Electronic Arts 2000 Annual Report Download - page 42

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Years Ended March 31, 2000 1999 1998
(In thousands)
OPERATING ACTIVITIES:
Net income $ 116,751 $ 72,872 $ 72,562
Adjustments to reconcile net income to net cash
provided by operating activities:
Minority interest in consolidated joint venture 421 172 (28)
Equity in net (income) loss of affiliates (1,138) 155 1,162
Gain on sale of affiliate (842) – (12,625)
Depreciation and amortization 46,725 40,461 26,907
Loss on sale of fixed assets 31 729 1,813
Loss on disposition of assets related to merger – – 5,607
Gain on sale of marketable securities (7,528) (1,454) (4,098)
Provision for doubtful accounts 6,714 6,027 4,302
Charge for acquired in-process technology 6,539 44,115 1,500
Change in assets and liabilities, net of acquisitions:
Receivables (77,779) (11,702) (40,432)
Inventories (579) 1,282 (1,753)
Other assets (69,727) (24,266) (5,660)
Accounts payable 29,673 1,622 12,783
Accrued liabilities (6,919) 32,797 29,217
Deferred income taxes 2,994 (12,042) (12,264)
Net cash provided by operating activities 45,336 150,768 78,993
INVESTING ACTIVITIES:
Proceeds from sale of property and equipment 444 8,281 25
Proceeds from sales of marketable securities, net 8,598 1,818 4,514
Proceeds from sale of affiliate 8,842 – –
Capital expenditures (134,884) (115,820) (45,238)
Investment in affiliates, net (4,099) (5,478) 16,579
Purchase of held-to-maturity securities – – (1,008)
Proceeds from maturity of securities – 17,306 13,338
Change in short-term investments, net (13,860) 76,755 (34,504)
Acquisition of Westwood Studios, Inc. – (122,688) –
Acquisition of Kesmai (22,500) – –
Acquisition of other subsidiaries, net of cash acquired (22,096) (11,805) (3,225)
Net cash used in investing activities (179,555) (151,631) (49,519)
CONSOLIDATED STATEMENTS OF CASH FLOWS
40
CONSOLIDATED STATEMENTS OF CASH FLOWS
ELECTRONIC ARTS AND SUBSIDIARIES