NVIDIA 2006 Annual Report Download - page 69

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NVIDIA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended Year Ended Year Ended
January 29, January 30, January 25,
2006 2005 2004
Cash flows from operating activities:
Net income $ 302,586 $ 100,356 $ 74,419
Adjustments to reconcile net income to net cash
provided by operating activities:
In−process research and development −− −− 3,500
Non−cash realized gain on investment exchange (96) (533) −−
Depreciation and amortization 97,977 102,597 82,016
Net loss on retirements of property and equipment 1,005 412 −−
Write−off of convertible debenture issuance costs −− −− 5,485
Deferred income taxes (10,622) 12,141 55,135
Stock−based compensation 1,096 1,337 672
Bad debt expense (benefit) (492) (844) 731
Tax benefit from employee stock plans 34,821 11,845 8,488
Changes in operating assets and liabilities:
Accounts receivable (21,415) (110,312) (88,222)
Inventories 60,726 (81,280) (85,126)
Prepaid expenses and other current assets (4,568) (5,569) (2,698)
Deposits and other assets (8,073) (1,458) (3,482)
Accounts payable (58,828) 52,941 43,506
Accrued liabilities 52,291 50,567 (44,746)
Net cash provided by operating activities 446,408 132,200 49,678
Cash flows from investing activities:
Purchases of marketable securities (338,058) (313,760) (734,642)
Sales and maturities of marketable securities 397,686 229,068 1,021,590
Acquisition of businesses (12,131) −− (71,303)
Purchases of property and equipment and intangible
assets (79,600) (67,261) (127,604)
Investments in non−affiliates (9,684) −− −−
Net cash provided by (used in) investing activities (41,787) (151,953) 88,041
Cash flows from financing activities:
Redemption of convertible debenture −− −− (300,000)
Common stock issued under employee stock plans 127,497 42,502 37,757
Stock repurchase (188,509) (24,644) −−
Principal payments on capital leases (856) (4,015) (8,048)
Retirement of common stock 491 −− −−
Net cash provided by (used in) financing activities (61,377) 13,843 (270,291)
Change in cash and cash equivalents 343,244 (5,910) (132,572)
Cash and cash equivalents at beginning of period 208,512 214,422 346,994
Cash and cash equivalents at end of period $ 551,756 $ 208,512 $ 214,422
Supplemental disclosures of cash flow information:
Cash paid for interest $ 12 $ 163 $ 15,167
Cash paid (refund) for income taxes, net $ 3,368 $ 763 $ (211)
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