Symantec 2000 Annual Report Download - page 35

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SYMANTEC CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOW
Year Ended March 31,
(In thousands) 2000 1999 1998
OPERATING ACTIVITIES:
Net income $ 170,148 $ 50, 201 $ 85,089
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of equipment and leasehold improvements 25, 011 23,988 25, 231
Amortization and write-off of purchased product rights and capitalized software costs 7,719 6, 031 1,466
Amortization of goodwill 17,884 6, 175 —
Write-off of equipment and leasehold improvements 3,283 1, 210 1,225
Acquired in-process research and development 4,300 27,465 —
Deferred income taxes (26,263) (8,528) (6, 915)
Gain on divestiture of ACT! product line (18,285) — —
Gain on divestiture of Visual Café product line (68,523) — —
Net change in assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable 26,495 (6,487) (22,873)
Inventories (150) (2,997) 1,040
Other current assets (2,184 ) 4,386 (1,839)
Other assets (4,508) (716) (556)
Accounts payable (1,463) 869 5,568
Accrued compensation and benefits 5,931 (2,363) 5,371
Deferred revenue 34,848 30,428 13,987
Other accrued expenses 2,858 (5, 817) 31
Income taxes payable (11,432) (6, 511) 17,051
Long-term obligations 1,190 — —
Income tax benefit from stock options 57,365 6,200 7,000
Net cash provided by operating activities 224,224 123,534 130,876
INVESTING ACTIVITIES:
Capital expenditures (28,455) (25,141) (26,339)
Purchased intangibles (1,138) (4,555) (948)
Proceeds from divestiture of Visual Café product line 75,000 — —
Purchase of L-3 Network Security’s operations (20,090) — —
Purchase of URLabs (42,100) — —
Payment of debt related to purchase of IBM’s anti-virus business (8,000) (8,000) —
Payment for remaining minority interest in Quarterdeck (16,394) — —
Purchase of majority interest in Quarterdeck — (32,857) —
Purchase of Intel’s anti-virus business — (11,889) —
Purchase of Binary Research Limited’s operations — (27,500) —
Cash acquired in business purchases 61 922 —
Purchases of marketable securities (569,688) (242,096) (230,891)
Proceeds from sales of marketable securities 286,607 313,530 174,087
Purchases of long-term, restricted investments (10,551) (12,035) (11,922)
Proceeds from sales of long-term investments 4,270 — —
Net cash used in investing activities (330,478) (49,621) (96, 013)
FINANCING ACTIVITIES:
Repayment of subordinated debentures — (25,000) —
Repurchases of Company’s common stock (18,730) (56,341) (21,346)
Net proceeds from sale of common stock and other 71,314 19,352 33,108
Principal payments on long-term obligations (1,092) — —
Net cash provided by (used in) financing activities 51,492 (61 ,989) 11,762
Effect of exchange rate fluctuations on cash and cash equivalents (1,128) (7,074) (3,370)
(Decrease) increase in cash and cash equivalents (55,890) 4,850 43,255
Beginning cash and cash equivalents 143,863 139, 013 95,758
Ending cash and cash equivalents $ 87,973 $ 143,863 $ 139, 013
Supplemental cash flow disclosures:
Income taxes paid (net of refunds) during the year $ 66,309 $ 39,923 $ 6,037
Interest paid on convertible subordinated debentures and long-term obligations $ — $ 1,616 $ 1, 150
Conversion of subordinated debentures $ — $ 14,284 $ —
The accompanying summary of significant accounting policies and notes to consolidated financial statements are an integral part of these statements.