Adaptec 2003 Annual Report Download - page 35

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• a $2.3 million decrease in deferred income, as our product shipments by our major distributor exceeded our product shipments to
our major distributor.
In 2003 cash flows from our investment activities included:
• cash proceeds of $497.0 million from the sale or maturities of short− and long−term debt investments;
•the purchase of $167.1 million of long− and short−term debt investments;
• cash proceeds of $15.2 million in wafer fabrication deposit refunds;
• cash proceeds of $14.2 million from the sale of property and equipment;
• an investment of $11.7 million for the purchases of property and equipment;
• cash proceeds of $8.5 million from the sale of investments and other assets, $8.4 million of which was from the sale of the
remainder of our investment in Sierra Wireless Inc., a public company; and
• the purchase of $4.9 million in venture investments and other real estate assets.
In 2003 cash flows from our financing activities included:
•$96.7 million of cash was used to repurchase $100 million face value of our convertible subordinated notes; and
•cash proceeds of $36.2 million from the issuance of common stock under our equity−based compensation plans.
As of December 31, 2003 we have commitments made up of the following:
(in thousands)
Contractual Obligations Total 2004 2005 2006 2007 2008 After
2008
Operating Lease Obligations:
Minimum Rental Payments $ 66,909 $ 10,971 $ 9,592 $ 9,023 $ 9,115 $ 11,118 $ 17,090
Estimated Operating Cost Payments 25,652 4,086 3,883 3,630 3,580 3,398 7,075
Long Term Debt:
Principal Repayment 175,000 106,929 — 68,071 — — —
Interest Payments 19,689 6,563 6,563 6,563 — — —
Purchase Obligations 10,019 7,611 2,408 — — — —
297,269 $ 136,160 $ 22,446 $ 87,287 $ 12,695 $ 14,516 $ 24,165
Venture Investment Commitments
(see below) 19,169
Total Contractual Cash Obligations $ 316,438
Subsequent to December 31, 2003, we repurchased $106.9 million face value of our convertible subordinated notes at par plus $1.6
million in accrued interest. This will reduce the total interest commitments in the above table by $4.0 million in each of the years
2004, 2005
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