ADP 2002 Annual Report Download - page 32

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30
Statements of
Consolidated Cash Flows Automatic Data Processing, Inc. and Subsidiaries
(In thousands)
Years ended June 30 , 20 02 20 01 20 00
Cash Flows From Operating Activities
Net earnings $ 1,10 0,77 0 $ 924,720 $ 840,800
Adjustments to reconcile net earnings to net cash flows provided by operating activities:
Depreciation and amortization 27 9,07 7 320,856 284,282
Write-off of investment in Bridge
—
90,000
—
Deferred income taxes 8,68 0 29,450 8,885
Increase in receivables and other assets (7 3,5 11 ) (70,699) (149,913)
Increase in accounts payable and accrued expenses 13 8,14 1 182,634 39,339
Other 78 ,547 14,063 46,708
Net cash flows provided by operating activities 1,53 1,70 4 1,491,024 1,070,101
Cash Flows From Investing Activities
Purchases of marketable securities (4 ,59 7,32 0) (3,973,434) (7,372,892)
Proceeds from sale of marketable securities 4,16 7,02 8 3,087,406 4,001,848
Net change in client fund obligations (1 88 ,48 4) 818,082 3,406,039
Capital expenditures (1 45 ,62 1) (185,406) (166,012)
Additions to intangibles (1 09 ,79 9) (97,448) (67,303)
Acquisitions of businesses, net of cash acquired (2 19 ,78 3) (73,667) (175,248)
Disposals of businesses 7,20 0 900 14,634
Other 6,28 6 (32,267) (11,664)
Net cash flows used in investing activities (1 ,08 0,49 3) (455,834) (370,598)
Cash Flows From Financing Activities
Payments of debt (3 ,91 9) (48,567) (106,090)
Proceeds from issuance of notes 35 8 26,435 13,940
Repurchases of common stock (8 75 ,44 9) (935,064) (201,007)
Proceeds from issuance of common stock 22 8,11 3 218,178 172,589
Dividends paid (2 76 ,86 0) (248,453) (212,578)
Net cash flows used in financing activities (9 27 ,75 7) (987,471) (333,146)
Net change in cash and cash equivalents (4 76 ,54 6) 47,719 366,357
Cash and cash equivalents, at beginning of period 1,27 5,35 6 1,227,637 861,280
Cash and cash equivalents, at end of period $ 798,8 10 $ 1,275,356 $ 1,227,637
See notes to consolidated financial statements.