Adobe 2012 Annual Report Download - page 82

82
ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended
November 30,
2012 December 2, 2011 December 3, 2010
Cash flows from operating activities:
Net income..................................................................................................................... $ 832,775 $ 832,847 $ 774,680
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion................................................................. 299,766 270,205 292,738
Stock-based compensation ....................................................................................... 298,502 286,103 231,086
Deferred income taxes.............................................................................................. 89,212 51,415 (172,329)
Unrealized (gains) losses on investments................................................................. (8,535) (4,349) 11,517
Retirements and disposals of property and equipment............................................. 1,113 14,772 674
Other non-cash items................................................................................................ (13,658) 24,560 13,695
Excess tax benefits from stock-based compensation................................................ (10,003) (9,949) (16,430)
Changes in operating assets and liabilities, net of acquired assets and
assumed liabilities:
Trade receivables, net ............................................................................................ 45,166 (81,065) (134,276)
Prepaid expenses and other current assets ............................................................. 4,552 (5,100) (39,963)
Trade payables ....................................................................................................... (62,874) 32,203 (10,092)
Accrued expenses................................................................................................... (7,770) (24,708) 127,814
Accrued restructuring............................................................................................. (66,047) 71,932 (26,811)
Income taxes payable............................................................................................. 10,041 (16,661) (48,656)
Deferred revenue.................................................................................................... 87,340 101,109 109,348
Net cash provided by operating activities......................................................... 1,499,580 1,543,314 1,112,995
Cash flows from investing activities:
Purchases of short-term investments ............................................................................. (1,776,485) (1,861,075) (2,600,787)
Maturities of short-term investments............................................................................. 439,878 486,050 643,614
Proceeds from sales of short-term investments ............................................................. 1,126,886 1,148,148 1,134,365
Business acquisitions, net of cash acquired................................................................... (353,195) (259,046) (193,281)
Purchases of property and equipment............................................................................ (271,076) (210,294) (169,642)
Proceeds from sale of property and equipment.............................................................. — — 32,151
Purchases of long-term investments, intangibles and other assets ................................ (29,701) (65,600) (28,216)
Proceeds from sale of long-term investments................................................................ 29,031 4,415 22,502
Net cash used for investing activities ............................................................... (834,662) (757,402) (1,159,294)
Cash flows from financing activities:
Purchases of treasury stock............................................................................................ (405,000) (695,015) (850,020)
Net proceeds from issuance of treasury stock................................................................ 169,274 144,754 139,270
Excess tax benefits from stock-based compensation..................................................... 10,003 9,949 16,430
Proceeds from debt and capital lease obligations .......................................................... 3,152 — 1,493,439
Repayment of debt and capital lease obligations........................................................... (9,855) (10,046) (1,003,719)
Debt issuance costs ........................................................................................................ (2,297) — (10,662)
Net cash used for financing activities............................................................... (234,723) (550,358) (215,262)
Effect of foreign currency exchange rates on cash and cash equivalents......................... 5,357 4,055 11,965
Net increase (decrease) in cash and cash equivalents....................................................... 435,552 239,609 (249,596)
Cash and cash equivalents at beginning of year............................................................... 989,500 749,891 999,487
Cash and cash equivalents at end of year ......................................................................... $ 1,425,052 $ 989,500 $ 749,891
Supplemental disclosures:
Cash paid for income taxes, net of refunds.................................................................... $ 201,125 $ 158,373 $ 389,114
Cash paid for interest ..................................................................................................... $ 66,265 $ 63,967 $ 34,632
Non-cash investing activities:
Issuance of common stock and stock awards assumed in business acquisitions........... $ 4,265 $ — $ 3,264
Property and equipment acquired under capital leases.................................................. $ — $ — $ 32,151
See accompanying Notes to Consolidated Financial Statements.
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