3Ware 2000 Annual Report Download - page 26

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24 2000
AMCC
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended March 31,
(in thousands) 1998 1999 2000
Operating Activities
Net income $ 15,216 $ 17,133 $ 48,625
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 5,174 7,045 8,039
Write-offs of inventories 600 180 701
Amortization of deferred compensation 127 860 611
Tax benefit of disqualifying dispositions — 4,209 15,159
Loss on disposals of property — 221 —
Adjustment for change in Cimaron year end — (1,341) —
Changes in operating assets and liabilities:
Accounts receivables (3,761) (7,096) (6,184)
Inventories (1,255) (1,808) (1,813)
Other assets (1,607) (678) (7,417)
Accounts payable 2,787 (84) 3,687
Accrued payroll and other accrued liabilities 2,418 4,495 2,170
Deferred income taxes (3,882) (691) 425
Deferred revenue 1,067 (434) 1,337
Net cash provided by operating activities 16,884 22,011 65,340
Investing Activities
Proceeds from sales and maturities of short-term investments 66,547 187,787 1,847,446
Purchase of short-term investments (119,874) (199,394) (2,559,018)
Repayments and (advances) on notes receivable from officers and employees (366) 262 786
Purchase of property, equipment and other assets (11,342) (16,490) (22,753)
Net cash used for investing activities (65,035) (27,835) (733,539)
Financing Activities
Proceeds from issuance of common stock, net 52,413 9,062 827,860
Repurchase of common stock — — (11)
Repurchase of convertible preferred stock (3,877) — —
Payments on notes receivable from stockholders 12 46 —
Payments on capital lease obligations (2,691) (2,110) (1,214)
Payments on long-term debt (37) (792) (1,864)
Proceeds from equipment financed under capital leases — 2,342 —
Issuance of long-term debt 3,303 4,346 —
Net cash provided by financing activities 49,123 12,894 824,771
Net increase in cash and cash equivalents 972 7,070 156,572
Cash and cash equivalents at beginning of year 5,488 6,460 13,530
Cash and cash equivalents at end of year $ 6,460 $ 13,530 $ 170,102
Supplemental disclosure of cash flow information:
Cash paid for:
Interest $ 380 $ 542 $ 634
Income taxes $ 3,251 $ 4,274 $ 12,273
Supplemental schedule of non-cash investing and financing activities: Capital lease obligations of approximately $282,000
were incurred and notes were received for the exercise of stock options totaling $455,000 during fiscal year 1998.
See accompanying notes.