Adobe 2003 Annual Report Download - page 66

66
ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Non-cash restructuring and other charges............................................................ (544) ― ―
See accompanying Notes to Consolidated Financial Statements.
Years Ended
November 28,
2003
November 29,
2002
November 30,
2001
Cash flows from operating activities:
Net income.............................................................................................................. $ 266,344 $ 191,399 $ 205,644
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization............................................................................. 49,014 63,482 56,645
Stock compensation expense ............................................................................... 2,826 6,786 17,997
Deferred income taxes ......................................................................................... 36,460 (5,486) (17,600)
Provision for losses on receivables...................................................................... 2,038 1,527 1,435
Tax benefit from employee stock option plans .................................................... 37,436 21,830 45,692
Acquired in-process research and development................................................... ― 410 —
Impairment of property, plant and equipment and goodwill................................ ― 13,175 —
Losses on equity and cost method investments.................................................... 11,981 13,122 59,873
Gains on sales of equity securities....................................................................... (3,090) (7,194) (20,054)
Loss on other-than-temporary declines of equity securities................................. 3,984 11,257 53,068
Changes in operating assets and liabilities:
Receivables ...................................................................................................... (29,148) 5,910 16,273
Other current assets.......................................................................................... (2,055) 1,856 (3,552)
Trade and other payables.................................................................................. (328) (2,277) (9,389)
Accrued expenses............................................................................................. 32,929 (8,312) (61,083)
Accrued restructuring charges.......................................................................... (9,300) (15,435) 9,573
Income taxes payable ....................................................................................... 20,173 30,157 60,175
Deferred revenue.............................................................................................. 14,415 7,124 4,005
Net cash provided by operating activities.................................................. 433,136 329,331 418,702
Cash flows from investing activities:
Purchases of short-term investments....................................................................... (907,231) (579,154) (436,333)
Maturities and sales of short-term investments....................................................... 428,429 487,391 456,915
Purchases of long-term investments and other assets ............................................. (20,699) (37,951) (35,338)
Acquisitions of property and equipment ................................................................ (39,454) (31,578) (43,174)
Cash (paid for) received from acquisitions ............................................................. (16,500) 7,345 —
Proceeds from sale of equity investments............................................................... 7,063 11,684 31,505
Net cash used for investing activities ........................................................ (548,392) (142,263) (26,425)
Cash flows from financing activities:
Purchase of treasury stock ...................................................................................... (84,777) (293,241) (485,115)
Proceeds from re-issuance of treasury stock........................................................... 213,421 81,859 87,536
Payment of dividends ............................................................................................. (11,626) (11,881) (12,007)
Net cash provided by (used for) financing activities ................................. 117,018 (223,263) (409,586)
Effect of exchange rate on cash and cash equivalents............................................. 4,471 1,217 (895)
N
et increase (decrease) in cash and cash equivalents ................................................. 6,233 (34,978) (18,204)
Cash and cash equivalents at beginning of year.......................................................... 183,684 218,662 236,866
Cash and cash equivalents at end of year.................................................................... $ 189,917 $ 183,684 $ 218,662
Su
pp
lemental disclosures:
Cash paid for income taxes..................................................................................... $ 18,695 $ 32,773 $ 16,862
Non-cash investin
g
and financin
g
activities:
Cash dividends declared but not paid ................................................................... $ 2,979 $ 2,900 $ 2,952
Unrealized
g
ains
(
losses
)
on available-fo
r
-sale securities
,
net of taxes ................ $ 5
,
249 $
(
4
,
664
)
$ 2
,
928
Treasur
y
stock issue
d
for ac
q
uisition ................................................................... $
—
$ 68
,
412 $
—