Symantec 2004 Annual Report Download - page 53

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SYMANTEC CORPORATION «51»
Symantec Corporation Consolidated Statements of Cash Flows
Year Ended March 31,
(In thousands) 2004 2003 2002
Operating Activities:
Net income (loss) $ 370,619 $ 248,438 $ (28,151)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property, equipment and leasehold improvements 75,886 56,794 38,777
Amortization of debt issuance costs 3,165 3,168 1,300
Amortization of discounts and premiums on investments, net (7,142) 5,103 1,155
Amortization and write-off of acquired product rights 42,363 34,834 32,685
Amortization of goodwill and other intangibles from acquisitions 2,954 2,787 198,950
Impairment of equity investments 3,047 750 –
Write-off of equipment and leasehold improvements 2,052 4,569 7,232
Write-off of acquired in-process research and development 3,710 4,700 –
Deferred income taxes 27,181 (4,393) 13,482
Gain on divestiture of the Web Access Management product line –– (392)
Income tax benefit from stock options 66,682 39,550 46,230
Net change in assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable, net (82,687) (47,732) 26,628
Inventories (8,303) 2,223 (1,638)
Other current assets (19,840) (4,728) 6,000
Other long-term assets (1,591) (65) 174
Accounts payable (7,846) (14,304) 4,414
Accrued compensation and benefits 17,836 29,663 8,112
Deferred revenue 345,394 222,580 152,376
Other accrued expenses 16,221 (1,643) 23,066
Income taxes payable 53,602 18,896 (20,471)
Other long-term obligations (698) (1,952) 1,268
Net cash provided by operating activities 902,605 599,238 511,197
Investing Activities:
Capital expenditures (111,210) (192,194) (140,857)
Purchased intangibles (61,166) (2,200) (1,060)
Payments for business acquisitions, net of cash acquired (286,862) (375,863) (5,672)
Purchase of equity investments (3,972) (2,837) (3,000)
Purchases of marketable securities (4,729,249) (2,394,557) (1,311,697)
Proceeds from sales of marketable securities 4,675,161 2,071,365 642,802
Proceeds from (purchases of) long-term restricted investments –124,313 (49,779)
Net cash used in investing activities (517,298) (771,973) (869,263)
Financing Activities:
Net proceeds from issuance of convertible subordinated notes ––584,625
Repurchases of common stock (60,000) (64,332) (204,420)
Net proceeds from sale of common stock 189,154 137,711 133,857
Net cash provided by financing activities 129,154 73,379 514,062
Effect of exchange rate fluctuations on cash and cash equivalents 30,095 14,725 (4,682)
Increase (decrease) in cash and cash equivalents 544,556 (84,631) 151,314
Beginning cash and cash equivalents 294,606 379,237 227,923
Ending cash and cash equivalents $839,162 $294,606 $379,237
Supplemental cash flow disclosures (in thousands):
Income taxes paid (net of refunds) during the year $ 34,955 $ 61,628 $ 34,240
Interest expense paid during the year $18,000 $18,350 $ –
The accompanying Summary of Significant Accounting Policies and Notes to Consolidated Financial Statements are an integral part of these statements.
2004 Annual Report