Symantec 2001 Annual Report Download - page 36

SYMANTEC CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOW
Year Ended March 31
(In thousands) 2001 2000 1999
Operating Activities:
Net income $ 63,936 $ 170,148 $ 50,201
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of equipment and leasehold improvements 31,977 25,011 23,988
Amortization and write-off of acquired product rights 16,112 7,719 6,031
Amortization of goodwill and other intangibles from acquisitions 72,752 18,801 6,405
Write-off of equipment and leasehold improvements —3,283 1,210
Acquired in-process research and development 22,300 4,300 27,465
Deferred income taxes (18,333) (26,263) (8,528)
Net loss on equity investments 24,226 ——
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 (48,165) 26,495 (6,487)
Inventories (390) (150) (2,997)
Other current assets (4,585) (2,184) 4,386
Other assets 3,368 (5,425) (946)
Accounts payable 14,556 (1,463) 869
Accrued compensation and benefits 21,517 5,931 (2,363)
Deferred revenue 72,594 34,848 30,428
Other accrued expenses (26,391) 2,858 (5,817)
Income taxes payable 69,490 (11,432) (6,511)
Long-term obligations 1,173 1,190 —
Income tax benefit from stock options 8,386 57,365 6,200
Net cash provided by operating activities 324,523 224,224 123,534
Investing Activities:
Capital expenditures (61,172) (28,455) (25,141)
Purchased intangibles (1,500) (1,138) (4,555)
Purchase of equity investments (18,000) ——
Payments for purchase of 20/20 Software (10,760) ——
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 for the purchase of IBM’s anti-virus business —(8,000) (8,000)
Payment for the purchase of Quarterdeck —(16,394) (32,857)
Purchase of Intel’s anti-virus business ——(11,889)
Purchase of Binary Research’s operations ——(27,500)
Cash acquired in business purchases 37,414 61 922
Purchases of marketable securities (591,776) (569,688) (242,096)
Proceeds from sales of marketable securities 662,592 286,607 313,530
Purchases of long-term, restricted investments —(10,551) (12,035)
Proceeds from sales of long-term investments 7,422 4,270 —
Net cash provided by (used in) investing activities 24,220 (330,478) (49,621)
Financing Activities:
Repayment of subordinated debentures ——(25,000)
Repurchases of Company’s common stock (244,410) (18,730) (56,341)
Net proceeds from sale of common stock and other 46,432 71,314 19,352
Principal payments on long-term obligations (363) (1,092) —
Net cash (used in) provided by financing activities (198,341) 51,492 (61,989)
Effect of exchange rate fluctuations on cash and cash equivalents (10,452) (1,128) (7,074)
Increase (decrease) in cash and cash equivalents 139,950 (55,890) 4,850
Beginning cash and cash equivalents 87,973 143,863 139,013
Ending cash and cash equivalents $ 227,923 $ 87,973 $ 143,863
Supplemental cash flow disclosures:
Income taxes paid (net of refunds) during the year $ 24,223 $ 66,309 $ 39,923
Interest paid on convertible subordinated debentures and long-term obligations $ —$ —$ 1,616
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.
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