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49
AVID TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Year Ended December 31,
2009
2008
2007
Cash flows from operating activities:
Net loss
$
(68,355
)
$
(198,177
)
$
(7,979
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization
32,130
42,842
53,186
Provision for doubtful accounts
1,930
2,583
220
Impairment of goodwill and intangible assets
—
129,972
—
Non-cash provision for restructuring
3,140
1,893
4,440
Gain on sales of assets
(155
)
(13,287
)
—
Loss (gain) on disposal of fixed assets
43
17
(88
)
Compensation expense from stock grants and options
13,394
13,941
15,949
Equity in loss of non-consolidated company
—
—
130
Changes in deferred tax assets and liabilities, excluding initial effects of acquisitions
(1,634
)
(4,173
)
(2,980
)
Changes in operating assets and liabilities, excluding initial effects of acquisitions:
Accounts receivable
24,771
23,992
3,574
Inventories
17,766
11,539
23,899
Prepaid expenses and other current assets
8,980
(64
)
(5,882
)
Accounts payable
739
(5,445
)
496
Accrued expenses, compensation and benefits and other liabilities
(13,517
)
15,069
3,826
Income taxes payable
(6,330
)
(1,709
)
(1,398
)
Deferred revenues
(26,373
)
(8,842
)
6,693
Net cash (used in) provided by operating activities
(13,471
)
10,151
94,086
Cash flows from investing activities:
Purchases of property and equipment
(18,689
)
(15,436
)
(26,129
)
Payments for other long-term assets
(11,432
)
(2,024
)
(1,344
)
Payments for business acquisitions, net of cash acquired
(4,413
)
—
(529
)
Proceeds from sales of assets, net
3,502
26,307
—
Proceeds from notes receivable
2,500
—
—
Purchases of marketable securities
(55,741
)
(56,907
)
(10,185
)
Proceeds from sales of marketable securities
64,318
46,855
73,790
Net cash (used in) provided by investing activities
(19,955
)
(1,205
)
35,603
Cash flows from financing activities:
Payments on capital lease obligations
—
—
(51
)
Payments related to stock option purchase
(526
)
—
—
Purchases of common stock for treasury
—
(93,187
)
(26,639
)
Proceeds from issuance of common stock under employee stock plans, net
646
1,133
11,059
Tax benefits (deficiencies) from stock option exercises
—
(389
)
290
Net cash provided by (used in) financing activities
120
(92,443
)
(15,341
)
Effect of exchange rate changes on cash and cash equivalents
3,031
(3,330
)
(2,008
)
Net (decrease) increase in cash and cash equivalents
(30,275
)
(86,827
)
112,340
Cash and cash equivalents at beginning of period
121,792
208,619
96,279
Cash and cash equivalents at end of period
$
91,517
$
121,792
$
208,619
See Notes F, H and R for supplemental disclosures.
The accompanying notes are an integral part of the consolidated financial statements.