ADP 2003 Annual Report Download - page 29

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ADP 2003 Annual Report 27
Statements of Consolidated Cash Flows Automatic Data Processing, Inc. and Subsidiaries
(In thousands)
Years Ended June 30, 2003 2002 2001
Cash Flows From Operating Activities
Net earnings $ 1,018,150 $ 1,100,770 $ 924,720
Adjustments to reconcile net earnings to net cash flows
provided by operating activities:
Depreciation and amortization 274,682 279,077 320,856
Write-off of investment in Bridge Information Systems, Inc. —— 90,000
Deferred income taxes (15,775) 8,680 29,450
Increase in receivables and other assets (94,422) (73,511) (70,699)
Increase in accounts payable and accrued expenses 287,174 138,141 182,634
Other 95,280 78,547 14,063
Net cash flows provided by operating activities 1,565,089 1,531,704 1,491,024
Cash Flows From Investing Activities
Purchases of marketable securities (3,451,554) (6,243,228) (6,864,707)
Proceeds from sale of marketable securities 4,014,300 4,167,028 3,087,406
Net proceeds from client fund money market securities 1,501,286 1,645,908 2,891,273
Net change in client funds obligations (967,797) (188,484) 818,082
Capital expenditures (133,758) (145,621) (185,406)
Additions to intangibles (144,728) (109,799) (97,448)
Acquisitions of businesses, net of cash acquired (651,320) (219,783) (73,667)
Disposals of businesses 4,035 7,200 900
Other 6,609 6,286 (32,267)
Net cash flows provided by (used in) investing activities 177,073 (1,080,493) (455,834)
Cash Flows From Financing Activities
Payments of debt (1,384) (3,919) (48,567)
Proceeds from issuance of notes 964 358 26,435
Repurchases of common stock (938,545) (875,449) (935,064)
Proceeds from stock purchase plan and exercises of stock options 92,816 228,113 218,178
Dividends paid (284,605) (276,860) (248,453)
Net cash flows used in financing activities (1,130,754) (927,757) (987,471)
Net change in cash and cash equivalents 611,408 (476,546) 47,719
Cash and cash equivalents, at beginning of period 798,810 1,275,356 1,227,637
Cash and cash equivalents, at end of period $ 1,410,218 $ 798,810 $ 1,275,356
See notes to consolidated financial statements.