Health Net 2000 Annual Report Download - page 35

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2000 Annual Report HEALTH NET 33
Year Ended December 31,
(Amounts in thousands) 2000 1999 1998
cash flows from operating activities:
Net income (loss) $ 163,623 $ 142,365 $(165,158)
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Amortization and depreciation 105,899 112,041 128,093
Net loss (gain) on sale of businesses and properties 409 (58,332) (5,600)
Cumulative effect of a change in accounting principle –5,417 –
Impairment of assets –11,724 159,066
Other changes 10,035 5,648 15,041
Changes in assets and liabilities, net of effects of dispositions:
Premiums receivable and unearned premiums (10,472) (8,973) 38,569
Other assets 105,659 63,902 (69,671)
Amounts receivable/payable under government contracts (86,729) 5,130 (58,000)
Reserves for claims and other settlements 103,588 167,084 (6,416)
Accounts payable and other liabilities (25,849) (148,878) 64,943
Net cash provided by operating activities 366,163 297,128 100,867
Cash Flows from Investing Activities:
Sales or maturities of investments 304,523 642,150 727,435
Purchase of investments (253,141) (606,350) (697,472)
Net purchases of property and equipment (86,853) (36,592) (147,782)
Sale of net assets of discontinued operations ––257,100
Proceeds from sale of businesses and properties 3,505 137,728 –
Other (29,943) 26,486 7,682
Net cash (used in) provided by investing activities (61,909) 163,422 146,963
Cash Flows from Financing Activities:
Proceeds from exercise of stock options and employee
stock purchases 5,794 1,553 13,209
Proceeds from issuance of notes payable and other
financing arrangements 250,033 221,276 155,575
Repayment of debt and other non-current liabilities (523,885) (436,705) (212,109)
Net cash used in financing activities (268,058) (213,876) (43,325)
Net increase in cash and cash equivalents 36,196 246,674 204,505
Cash and cash equivalents, beginning of year 1,010,539 763,865 559,360
Cash and cash equivalents, end of year $1,046,735 $1,010,539 $ 763,865
supplemental cash flows disclosure:
Interest paid $87,023 $85,212 $85,981
Income taxes paid (refunded) 9,694 6,106 (87,799)
supplemental schedule of non-cash investing
and financing activities:
Capital lease obligations ––$2,530
Notes and stocks received on sale of businesses –22,909 –
Conversion of FOHP convertible debentures to equity ––1,197
See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows
Health Net, Inc.