Qualcomm 1999 Annual Report Download - page 48

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44
(In thousands) QUALCOMM Incorporated
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended September 30
1999 1998 1997
OPERATING ACTIVITIES:
Net income $ 200,879 $ 108,532 $ 91,934
Depreciation and amortization 158,429 141,892 93,598
Acquired in-process research and development —6,976 —
Restructuring, impairments and other non-cash charges 269,449 25,000 8,792
Gain on sale of trading securities — —(13,400)
Gain on sale of available-for-sale securities (5,663) ——
Minority interest in income of consolidated subsidiaries 13,066 48,366 2,979
Equity in losses of investees 15,140 20,731 —
Deferred income tax benefit (96,595) (55,581) (62,086)
Increase (decrease) in cash resulting from changes in:
Accounts receivable, net (275,846) (166,827) (227,949)
Finance receivables, net (304,546) (232,451) (111,501)
Inventories 40,102 (161,380) (53,645)
Other assets (7,048) (66,603) (36,416)
Accounts payable and accrued liabilities 173,807 274,819 222,068
Unearned revenue (10,495) 22,039 31,858
Other liabilities 11,554 9,820 11,745
Proceeds from sale of trading securities — — 23,129
Purchase of trading securities — — (9,729)
Net cash provided (used) by operating activities 182,233 (24,667) (28,623)
INVESTING ACTIVITIES:
Capital expenditures (180,237) (321,566) (163,115)
Purchases of held-to-maturity investments (858,108) (269,833) (978,745)
Maturities of held-to-maturity investments 150,873 702,376 662,862
Proceeds from sale of available-for-sale securities 7,163 — —
Issuance of notes receivable (171,982) (124,765) —
Collection of notes receivable 45,754 — —
Disposition (acquisition) of assets, net of liabilities 98,097 (9,992) —
Investments in other entities (43,568) (107,225) (57,887)
Other items, net (3,350) (2,995) —
Net cash used by investing activities (955,358) (134,000) (536,885)
FINANCING ACTIVITIES:
Net (repayments) borrowings under bank lines of credit (39,000) 41,000 29,300
Net proceeds from issuance of common stock 1,311,925 51,556 32,445
Proceeds from issuance of Trust Convertible Preferred Securities of
subsidiary trust, net of $18,624 deferred offering costs — — 641,376
Spin-off of Leap Wireless International, Inc. — (10,000) —
Other items, net (2,621) 3,120 1,081
Net cash provided by financing activities 1,270,304 85,676 704,202
Effect of exchange rate changes on cash (13,009) — —
Net increase (decrease) in cash and cash equivalents 484,170 (72,991) 138,694
Cash and cash equivalents at beginning of year 175,846 248,837 110,143
Cash and cash equivalents at end of year $660,016 $ 175,846 $ 248,837
See accompanying notes.