3Ware 2001 Annual Report Download - page 29

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C O N S O L I D AT E D S T AT E M E N T S O F C A S H F L O W S
Year Ended March 31,
(in thousands) 1999 2000 2001
Operating Activities
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 17,133 $ 48,625 $ (436,215)
Adjustment to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,045 8,039 16,135
Write-offs of inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180 701 172
Amortization of purchased intangibles and inventory fair value adjustment . . . — — 361,022
Acquired in-process research and development . . . . . . . . . . . . . . . . . . . . . . . . — — 202,100
Amortization of deferred compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860 611 79,848
Tax benefit of disqualifying dispositions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,209 15,159 168,978
Loss on disposals of property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221 — —
Adjustment for change in Cimaron year end . . . . . . . . . . . . . . . . . . . . . . . . . (1,341) — —
Changes in operating assets and liabilities:
Accounts receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,096) (6,184) (42,272)
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,808) (1,813) (11,601)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (678) (7,417) (9,621)
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (84) 3,687 16,416
Accrued payroll and other accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . 4,495 2,170 31,956
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (691) 425 (178,550)
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (434) 1,337 1,403
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . 22,011 65,340 199,771
Investing Activities
Proceeds from sales and maturities of investments . . . . . . . . . . . . . . . . . . . . . . . . 187,787 1,847,446 2,773,758
Pu r chases of inve s t m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ( 1 9 9 , 3 9 4 ) ( 2 , 5 5 9 , 0 1 8 ) ( 3 , 0 8 8 , 5 0 0 )
Repayments (advances) on notes receivable from officers and employees . . . . . . . . 262 786 (18)
Purchase of property, equipment and other assets . . . . . . . . . . . . . . . . . . . . . . . . (16,490) (22,753) (78,217)
Cash received from purchase acquisitions, net of cash paid and merger expenses . . — — 14,325
Net cash used for investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (27,835) (733,539) (378,652)
Financing Activities
Proceeds from issuance of common stock, net . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,062 827,860 71,670
Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (11) (9)
Payments on notes receivable from stockholders . . . . . . . . . . . . . . . . . . . . . . . . . 46 — 455
Payments on capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,110) (1,214) (779)
Payments on long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (792) (1,864) (4,288)
Proceeds from equipment financed under capital leases . . . . . . . . . . . . . . . . . . . . 2,342 — —
Issuance of long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,346 — —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (73)
Net cash provided by financing activities . . . . . . . . . . . . . . . . . . . . . . . 12,894 824,771 66,976
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . 7,070 156,572 (111,905)
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,460 13,530 170,102
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,530 $ 170,102 $ 58,197
Supplemental disclosure of cash flow information:
Cash paid for:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 542 $ 634 $ 403
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,274 $ 12,273 $ 3,943
See accompanying notes.
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