Symantec 2008 Annual Report Download - page 133

Cash Flows
The following table summarizes, for the periods indicated, selected items in our Consolidated Statements of
Cash Flows:
2008 2007 2006
Fiscal
(In thousands)
Net cash provided by (used for)
Operating activities .......................... $1,818,653 $ 1,666,235 $ 1,536,896
Investing activities .......................... (1,526,218) (222,455) 3,619,605
Financing activities .......................... (1,065,553) (1,309,567) (3,910,064)
Effect of exchange rate fluctuations on cash and cash
equivalents ................................ 104,309 109,199 (22,248)
Net change in cash and cash equivalents ............ $ (668,809) $ 243,412 $ 1,224,189
Operating Activities
Net cash provided by operating activities during fiscal 2008 resulted largely from net income of $464 million,
plus non-cash depreciation and amortization charges of $824 million, non-cash stock-based compensation expense
of $164 million, income taxes payable of $197 million and an increase in deferred revenue of $127 million. These
amounts were partially offset by a decrease in non-cash deferred income taxes of $180 million.
Net cash provided by operating activities during fiscal 2007 resulted largely from net income of $404 million,
plus non-cash depreciation and amortization charges of $811 million, non-cash stock-based compensation expense
of $154 million, and an increase in deferred revenue of $400 million. These amounts were partially offset by a
decrease in income taxes payable of $182 million, primarily due to the timing of tax payments.
Investing Activities
Fiscal 2008 Compared to Fiscal 2007: Cash used for investing activities was $1.5 billion for 2008 compared
to $222 million for 2007. Cash used in fiscal 2008 primarily related to an aggregate payment of $1.2 billion in cash
for acquisitions which included Altiris for $841 million and Vontu for $298 million and the joint venture with
Huawei Technologies Co., Ltd. for $150 million. During fiscal 2007, we paid $33 million for acquisitions of other
businesses. Cash used in fiscal 2007 primarily related to the net increase in property and equipment partially offset
by the net purchase of short-term investments. Both periods reflect consistent levels of capital purchasing partially
offset by proceeds from the sale of exited or excess facilities.
Fiscal 2007 Compared to Fiscal 2006: Cash used in investing activities was $222 million in fiscal 2007
compared to cash provided by investing activities of $3.6 billion for 2006. Cash used in fiscal 2007 for the
acquisition of other businesses was $33 million compared to cash provided by investing activities of $541 million
acquired through the acquisition of Veritas, net of cash expenditures for our other acquisitions in fiscal 2006.
Additionally, we recognized net proceeds from sales of available-for-sale securities of $3.4 billion during fiscal
2006, which was primarily associated with the liquidation of assets assumed in the acquisition of Veritas.
Financing Activities
Fiscal 2008 Compared to Fiscal 2007: Cash used in financing was $1.1 billion in fiscal 2008 compared to
$1.3 billion in 2007. Cash used in fiscal 2008 primarily related to the repurchase of 81 million shares of our common
stock for $1.5 billion which was partially offset by the net proceeds of $224 million received from the issuance of
our common stock through employee stock plans and the $200 million borrowed under the senior unsecured
revolving credit facility to finance the Vontu acquisition. Cash used in fiscal 2007 primarily related to the
repurchase of 162 million shares of our common stock for $2.8 billion whereby $1.5 billion was funded by the
proceeds from the issuance of Senior Notes for $2.1 billion. Also during fiscal 2007, we purchased hedges related to
the Senior Notes for $592 million and paid $520 million for the repurchase of Veritas 0.25% Convertible
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