Symantec 2008 Annual Report Download - page 152

SYMANTEC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
March 28,
2008
March 30,
2007
March 31,
2006
Year Ended
(In thousands)
OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 463,850 $ 404,380 $ 156,852
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 824,109 811,443 639,816
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,695 153,880 38,401
Impairment of equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 2,841 4,273
Write-down of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 — 285,100
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (180,215) 11,173 (202,677)
Income tax benefit from the exercise of stock options . . . . . . . . . . . . . . . . 29,443 43,118 90,145
Excess income tax benefit from the exercise of stock options . . . . . . . . . . . (26,151) (25,539) —
Loss on sale of a business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,616 — —
Loss (gain) on sale of property and equipment . . . . . . . . . . . . . . . . . . . . . 2,847 (19,937) —
Net (gain) on settlements of litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . (58,500) — —
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (894) 912 120
Net change in assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,002) 33,714 (87,434)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,791 10,324 (29,828)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 667 (25,623) 40,168
Accrued compensation and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,133 23,169 (22,229)
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,716 399,517 683,226
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196,567 (181,926) (25,997)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,115 (23,332) (18,471)
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,334) 48,121 (14,569)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,818,653 1,666,235 1,536,896
INVESTING ACTIVITIES:
Purchase of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (273,807) (419,749) (267,217)
Proceeds from sale of property and equipment . . . . . . . . . . . . . . . . . . . . . . . 104,715 121,464 —
Purchase of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (13,300) (7,204)
Proceeds from sales of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1,000
Cash acquired in (payments for) for business acquisitions, net of cash and cash
equivalents acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,162,455) (33,373) 540,604
Investment in Joint Venture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (150,000) — —
Purchase of equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (2,694)
Proceeds from sales of equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . — — 1,500
Purchases of available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,233,954) (226,905) (1,729,922)
Proceeds from sales of available-for-sale securities . . . . . . . . . . . . . . . . . . . . 1,189,283 349,408 5,083,538
Net cash (used in) provided by investing activities . . . . . . . . . . . . . . . . . . . . . . (1,526,218) (222,455) 3,619,605
FINANCING ACTIVITIES:
Sale of common stock warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 326,102 —
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,499,995) (2,846,312) (3,628,165)
Net proceeds from sales of common stock under employee stock benefit plans. . . . 224,152 230,295 209,563
Proceeds from debt issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2,067,299 —
Purchase of bond hedge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (592,490) —
Proceeds from short-term borrowing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 — —
Excess income tax benefit from the exercise of stock options . . . . . . . . . . . . . 26,151 25,539 —
Repayment of other long-term liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,724) (520,000) (491,462)
Tax payments related to restricted stock issuance . . . . . . . . . . . . . . . . . . . . . (4,137) — —
Net cash used in 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)
(Decrease) increase in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . (668,809) 243,412 1,224,189
Beginning cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,559,034 2,315,622 1,091,433
Ending cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,890,225 $ 2,559,034 2,315,622
Supplemental schedule of non-cash transactions:
Fair value of options assumed, restricted stock awards and restricted stock units
in connection with acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 35,054 $ — 13,196,850
Supplemental cash flow disclosures:
Income taxes paid (net of refunds) during the year . . . . . . . . . . . . . . . . . . . . . . $ 181,089 $ 384,771 339,081
Interest expense paid during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,659 $ 10,108 1,748
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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