acquisitions, the repurchases of our common stock and the payment of cash dividends to our stockholders. Additionally, cash, cash equivalents and marketable securities balances decreased as of May 31, 2012 in comparison to May 31, 2011 due to the general strengthening of the U.S. Dollar in comparison to certain major international currencies during fiscal 2012.

Days sales outstanding, which was calculated by dividing period end accounts receivable by average daily sales for the quarter, was 50 days at May 31, 2013 compared with 53 days at May 31, 2012. The days sales outstanding calculation excluded the impact of revenue adjustments that reduced our acquired cloud software subscriptions obligations, 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 licenses sales and sales of hardware systems support arrangements, and to a lesser extent, sales of services, hardware systems products, and cloud software subscriptions. 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 2013 Compared to Fiscal 2012:     Net cash provided by operating activities increased in fiscal 2013 in comparison to fiscal 2012 primarily due to cash favorable impacts of increased net income adjusted for amortization of intangible assets, stock-based compensation and depreciation during fiscal 2013 in comparison to fiscal 2012.

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 during fiscal 2012 in comparison to fiscal 2011. These cash favorable movements in fiscal 2012 in comparison to fiscal 2011 were partially offset by an increase in cash used to pay compensation liabilities in fiscal 2012 such as commissions and bonuses.

Cash flows from investing activities:     The changes in cash flows from investing activities primarily relate to acquisitions and the timing of purchases, maturities and sales of our investments in marketable debt securities. We also use cash to invest in capital and other assets, including certain intangible assets, to support our growth.

Fiscal 2013 Compared to Fiscal 2012:     Net cash used for investing activities decreased in fiscal 2013