Symantec 1999 Annual Report Download - page 65

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The accompanying Summary of Significant Accounting Policies and Notes to Consolidated Financial Statements are an
integral part of these statements.
51
SYMANTEC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOW
Year Ended March 31,
(In thousands) 1999 1998 1997
OPERATING ACTIVITIES:
Net income $50,201 $85,089 $26,038
Acquired company’s accumulated deficit -- -- (445)
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization of equipment and
leasehold improvements 23,988 25,231 22,770
Amortization and write-off of purchased product rights
and capitalized software costs 6,031 1,466 10,477
Amortization of goodwill 6,176 -- --
Write-off of equipment and leasehold improvements 1,209 1,225 4,010
Acquired in-process research and development and
capitalized software development costs 27,465 -- (7,656)
Deferred income taxes (8,528) (6,915) 21
Net change in assets and liabilities, excluding
effects of acquisitions:
Trade accounts receivable (6,487) (22,873) 11,621
Inventories (2,997) 1,040 3,432
Other current assets 4,386 (1,839) 1,304
Other assets (716) (556) 2,720
Accounts payable 869 5,568 7,373
Accrued compensation and benefits (2,363) 5,371 1,502
Other accrued expenses 24,611 14,018 6,182
Income taxes payable (6,511) 17,051 5,031
Income tax benefit from stock options 6,200 7,000 --
Net cash provided by operating activities 123,535 130,876 94,380
INVESTING ACTIVITIES:
Capital expenditures (25,141) (26,339) (27,195)
Purchased intangibles (4,555) (948) (698)
Purchase of IBM’s anti-virus business (8,000) -- --
Purchase of Binary Research Limited’s operations (27,500) -- --
Purchase of Intel’s anti-virus business (11,889) -- --
Purchase of Quarterdeck Corporation (32,857) -- --
Cash acquired in business purchases 922 -- --
Purchases of marketable securities (157,036) (230,891) (180,000)
Proceeds from sales of marketable securities 238,480 174,087 203,098
Purchases of long-term, restricted investments (12,035) (11,922) (47,448)
Net cash used in investing activities (39,611) (96,013) (52,243)
FINANCING ACTIVITIES:
Repayment of subordinated debentures (25,000) -- --
Repurchase of Company’s common stock (56,341) (21,346) --
Net proceeds from sale of common stock and other 19,352 33,108 11,703
Net cash (used in) provided by financing activities (61,989) 11,762 11,703
Effect of exchange rate fluctuations on cash and cash equivalents (7,074) (3,370) 141
Increase in cash and cash equivalents 14,860 43,255 53,981
SYMANTEC CORPORATION