ADP 1999 Annual Report Download - page 31

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21
(In thousands)
Years ended June 30, 1999 1998 1997
Cash Flows From Operating Activities
Net earnings $ 696,840 $ 608,262 $ 515,244
Adjustments to reconcile net earnings to net cash flows
provided by operating activities:
Depreciation and amortization 272,807 247,625 224,910
Deferred income taxes (23,235) (3,020) (35,767)
Increase in receivables and other assets (155,132) (207,819) (157,860)
Increase in accounts payable and accrued expenses 20,698 47,931 51,440
Other 41,883 90,374 81,580
Net cash flows provided by operating activities 853,861 783,353 679,547
Cash Flows From Investing Activities
Purchase of marketable securities (608,300) (617,669) (659,835)
Proceeds from sale of marketable securities 276,992 550,405 627,176
Capital expenditures (177,700) (202,169) (177,861)
Additions to intangibles (62,360) (95,797) (15,321)
Acquisitions of businesses, net of cash acquired (107,317) (338,436) (118,223)
Disposals of businesses 276,035 59,171 39,529
Other 10,590 13,634 38,433
Net cash flows used in investing activities (392,060) (630,861) (266,102)
Cash Flows From Financing Activities
Payments of debt (289,141) (7,681) (3,371)
Proceeds from issuance of notes 91,696 120,986 47,731
Repurchases of common stock (85,365) (40,907) (127,709)
Proceeds from issuance of common stock 100,359 81,111 98,244
Dividends paid (181,133) (152,888) (129,814)
Other — (1,845) (3,920)
Net cash flows used in financing activities (363,584) (1,224) (118,839)
Net change in cash and cash equivalents 98,217 151,268 294,606
Cash and cash equivalents, at beginning of period 763,063 611,795 317,189
Cash and cash equivalents, at end of period $ 861,280 $ 763,063 $ 611,795
See notes to consolidated financial statements.
Statements of Consolidated Cash Flows
Automatic Data Processing, Inc. and Subsidiaries