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79
ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended
November 27,
2009
November 28,
2008
November 30,
2007
Cash flows from operating activities:
Net income ....................................................
$
386,508
$
871,814
$
723,807
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation, amortization and accretion ...........................
282,423
270,269
315,464
Stock-based compensation ......................................
167,581
172,474
149,987
Deferred income taxes ..........................................
49,590
46,584
58,385
Unrealized losses (gains) on investments ...........................
11,623
(17,377
)
(6,776
)
Tax benefit from employee stock option plans .......................
44,381
90,360
55,074
Other non-cash items ...........................................
4,434
4,784
(176
)
Excess tax benefits from stock-based compensation ...................
(11,980
)
(31,983
)
(85,050
)
Changes in operating assets and liabilities, net of acquired assets
and assumed liabilities:
Trade receivables, net ........................................
172,287
(153,386
)
46,332
Prepaid expenses and other current assets .........................
21,814
(5,584
)
6,418
Trade payables .............................................
(13,601
)
14,078
3,518
Accrued expenses ...........................................
(53,320
)
(13,904
)
83,281
Accrued restructuring ........................................
(8,446
)
24,330
(13,796
)
Income taxes payable ........................................
109,620
(57,656
)
61,448
Deferred revenue ............................................
(45,142
)
65,879
43,137
Net cash provided by operating activities .......................
1,117,772
1,280,682
1,441,053
Cash flows from investing activities:
Purchases of short-term investments .................................
(1,307,366
)
(2,381,533
)
(2,503,147
)
Maturities of short-term investments .................................
464,031
1,568,874
516,839
Proceeds from sales of short-term investments .........................
1,057,176
717,076
2,457,347
Purchases of property and equipment ................................
(119,592
)
(111,792
)
(132,075
)
Acquisitions, net of cash acquired ...................................
(1,582,669
)
(3,584
)
(75,528
)
Purchases of long-term investments and other assets ....................
(29,143
)
(124,469
)
(111,939
)
Investment in lease receivable ......................................
—
—
(80,439
)
Issuance costs for credit facility ....................................
—
—
(856
)
Proceeds from sale of long-term investments ..........................
17,696
30,747
11,342
Other .........................................................
2,771
—
—
Net cash (used for) provided by investing activities ...............
(1,497,096
)
(304,681
)
81,544
Cash flows from financing activities:
Purchases of treasury stock ........................................
(350,013
)
(1,722,715
)
(1,951,527
)
Proceeds from issuance of treasury stock .............................
179,566
319,165
516,087
Excess tax benefits from stock-based compensation .....................
11,980
31,983
85,050
Proceeds from borrowings on credit facility ...........................
650,000
800,000
—
Repayments of borrowings on credit facility ...........................
—
(450,000
)
—
Repayments of acquired debt .......................................
(13,875
)
—
—
Net cash provided by (used for) financing activities ...............
477,658
(1,021,567
)
(1,350,390
)
Effect of foreign currency exchange rates on cash and cash equivalents ........
14,703
(14,406
)
1,715
Net increase (decrease) in cash and cash equivalents ......................
113,037
(59,972
)
173,922
Cash and cash equivalents at beginning of year ...........................
886,450
946,422
772,500
Cash and cash equivalents at end of year ................................
$
999,487
$
886,450
$
946,422
Supplemental disclosures:
Cash paid for income taxes, net of refunds ............................
$
105,158
$
126,299
$
55,236
Cash paid for interest .............................................
$
2,088
$
9,604
$
—
Non-cash investing activities:
Issuance of common stock and stock awards assumed in business acquisitions
$
84,968
$
—
$
—
See accompanying Notes to Consolidated Financial Statements.