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 resulting from increases in revenues during our fiscal fourth quarter of 2011 in comparison to fiscal 2010.

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 to support our growth.

Fiscal 2012 Compared to Fiscal 2011:     Net cash used for investing activities increased in fiscal 2012 due to an increase in cash used for acquisitions, net of cash acquired, and an increase in capital expenditures, partially offset by a decrease in net cash used to purchase marketable securities (net of proceeds received from sales and maturities).

Fiscal 2011 Compared to Fiscal 2010:     Net cash used for investing activities decreased in fiscal 2011 due to a decrease in cash used for acquisitions, net of cash acquired, and a decrease in cash used to purchase marketable securities (net of proceeds received from sales and maturities), partially offset by an increase in net capital expenditures.

Cash flows from financing activities:     The changes in cash flows from financing activities primarily relate to borrowings and payments under debt facilities as well as stock repurchases, dividend payments and proceeds from stock option exercises. 

Fiscal 2012 Compared to Fiscal 2011:     We used net cash for financing activities in fiscal 2012 of $6.1 billion in comparison to net cash provided by financing activities in fiscal 2011 of $516 million primarily due to our increase in common stock repurchases in fiscal 2012 (see discussion in “Working Capital” above and Note 13 of Notes to Consolidated Financial Statements included elsewhere in this Annual Report for additional information), a reduction in the amount of debt that we issued in fiscal 2012 ($1.7 billion of short-term borrowings pursuant to a revolving credit facility in May 2012 in comparison to $3.25 billion of long-term senior notes in July 2010 and $1.15 billion of borrowings pursuant to revolving credit facilities in May 2011), and a decrease in proceeds from stock option exercises during fiscal 2012, in each case in comparison to fiscal 2011. These unfavorable impacts to our financing cash flows during fiscal 2012 were partially offset by a decrease in cash used for debt related repayments during fiscal 2012 ($1.15 billion of short-term borrowings pursuant to our revolving credit facilities and $255 million of RightNow’s legacy convertible notes were repaid in February 2012 in comparison to fiscal 2011 repayments of $2.25 billion of senior notes and $881 million of commercial paper notes).

Fiscal 2011 Compared to Fiscal 2010:     Net cash provided by financing activities in fiscal 2011 decreased due to a reduction in the amount of debt that we issued in fiscal 2011 ($1.15 billion borrowed pursuant to our revolving credit facilities and $3.25 billion of long-term senior notes