Adobe 2001 Annual Report Download - page 64

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ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended
November 30, December 1, December 3,
2001 2000 1999
Cash flows from operating activities:
Net income ......................................... $205,644 $ 287,808 $ 237,751
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization .......................... 56,645 43,275 50,770
Stock compensation expense ........................... 17,997 16,499 5,272
Deferred income taxes ................................ (17,600) 1,398 694
Provision for losses on receivables ....................... 1,435 7,140 (3,319)
Tax benefit from employee stock option plans............... 45,692 124,922 58,478
Equity method (gains) loss of Adobe Ventures and cost method
investments ...................................... 59,873 (33,258) (30,600)
Loss on other-than-temporary declines of equity securities ...... 53,068 26,342 —
Gains on sales of equity securities ....................... (20,054) (12,660) (59,377)
Gain on sale of buildings .............................. — (1,052) (5,729)
Noncash restructuring and other charges .................. — 1,011 14,379
Changes in operating assets and liabilities:
Receivables ...................................... 16,273 (88,487) 65,733
Other current assets ................................ (3,552) (5,407) 842
Trade and other payables ............................ (9,389) 4,588 (12,989)
Accrued expenses .................................. (61,083) 46,760 21,265
Accrued restructuring charges ......................... 9,573 (8,003) (14,571)
Income taxes payable ............................... 60,175 31,730 1,257
Deferred revenue .................................. 4,005 2,020 4,343
Net cash provided by operating activities ...................... 418,702 444,626 334,199
Cash flows from investing activities:
Purchases of short-term investments ....................... (817,173) (443,875) (270,960)
Maturities and sales of short-term investments ................ 837,755 305,950 232,973
Proceeds from the release of restricted funds ................. — — 130,260
Acquisitions of property and equipment ..................... (46,556) (29,836) (42,206)
Purchases of long-term investments and other assets ............ (31,956) (59,059) (43,474)
Acquisitions, net of cash acquired ......................... — (24,448) (36,932)
Proceeds from sales of buildings .......................... — 5,420 40,613
Proceeds from sales of equity securities ..................... 31,505 17,788 63,876
Net cash provided by (used for) investing activities ............. (26,425) (228,060) 74,150
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