -6.1% 49 -61.7%
Software development 264 -28.1% 367 -10.9% 412 22.6%
Intellectual property licenses 0 0 0 -100.0%
Deferred income taxes, net 0 0 0
Other current assets 539 13.2% 476 26.9% 375 -2.1%
Total current assets 6,106 -6.3% 6,520 35.0% 4,830 -30.5%
Long-term investments 0 0 0 -100.0%
Software development 65 -24.4% 86 59.3% 54 -32.5%
Intellectual property licenses 0 0 0
Property and equipment, net 282 -4.1% 294 14.0% 258 36.5%
Deferred income taxes, net 403 -12.2% 459 62.2% 283 2.9%
Other assets 482 9.5% 440 9.7% 401 131.8%
Intangible assets, net 735 -33.5% 1,106 -40.5% 1,858 285.5%
Goodwill 9,762 0.0% 9,763 -0.1% 9,768 37.7%
Total assets 17,835 -4.5% 18,668 7.0% 17,452 14.4%
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable 253 -21.7% 323 45.5% 222 -21.8%
Deferred revenues 1,493 -22.6% 1,929 18.5% 1,628 -4.3%
Accrued expenses and other liabilities 896 -36.5% 1,411 75.1% 806 29.0%
Current portion of long-term debt 0 0 0
Total current liabilities 2,642 -27.9% 3,663 37.9% 2,656 1.7%
Long-term debt, net 2,671 -39.2% 4,390 -10.2% 4,887 19.8%
Deferred income taxes, net 18 -14.3% 21 -52.3% 44 340.0%
Other liabilities 1,147 1.3% 1,132 51.7% 746 54.5%
Total liabilities 6,478 -29.6% 9,206 10.5% 8,333 16.0%
Shareholders' equity
Common stock 0 0 0
Additional paid-in capital 10,963 2.0% 10,747 2.9% 10,442 2.0%
Less: Treasury stock, at cost (5,563) 0.0% (5,563) 0.0% (5,563) -1.3%
Retained earnings (accumulated deficit) 6,558 33.4% 4,916 1.0% 4,869 18.9%
Accumulated other comprehensive income (loss) (601) -5.8% (638) 1.4% (629) -0.6%
Total shareholders' equity 11,357 20.0% 9,462 3.8% 9,119 13.0%
Total liabilities and shareholders' equity 17,835 -4.5% 18,668 7.0% 17,452 14.4%

16
Activision Blizzard, Inc. and Subsidiaries
Consolidated Statements of Cash Flow
December 31,
(Dollars in millions)
2018 2017 2016
Cash flows from operating activities:
Net income (loss) 1,813 273 966
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Deferred income taxes 20 (181) (9)
Provision for inventories 6 33 42
Depreciation and amortization 509 888 829
Loss on disposal of property and equipment 0 0 0
Amortization and write-off of capitalized software development
costs and intellectual property licenses 489 311 321
Premium payment for early redemption of note 0 0 63
Amortization of debt discount and debt financing costs 46 24 50
Stock-based compensation expense 209 176 147
Other 1 28 4
Changes in operating assets and liabilities:
Accounts receivable (114) (165) 84
Inventories (5) (26) 32
Software development and intellectual property licenses (372) (301) (362)
Other assets (51) (97) (10)
Deferred revenues (122) 220 (35)
Accounts payable (65) 85 (50)
Accrued expenses and other liabilities (574) 945 83
Net cash provided by operating activities 1,790 2,213 2,155
Cash flows from investing activities:
Proceeds from maturities of available-for-sale investments 116 80 0
Proceeds from sale of available-for-sale investments 0 0 0
Purchase of available-for-sale investments (209) (135) 0
Acquisition of business 0 0 (4,586)
Capital expenditures (131) (155) (136)
Other investing activities (6) 3 (7)
Net cash provided by (used in) investing activities (230) (207) (4,729)
Cash flows from financing activities:
Proceeds from issuance of common stock to employees 99 178 106
Tax pmt related to net share settlements on restricted stock (94) (56) (115)
Repurchase of common stock 0 0 0
Dividends paid (259) (226) (195)
Proceeds from issuance of long-term debt 0 3,741 6,878

17
 Repayment of long-term debt (1,740) (4,251) (6,104)
Other financing activities (26) (10) (70)
Proceeds received from shareholder settlement 0 0 0
Net cash provided by (used in) financing activities (2,020) (624) 500
Effect of foreign exchange rate changes (31) 76 (56)
Net increase (decrease) in cash and cash equivalents (491) 1,458 (2,130)
Cash and cash equivalents at beginning of year 4,720 3,262 5,392

Cash and cash equivalents and restricted cash at end of year 4,229 4,720 3,262

18
 2015-2014 2014-2013
2015 2014 2013

2,447 -12% 2,786 -13% 3,201

2,217 37% 1,622 17% 1,382
4,664 6% 4,408 -4% 4,583

872 -13% 999 -5% 1,053

370 42% 260 39% 187
274 18% 232 14% 204
69 103% 34 -61% 87
646 13% 571 -2% 584
734 3% 712 17% 606
380 -9% 417 -15% 490
3,345 4% 3,225 0% 3,211
1,319 11% 1,183 -14% 1,372
(198) -2% (202) 281% (53)
1,121 14% 981 -26% 1,319
229 57% 146 -53% 309

892 7% 835 -17% 1,010

19
 2015-2014 2014-2013
2015 2014 2013

5,392 11.2% 4,848 9.9% 4,410

0 -100.0% 10 -69.7% 33
679 3.0% 659 28.0% 515
128 4.1% 123 -28.1% 171
336 -25.7% 452 23.2% 367
30 500.0% 5 -54.5% 11
0 #DIV/0! 0 -100.0% 321
383 -13.7% 444 7.5% 413
6,948 6.2% 6,541 4.8% 6,241
9 0.0% 9 0.0% 9
80 300.0% 20 -4.8% 21
0 -100.0% 18 0
189 20.4% 157 13.8% 138
275 4.2% 264 0
173 103.5% 85 142.9% 35
482 4.3% 462 -2.9% 476
7,095 0.1% 7,086 -0.1% 7,092
15,251 4.2% 14,642 4.5% 14,012

284 -12.6% 325 -8.5% 355

1,702 -5.3% 1,797 29.4% 1,389
625 5.6% 592 -6.9% 636
0 0 -100.0% 25
2,611 -3.8% 2,714 12.8% 2,405
4,079 -5.7% 4,324 -7.4% 4,668
10 0.0% 10 -50.0% 20
483 33.8% 361 21.5% 297
7,183 -3.1% 7,409 0.3% 7,390

0 0 0
10,242 3.2% 9,924 2.5% 9,682
(5,637) -2.2% (5,762) -0.9% (5,814)
4,096 21.4% 3,374 25.6% 2,686
(633) 108.9% (303) -545.6% 68
8,068 11.5% 7,233 9.2% 6,622
15,251 4.2% 14,642 4.5% 14,012

20
2015 2014

892 835

(27) (44)
43 39
95 90
0 1

399 256
0 0
7 7
92 104
0 0

(40) (177)
(54) (2)
(350) (349)
21 18
(27) 475
(25) (12)
233 90
1,259 1,331

145 21
0 0
(137) 0
(46) 0
(111) (107)
2 2
(147) (84)

106 175
(83) (66)
0 0
(170) (147)
0 0

21
(250) (375)
(7) 0
202 0
(202) (413)
(366) (396)
544 438
4,848 4,410

5,392 4,848

22
Activision Blizzard, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Year Ended December 31,
(Dollars in milions)
2018 2017 2016
Net revenues
Product sales 2,255 30.07% 2,110 30.07% 2,196 33.23%
Subscription, licensing, and other revenues 5,245 69.93% 4,907 69.93% 4,412 66.77%
Total net revenues 7,500 100.00% 7,017 100.00% 6,608 100.00%
Costs and expenses
Cost of sales (product sales) - product costs 719 9.59% 733 10.45% 741 11.21%
Cost of sales (product sales) - software royalties, amort & lic 371 4.95% 300 4.28% 331 5.01%
Cost of sales (subscription) - game operations 1,028 13.71% 984 14.02% 851 12.88%
Cost of sales (subscription) - software royalties, amort & lic 399 5.32% 484 6.90% 471 7.13%
Product development 1,101 14.68% 1,069 15.23% 958 14.50%
Sales and marketing 1,062 14.16% 1,378 19.64% 1,210 18.31%
General and administrative 832 11.09% 760 10.83% 634 9.59%
Total costs and expenses 5,512 73.49% 5,708 81.35% 5,196 78.63%
Operating income 1,988 26.51% 1,309 18.65% 1,412 21.37%
Interest and other investment income (expense), net 111 1.48% 158 2.25% 306 4.63%
Income before income tax expense 1,877 25.03%
### 1,151 16.40% 1,106 16.74%
Income tax expense (benefit) 64 0.85% 878 12.51% 140 2.12%

Net income 1,813 24.17% 273 3.89% 966 14.62%

23
Activision Blizzard, Inc. and Subsidiaries
Consolidated Balance Sheets
December 31,
(Dollars in millions)
2018 2017 2016
ASSETS
Current assets
Cash and cash equivalents 4,225 23.69% 4,713 25.25% 3,262 18.69%
Short-term investments 0 0.00% 0 0.00% 0 0.00%
Accounts receivable 1,035 5.80% 918 4.92% 732 4.19%
Inventories, net 43 0.24% 46 0.25% 49 0.28%
Software development 264 1.48% 367 1.97% 412 2.36%
Intellectual property licenses 0 0.00% 0 0.00% 0 0.00%
Deferred income taxes, net 0 0.00% 0 0.00% 0 0.00%
Other current assets 539 3.02% 476 2.55% 375 2.15%
Total current assets 6,106 34.24% 6,520 34.93% 4,830 27.68%
Long-term investments 0 0.00% 0 0.00% 0 0.00%
Software development 65 0.36% 86 0.46% 54 0.31%
Intellectual property licenses 0 0.00% 0 0.00% 0 0.00%
Property and equipment, net 282 1.58% 294 1.57% 258 1.48%
Deferred income taxes, net 403 2.26% 459 2.46% 283 1.62%
Other assets 482 2.70% 440 2.36% 401 2.30%
Intangible assets, net 735 4.12% 1,106 5.92% 1,858 10.65%
Goodwill 9,762 54.74% 9,763 52.30% 9,768 55.97%

Total assets 17,835 100.00% 18,668 100.00% 17,452 100.00%

Liabilities and Shareholders' Equity
Current liabilities
Accounts payable 253 1.42% 323 1.73% 222 1.27%
Deferred revenues 1,493 8.37% 1,929 10.33% 1,628 9.33%
Accrued expenses and other liabilities 896 5.02% 1,411 7.56% 806 4.62%
Current portion of long-term debt 0 0.00% 0 0.00% 0 0.00%
Total current liabilities 2,642 14.81% 3,663 19.62% 2,656 15.22%
Long-term debt, net 2,671 14.98% 4,390 23.52% 4,887 28.00%
Deferred income taxes, net 18 0.10% 21 0.11% 44 0.25%
Other liabilities 1,147 6.43% 1,132 6.06% 746 4.27%
Total liabilities 6,478 36.32% 9,206 49.31% 8,333 47.75%
Shareholders' equity 0.00% 0.00% 0.00%
Common stock 0 0.00% 0 0.00% 0 0.00%

24
Additional paid-in capital 10,963 61.47% 10,747 57.57% 10,442 59.83%
Less: Treasury stock, at cost (5,563) -31.19% (5,563) -29.80% (5,563) -31.88%
Retained earnings (accumulated deficit) 6,558 36.77% 4,916 26.33% 4,869 27.90%
Accumulated other comprehensive income (loss) (601) -3.37% (638) -3.42% (629) -3.60%
Total shareholders' equity 11,357 63.68% 9,462 50.69% 9,119 52.25%

Total liabilities and shareholders' equity 17,835 100.00% 18,668 100.00% 17,452 100.00%
0.00%

25
Activision Blizzard, Inc. and Subsidiaries
Consolidated Statements of Cash Flow
December 31,
(Dollars in millions)
2018 2017 2016
Cash flows from operating activities:
Net income (loss) 1,813 273 966
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Deferred income taxes 20 (181) (9)
Provision for inventories 6 33 42
Depreciation and amortization 509 888 829
Loss on disposal of property and equipment 0 0 0
Amortization and write-off of capitalized software development
costs and intellectual property licenses 489 311 321
Premium payment for early redemption of note 0 0 63
Amortization of debt discount and debt financing costs 46 24 50
Stock-based compensation expense 209 176 147
Other 1 28 4
Changes in operating assets and liabilities:
Accounts receivable (114) (165) 84
Inventories (5) (26) 32
Software development and intellectual property licenses (372) (301) (362)
Other assets (51) (97) (10)
Deferred revenues (122) 220 (35)
Accounts payable (65) 85 (50)
Accrued expenses and other liabilities (574) 945 83
Net cash provided by operating activities 1,790 2,213 2,155
Cash flows from investing activities:
Proceeds from maturities of available-for-sale investments 116 80 0
Proceeds from sale of available-for-sale investments 0 0 0
Purchase of available-for-sale investments (209) (135) 0
Acquisition of business 0 0 (4,586)
Capital expenditures (131) (155) (136)
Other investing activities (6) 3 (7)
Net cash provided by (used in) investing activities (230) (207) (4,729)
Cash flows from financing activities:
Proceeds from issuance of common stock to employees 99 178 106
Tax pmt related to net share settlements on restricted stock (94) (56) (115)
Repurchase of common stock 0 0 0
Dividends paid (259) (226) (195)
Proceeds from issuance of long-term debt 0 3,741 6,878

26
 Repayment of long-term debt (1,740) (4,251) (6,104)
Other financing activities (26) (10) (70)
Proceeds received from shareholder settlement 0 0 0
Net cash provided by (used in) financing activities (2,020) (624) 500
Effect of foreign exchange rate changes (31) 76 (56)
Net increase (decrease) in cash and cash equivalents (491) 1,458 (2,130)
Cash and cash equivalents at beginning of year 4,720 3,262 5,392

Cash and cash equivalents and restricted cash at end of year 4,229 4,720 3,262

27
2015 2014 2013

2,447 52.47% 2,786 63.20% 3,201

2,217 47.53% 1,622 36.80% 1,382
4,664 100.00% 4,408 100.00% 4,583

872 18.70% 999 22.66% 1,053

370 7.93% 260 5.90% 187
274 5.87% 232 5.26% 204
69 1.48% 34 0.77% 87
646 13.85% 571 12.95% 584
734 15.74% 712 16.15% 606
380 8.15% 417 9.46% 490
3,345 71.72% 3,225 73.16% 3,211
1,319 28.28% 1,183 26.84% 1,372
198 4.25% 202 4.58% 53
1,121 24.04% 981 22.25% 1,319
229 4.91% 146 3.31% 309

892 19.13% 835 18.94% 1,010

28
2015 2014 2013

5,392 35.36% 4,848 33.11% 4,410

0 0.00% 10 0.07% 33
679 4.45% 659 4.50% 515
128 0.84% 123 0.84% 171
336 2.20% 452 3.09% 367
30 0.20% 5 0.03% 11
0 0.00% 0 0.00% 321
383 2.51% 444 3.03% 413
6,948 45.56% 6,541 44.67% 6,241
9 0.06% 9 0.06% 9
80 0.52% 20 0.14% 21
0 0.00% 18 0.12% 0
189 1.24% 157 1.07% 138
275 1.80% 264 1.80% 0
173 1.13% 85 0.58% 35
482 3.16% 462 3.16% 476
7,095 46.52% 7,086 48.40% 7,092

15,251 100.00% 14,642 100.00% 14,012

284 1.86% 325 2.22% 355

1,702 11.16% 1,797 12.27% 1,389
625 4.10% 592 4.04% 636
0 0.00% 0 0.00% 25
2,611 17.12% 2,714 18.54% 2,405
4,079 26.75% 4,324 29.53% 4,668
10 0.07% 10 0.07% 20
483 3.17% 361 2.47% 297
7,183 47.10% 7,409 50.60% 7,390
0.00% 0.00%
0 0.00% 0 0.00% 0

29
10,242 67.16% 9,924 67.78% 9,682
(5,637) -36.96% (5,762) -39.35% (5,814)
4,096 26.86% 3,374 23.04% 2,686
(633) -4.15% (303) -2.07% 68
8,068 52.90% 7,233 49.40% 6,622

15,251 100.00% 14,642 100.00% 14,012

30
2015 2014

892 835

(27) (44)
43 39
95 90
0 1

399 256
0 0
7 7
92 104
0 0

(40) (177)
(54) (2)
(350) (349)
21 18
(27) 475
(25) (12)
233 90
1,259 1,331

145 21
0 0
(137) 0
(46) 0
(111) (107)
2 2
(147) (84)

106 175
(83) (66)
0 0
(170) (147)
0 0

31
(250) (375)
(7) 0
202 0
(202) (413)
(366) (396)
544 438
4,848 4,410

5,392 4,848

32