Symantec 2003 Annual Report Download - page 49

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Symantec 2003 47
Symantec Corporation Consolidated Statements of Cash Flows
Year Ended March 31,
(IN THOUSANDS) 2003 2002 2001
Operating Activities:
Net income (loss) $248,438 $(28,151) $ 63,936
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of property, equipment and leasehold improvements 56,794 38,777 31,977
Amortization of debt issuance costs and other assets 1,313 1,300 –
Amortization and write-off of acquired product rights 34,834 33,840 16,112
Amortization of goodwill and other intangibles from acquisitions 2,787 198,950 72,752
Loss on equity investments 750 –24,226
Write-off of equipment and leasehold improvements 4,569 7,232 –
Acquired in-process research and development 4,700 –22,300
Deferred income taxes (4,393) 13,482 (18,333)
Gain on divestiture of the Web access management product line –(392) –
Income tax benefit from stock options 39,550 46,230 8,386
Net change in assets and liabilities, excluding effects of acquisitions:
Trade accounts receivable, net (47,732) 26,628 (48,165)
Inventories 2,223 (1,638) (390)
Other current assets (4,728) 6,000 (4,585)
Other assets (65) 174 3,368
Accounts payable (14,304) 4,414 14,556
Accrued compensation and benefits 29,663 8,112 21,517
Deferred revenue 222,580 152,376 72,594
Other accrued expenses (10,018) 23,066 (26,391)
Income taxes payable 18,896 (20,471) 69,490
Other long-term obligations (1,952) 1,268 1,173
Net cash provided by operating activities 583,905 511,197 324,523
Investing Activities:
Capital expenditures (192,194) (140,857) (61,172)
Purchased intangibles (2,200) (1,060) (1,500)
Purchase of Foster-Melliar –(2,000) –
Purchase of Lindner & Pelc (59) (2,137) –
Purchase of 20/20 Software –(1,535) (10,760)
Purchase of Riptech (145,000) ––
Purchase of Recourse (135,320) ––
Purchase of SecurityFocus (74,932) ––
Purchase of Mountain Wave (20,000) ––
Purchase of equity investments (2,837) (3,000) (18,000)
Purchases of marketable securities (2,394,557) (1,311,697) (591,776)
Proceeds from sales of marketable securities 2,078,323 642,802 662,592
Proceeds from (purchases of) long-term restricted investments 124,313 (49,779) 7,422
Cash acquired in business purchases 7,823 –37,414
Net cash provided by (used in) investing activities (756,640) (869,263) 24,220
Financing Activities:
Net proceeds from issuance of convertible subordinated notes –584,625 –
Repurchases of common stock (64,332) (204,420) (244,410)
Net proceeds from sale of common stock and other 137,711 133,857 46,432
Principal payments on long-term obligations ––(363)
Net cash provided by (used in) financing activities 73,379 514,062 (198,341)
Effect of exchange rate fluctuations on cash and cash equivalents 14,725 (4,682) (10,452)
Increase (decrease) in cash and cash equivalents (84,631) 151,314 139,950
Beginning cash and cash equivalents 379,237 227,923 87,973
Ending cash and cash equivalents $294,606 $379,237 $ 227,923
Supplemental Cash Flow Disclosures (in thousands):
Income taxes paid (net of refunds) during the year $61,628 $34,240 $ 24,223
Interest expense paid during the year $18,350 $–$–
The accompanying Summary of Significant Accounting Policies and Notes to Consolidated Financial Statements are an integral part of these statements.