Symantec 2009 Annual Report Download - page 108

Revolving credit facility. In early fiscal 2009, we repaid the entire $200 million principal amount, plus
$3 million of accrued interest, that we borrowed during fiscal 2008 under our senior unsecured revolving credit
facility.
Acquisition-Related. We generally use cash to fund the acquisition of other businesses and from time to time
use our revolving credit facility when necessary. We acquired six companies for cash totaling $1.1 billion in fiscal
2009, three companies for approximately $1.4 billion in fiscal 2008 and two companies for approximately
$46 million in fiscal 2007. Also in fiscal 2008, we entered into a joint venture with Huawei Technologies Co., Ltd.
and contributed $150 million in cash.
Convertible Senior Notes. In June 2006, we issued $1.1 billion principal amount of 0.75% Convertible
Senior Notes due June 15, 2011, and $1.0 billion principal amount of 1.00% Convertible Senior Notes (collectively
the “Senior Notes”) due June 15, 2013, to initial purchasers in a private offering for resale to qualified institutional
buyers pursuant to SEC Rule 144A. Concurrently with the issuance of the Senior Notes, we entered into note hedge
transactions for $592 million with affiliates of certain of the initial purchasers whereby we have the option to
purchase up to 110 million shares of our common stock at a price of $19.12 per share.
Stock Repurchases. During fiscal 2009, we repurchased 42 million shares, or $700 million, of our common
stock. As of April 3, 2009, we have $300 million remaining under the plan authorized by the Board of Directors in
June 2007. During fiscal 2008, we repurchased a total of 81 million shares, or $1.5 billion, of our common stock.
During fiscal 2007, we repurchased 162 million shares, or $2.8 billion, of our common stock.
Cash Flows
The following table summarizes, for the periods indicated, selected items in our Consolidated Statements of
Cash Flows:
2009 2008 2007
Fiscal
(In thousands)
Net cash provided by (used in)
Operating activities .......................... $1,670,598 $ 1,818,653 $ 1,666,235
Investing activities ........................... (961,937) (1,526,218) (222,455)
Financing activities .......................... (676,107) (1,065,553) (1,309,567)
Operating Activities
Net cash provided by operating activities of $1.7 billion during fiscal 2009 primarily resulted from non-cash
charges related to depreciation and amortization expenses of $837 million and the $7.4 billion goodwill impairment
charge offset by the net loss of $6.7 billion.
Net cash provided by operating activities during fiscal 2008 resulted largely from net income of $464 million
adjusted for non-cash items — depreciation and amortization charges of $824 million, stock-based compensation
expense of $164 million, income taxes payable of $197 million and an increase in deferred revenue of $127 million.
These 2008 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
adjusted for non-cash items — depreciation and amortization of $811 million, stock-based compensation expense
of $154 million and an increase in deferred revenue of $400 million. These 2007 amounts were partially offset by a
decrease in income taxes payable of $182 million, primarily due to the timing of tax payments.
Investing Activities
Net cash used in investing activities of $1.0 billion in fiscal 2009 was primarily due to an aggregate payment of
$1.1 billion in cash payments for acquisitions, net of cash acquired, and $272 million paid for capital expenditures,
partially offset by net proceeds of $336 million from the sale of short-term investments which were used to partially
fund acquisitions.
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