Adobe 2000 Annual Report Download - page 53

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Consolidated Statements of Cash Flows (In thousands)
DECEMBER 1 DECEMBER 3 NOVEMBER 27
YEARS ENDED 2000 1999 1998
Cash fl ows from operating activities:
Net income $ 287,808 $ 237,751 $ 105,144
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 43,275 50,770 56,264
Deferred income taxes 1,398 694 (6,774)
Provision for losses on receivables 7,140 (3,319) 3,336
Tax benefi t from employee stock option plans 124,922 58,478 12,595
Gains of Adobe Incentive Partners (33,258) (30,600) (2,365)
Loss on write-down of investments 26,342 — —
Gains on sales of equity securities (12,660) (59,377) (12,972)
Gain on sale of buildings (1,052) (5,729) —
Stock compensation expense 16,499 5,272 2,513
Noncash restructuring and other charges 1,011 14,379 9,077
Changes in operating assets and liabilities:
Receivables (88,487) 65,733 (14,390)
Other current assets (5,407) 842 6,886
Trade and other payables 4,588 (12,989) (8,461)
Accrued expenses 46,760 21,265 32,947
Accrued restructuring charges (8,003) (14,571) 3,914
Income taxes payable 31,730 1,257 17,125
Deferred revenue 2,020 4,343 (1,370)
Net cash provided by operating activities 444,626 334,199 203,469
Cash fl ows from investing activities:
Purchases of short-term investments (443,875) (270,960) (1,278,178)
Maturities and sales of short-term investments 305,950 232,973 1,347,800
Proceeds from the release of restricted funds — 130,260 —
Acquisitions of property and equipment (29,836) (42,206) (59,745)
Purchases of long-term investments and other assets (59,059) (43,474) (57,520)
Acquisitions, net of cash acquired (24,448) (36,932) (3,544)
Proceeds from sales of buildings 5,420 40,613 —
Proceeds from sales of equity securities 17,788 63,876 10,886
Net cash provided by (used for) investing activities (228,060) 74,150 (40,301)
See accompanying Notes to Consolidated Financial Statements. (continued)