Avid 1997 Annual Report Download - page 34

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27
AVID TECHNOLOGY, INC.
Consolidated Statements of Cash Flows
(in thousands) For the Year Ended December 31,
1997 1996 1995
Cash flows from operating activities:
Net income (loss) $26,384 $(38,044) $15,439
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating activities:
Depreciation and amortization 25,380 29,641 19,539
Compensation from stock grants and options 2,119
Provision for accounts receivable allowances 3,304 6,627 3,006
Deferred income taxes (617) (18,384) (8,158)
Tax benefit of stock option exercises 3,658 6,023
Provision for product transition costs and nonrecurring
inventory write-offs, non-cash portion 18,750
Provision for other nonrecurring costs, non-cash portion 7,048
Loss (gain) on disposal of equipment 222 1,410 (80)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable (2,215) 13,836 (51,877)
Inventories 22,514 14,479 (31,648)
Prepaid expenses and other current assets 663 147 1,271
Accounts payable (2,940) (3,819) 11,559
Income taxes payable 7,556 (3,206) 1,747
Accrued expenses 23,047 9,107 7,062
Deferred revenues 2,119 3,356 6,825
Net cash provided by (used in) operating activities 111,194 40,948 (19,292)
Cash flows from investing activities:
Capitalized software development costs (107) (2,295) (3,570)
Purchases of property, equipment and other assets, net (15,685) (28,219) (42,410)
Purchases of marketable securities (147,960) (29,430) (68,911)
Proceeds from sales of marketable securities 87,564 58,786 50,152
Proceeds from disposals of equipment 2,227 1,550 423
Net cash provided by (used in) investing activities (73,961) 392 (64,316)
Cash flows from financing activities:
Payments of long-term debt (1,726) (2,000) (2,148)
Proceeds from issuance of common stock 26,729 3,560 95,353
Purchase of common stock for treasury (28,776)
Net cash provided by (used in) financing activities (3,773) 1,560 93,205
Effects of exchange rate changes on cash and cash equivalents (947) 48 (5)
Net increase in cash and cash equivalents 32,513 42,948 9,592
Cash and cash equivalents at beginning of year 75,795 32,847 23,255
Cash and cash equivalents at end of year $108,308 $75,795 $32,847
Supplemental disclosure of non-cash transactions:
Acquisition of equipment under capital lease obligations, $186
Acquisition of equipment under capital lease obligations, $2,719
Issuance of common stock in connection with acquisitions, $99
The accompanying notes are an integral part of the consolidated financial statements.