Symantec 2007 Annual Report Download - page 78

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SYMANTEC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
2007 2006 2005
Year Ended March 31,
(In thousands)
OPERATING ACTIVITIES:
Net income . . . ........................................... $ 404,380 $ 156,852 $ 536,159
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation ........................................... 255,129 191,204 90,838
Amortization ........................................... 556,314 448,612 36,596
Impairment of equity investments . . . .......................... 2,841 4,273 696
Stock-based compensation expense . . .......................... 153,880 38,401 4,524
Write-off of acquired in-process research and development . . . ........ — 285,100 3,480
Deferred income taxes .................................... 11,173 (202,677) 60,861
Income tax benefit from stock options ......................... 43,118 90,145 109,324
Excess income tax benefit from stock options .................... (25,539) — —
Gain on sale of property and equipment ........................ (19,937) — —
Other ................................................ 912 120 3,748
Net change in assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable, net . . . .......................... 33,714 (87,434) (3,636)
Inventories ........................................... 10,324 (29,828) (3,621)
Accounts payable . ..................................... (25,623) 40,168 (960)
Accrued compensation and benefits.......................... 23,169 (22,229) 19,380
Deferred revenue . ..................................... 399,517 683,226 318,928
Income taxes payable . . . ................................ (181,926) (25,997) 55,526
Other operating assets and liabilities ......................... 24,789 (33,040) (24,384)
Net cash provided by operating activities . .......................... 1,666,235 1,536,896 1,207,459
INVESTING ACTIVITIES:
Capital expenditures. . . ..................................... (419,749) (267,217) (91,536)
Proceeds from sale of property and equipment . .................... 121,464 — —
Purchased intangible assets . . . ................................ (13,300) (7,204) (800)
Proceeds from sales of intangible assets .......................... — 1,000 —
Cash acquired in (payments for) business acquisitions, net ............. (33,373) 540,604 (424,212)
Purchases of equity investments................................ — (2,694) (3,600)
Proceeds from sales of equity investments ........................ — 1,500 —
Purchases of available-for-sale securities.......................... (226,905) (1,729,922) (3,856,833)
Proceeds from sales of available-for-sale securities .................. 349,408 5,083,538 3,713,822
Net cash (used in) provided by investing activities .................... (222,455) 3,619,605 (663,159)
FINANCING ACTIVITIES:
Issuance of convertible senior notes . . . .......................... 2,067,299 — —
Purchase of hedge on convertible senior notes . . .................... (592,490) — —
Sale of common stock warrants ................................ 326,102 — —
Repurchases of common stock ................................ (2,846,312) (3,628,165) (191,916)
Net proceeds from issuance of common stock under employee stock plans . . 230,295 209,563 159,926
Repayment of debt......................................... (520,000) (491,462) —
Excess income tax benefit from stock options . . .................... 25,539 — —
Net cash used in financing activities .............................. (1,309,567) (3,910,064) (31,990)
Effect of exchange rate fluctuations on cash and cash equivalents . . ........ 109,199 (22,248) 18,261
Increase in cash and cash equivalents . . . .......................... 243,412 1,224,189 530,571
Beginning cash and cash equivalents .............................. 2,315,622 1,091,433 560,862
Ending cash and cash equivalents ................................ $2,559,034 $ 2,315,622 $ 1,091,433
Supplemental schedule of non-cash transactions:
Issuance of common stock and stock options, and restricted stock units for
business acquisitions . . ..................................... $ — $13,196,850 $ 22,578
Supplemental cash flow disclosures:
Income taxes paid (net of refunds) during the year .................... $ 384,771 $ 339,081 $ 97,151
Interest expense paid during the year . . . ........................... $ 10,108 $ 1,748 $ 18,000
The accompanying Summary of Significant Accounting Policies and Notes to Consolidated Financial Statements
are an integral part of these statements.
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