Adaptec 2002 Annual Report Download - page 50

PMC−Sierra, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
2002 2001 2000
Cash flows from operating activities:
Net income (loss) $ (65,007) $ (639,054) $ 75,298
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation of property and equipment 39,708 51,212 35,424
Amortization of goodwill and other intangibles 1,139 46,803 38,757
Amortization of deferred stock compensation 2,813 41,184 36,264
Amortization of debt issuance costs 1,564 652 −
Deferred income taxes 8,429 (10,733) 1,268
Gain on sale of investments and other assets (3,725) (2,479) (59,065)
Acquisition of in process research and development − − 38,200
Noncash restructuring costs − 16,229 −
Impairment of goodwill and purchased intangible assets − 269,827 −
Impairment of other investments 15,337 17,500 −
Impairment of property and equipment 1,824 − −
Write−down of excess inventory 4,020 20,660 −
Changes in operating assets and liabilities:
Accounts receivable (617) 77,848 (51,580)
Inventories 3,806 7 (40,668)
Prepaid expenses and other current assets 2,936 6,146 (18,233)
Accounts payable and accrued liabilities 6,239 (30,034) 59,417
Income taxes payable 1,811 (43,749) 38,062
Accrued restructuring costs (30,253) 161,198 −
Deferred income (9,695) (36,378) 29,397
−−−−−−−−−−−−−− −−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−
Net cash (used in) provided by operating activities (19,671) (53,161) 182,541
−−−−−−−−−−−−−− −−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−
Cash flows from investing activities:
Change in restricted cash (5,329) − −
Purchases of short−term investments (262,217) (305,357) (309,269)
Proceeds from sales and maturities of short−term investments 234,344 192,386 303,102
Purchases of long−term bonds and notes (199,797) (197,135) −
Proceeds from sales and maturities of long−term bonds and notes 167,111 − −
Purchases of other investments (10,139) (7,532) (24,834)
Proceeds from sales of other investments 7,799 3,317 59,737
Investment in wafer fabrication deposits − (5,188) (8,584)
Proceeds from refund of wafer fabrication deposits − 6,197 4,703
Purchases of property and equipment (3,141) (27,840) (104,296)
Acquisition of businesses, net of cash acquired − − (15,473)
−−−−−−−−−−−−−− −−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−
Net cash used in investing activities (71,369) (341,152) (94,914)
−−−−−−−−−−−−−− −−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−
Cash flows from financing activities:
Proceeds from notes payable and long−term debt − − 2,066
Repayment of capital leases and long−term debt (470) (1,746) (13,435)
Proceeds from issuance of convertible subordinated notes − 275,000 −
Payment of debt issuance costs − (7,819) −
Proceeds from issuance of common stock 9,894 24,800 78,426
−−−−−−−−−−−−−− −−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−
Net cash provided by financing activities 9,424 290,235 67,057
−−−−−−−−−−−−−− −−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−
Net increase (decrease) in cash and cash equivalents (81,616) (104,078) 154,684
Cash and cash equivalents, beginning of the year 152,120 256,198 101,514
−−−−−−−−−−−−−− −−−−−−−−−−−−−−−− −−−−−−−−−−−−−−−−
Cash and cash equivalents, end of the year $ 70,504 $ 152,120 $ 256,198
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Supplemental disclosures of cash flow information:
Cash paid for interest $ 10,762 $ 211 $ 698
Cash paid for income taxes 411 41,177 61,519
Supplemental disclosures of non−cash investing and financing activities:
Equity securities received in exchange for other long−term investment − 1,713 −
Capital lease obligations incurred for purchase of property and equipment − − 3,634
Conversion of PMC−Sierra special shares into common stock 265 1,050 631
Issuance of common stock and stock options for acquisitions under the
purchase method of accounting − − 414,938
See notes to the consolidated financial statements.
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