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SYMANTEC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
April 3,
2009
March 28,
2008
March 30,
2007
(In thousands)
Year Ended
OPERATING ACTIVITIES:
Net (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(6,728,870) $ 463,850 $ 404,380
Adjustments to reconcile net (loss) income to net cash provided by operating
activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 837,358 824,109 811,443
Stock-based compensation expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,464 163,695 153,880
Impairment of assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,592 2,200 2,841
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (89,224) (180,215) 11,173
Income tax benefit from the exercise of stock options . . . . . . . . . . . . . . . . . 14,026 29,443 43,118
Excess income tax benefit from the exercise of stock options. . . . . . . . . . . . (17,878) (26,151) (25,539)
Loss (Gain) on sale of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 97,463 (19,937)
Loss from joint venture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,062 — —
Gain on settlements of litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (58,500) —
Realized and other than temporary impairment loss on investments. . . . . . . . 6,068 — —
Impairment of goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,418,574 — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,439 (894) 912
Net change in assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (84,958) (7,002) 33,714
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,813 10,791 10,324
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (48,994) 667 (25,623)
Accrued compensation and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . (55,092) 97,133 23,169
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,728 126,716 399,517
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28,702) 196,567 (181,926)
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66,317 81,115 (23,332)
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (29,125) (2,334) 48,121
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,670,598 1,818,653 1,666,235
INVESTING ACTIVITIES:
Purchase of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (272,240) (273,807) (419,749)
Proceeds from sale of property and equipment . . . . . . . . . . . . . . . . . . . . . . . 39,713 104,715 121,464
Cash payments for acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . (1,063,367) (1,162,455) (46,673)
Investment in joint venture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (150,000) —
Purchase of equity investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,000) — —
Purchases of available-for-sale securities . . . . . . . . . . . . . . . . . . . . . . . . . . . (349,043) (1,233,954) (226,905)
Proceeds from sales of available-for-sale securities . . . . . . . . . . . . . . . . . . . . 685,000 1,189,283 349,408
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (961,937) (1,526,218) (222,455)
FINANCING ACTIVITIES:
Sale of common stock warrants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 326,102
Net proceeds from sales of common stock under employee stock benefit
plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,133 224,152 230,295
Excess income tax benefit from the exercise of stock options . . . . . . . . . . . . . 17,878 26,151 25,539
Tax payments related to restricted stock issuance . . . . . . . . . . . . . . . . . . . . . . (15,607) (4,137) —
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (699,881) (1,499,995) (2,846,312)
Repayment of short-term borrowing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (200,000) — —
Repayment of other long-term liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,630) (11,724) (520,000)
Proceeds from short-term borrowing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 200,000 —
Proceeds from debt issuance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 2,067,299
Purchase of bond hedge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (592,490)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (676,107) (1,065,553) (1,309,567)
Effect of exchange rate fluctuations on cash and cash equivalents . . . . . . . . . . . . (130,277) 104,309 109,199
Change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (97,723) (668,809) 243,412
Beginning cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,890,225 2,559,034 2,315,622
Ending cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,792,502 $ 1,890,225 2,559,034
Supplemental schedule of non-cash transactions:
Issuance of common stock, stock options, and restricted stock for business
acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 35,054 —
Supplemental cash flow disclosures:
Income taxes paid (net of refunds) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 321,039 $ 181,089 384,771
Interest expense paid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,568 $ 22,659 10,108
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
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