securities at May 31, 2011 in comparison to May 31, 2010 was primarily due to cash generated from our operating activities, our issuance of $3.25 billion of senior notes in July 2010 and $1.15 billion of short-term borrowings made pursuant to certain of our revolving credit agreements. Additionally, cash, cash equivalents and marketable securities balances increased due to the weakening of the U.S. Dollar in comparison to certain major international currencies during fiscal 2011. These increases in our cash, cash equivalents and marketable securities balances were partially offset by the repayment of $2.25 billion of our senior notes which matured in January 2011, the repayment of $881 million of commercial paper notes, the usage of $1.9 billion of net cash for acquisitions, repurchases of our common stock and the payments of cash dividends to our stockholders.

Days sales outstanding, which is calculated by dividing period end accounts receivable by average daily sales for the quarter, was 53 days at May 31, 2012 compared with 55 days at May 31, 2011. The days sales outstanding calculation excludes the revenue adjustments that primarily reduce our acquired cloud software subscription, software license updates and product support obligations and hardware systems support obligations to fair value.

Cash flows from operating activities:     Our largest source of operating cash flows is cash collections from our customers following the purchase and renewal of their software license updates and product support agreements. Payments from customers for these support agreements are generally received near the beginning of the contracts’ terms, which are generally one year in length. We also generate significant cash from new software license sales, sales of hardware systems products and hardware systems support arrangements and, to a lesser extent, services. Our primary uses of cash from operating activities are for employee related expenditures, material and manufacturing costs related to the production of our hardware systems products, taxes and leased facilities.

Fiscal 2012 Compared to Fiscal 2011:     Net cash provided by operating activities increased in fiscal 2012 primarily due to increased net income adjusted for amortization of intangible assets, stock-based compensation and depreciation, an increase in cash from the collection of trade receivables, an increase in cash received that relates to our deferred revenue balances, a decrease in cash used to pay income tax obligations and certain other net cash favorable working capital movements, in each case compared to fiscal 2011. These cash favorable movements were partially offset by an increase in cash used to pay compensation liabilities in fiscal 2012 such as commissions and bonuses in comparison to fiscal 2011.

Fiscal 2011 Compared to Fiscal 2010:     Net cash provided by operating activities increased in fiscal 2011 primarily due to higher net income adjusted for amortization of intangible assets, stock-based compensation and depreciation. These fiscal 2011 increases were partially offset by certain unfavorable changes in working capital, primarily increases in net trade receivables