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67
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
December 3,
2004
November 28,
2003
November 29,
2002
Cash flows from operating activities:
Net income.............................................................................................................. $ 450,398 $ 266,344 $ 191,399
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization............................................................................. 60,808 49,014 63,482
Stock compensation expense ............................................................................... 340 2,826 6,786
Deferred income taxes ......................................................................................... 46,270 36,460 (5,486)
Provision for (recovery of) losses on receivables ................................................ (443) 2,038 1,527
Tax benefit from employee stock option plans.................................................... 97,794 37,436 21,830
Retirements of property and equipment............................................................... 804 ― 7
Acquired in-process research and development................................................... ― ― 410
Impairment of property, plant and equipment and goodwill................................ ― ― 13,175
Net (gains) losses on sales and impairments of investments................................ (2,506) 12,875 17,185
Changes in operating assets and liabilities:
Receivables ...................................................................................................... 9,221 (29,148) 5,910
Other current assets.......................................................................................... 4,908 (2,055) 1,856
Trade and other payables.................................................................................. 5,755 (328) (2,277)
Accrued expenses............................................................................................. 44,896 32,930 (8,312)
Accrued restructuring charges.......................................................................... (871) (9,300) (15,435)
Income taxes payable ....................................................................................... (47,571) 20,173 30,157
Deferred revenue.............................................................................................. 13,941 14,415 7,124
Net cash provided by operating activities.................................................. 683,744 433,136 329,338
Cash flows from investing activities:
Purchases of short-term investments....................................................................... (1,179,203) (907,231) (579,154)
Maturities and sales of short-term investments....................................................... 1,137,545 428,429 487,391
Purchases of long-term investments and other assets ............................................. (35,286) (20,699) (37,951)
Acquisitions of property and equipment................................................................. (63,226) (39,454) (31,585)
Cash (paid for) received from acquisitions ............................................................. (15,545) (16,500) 7,345
Investment in lease receivable ................................................................................ (126,800) — —
Proceeds from sale of equity securities and other assets......................................... 5,933 7,063 11,684
Net cash used for investing activities ........................................................ (276,582) (548,392) (142,270)
Cash flows from financing activities:
Purchase of treasury stock ...................................................................................... (608,681) (84,777) (293,241)
Proceeds from re-issuance of treasury stock........................................................... 396,105 213,421 81,859
Payment of dividends ............................................................................................. (11,942) (11,626) (11,881)
Net cash provided by (used for) financing activities ................................. (224,518) 117,018 (223,263)
Effect of exchange rate on cash and cash equivalents............................................. 3,566 4,471 1,217
N
et increase (decrease) in cash and cash equivalents ................................................. 186,210 6,233 (34,978)
Cash and cash equivalents at beginning of year.......................................................... 189,917 183,684 218,662
Cash and cash equivalents at end of year.................................................................... $ 376,127 $ 189,917 $ 183,684
Su
pp
lemental disclosures:
Cash paid for income taxes..................................................................................... $ 61,423 $ 18,695 $ 32,773
Non-cash investin
g
and financin
g
activities:
Cash dividends declared but not paid................................................................... $ 3,027 $ 2,979 $ 2,900
Unrealized
g
ains
(
losses
)
on available-fo
r
-sale securities
,
net of taxes ................ $
(
7
,
345
)
$ 2
,
451 $
(
4
,
664
)
Treasur
y
stock issued for ac
q
uisition ................................................................... $
—
$
—
$ 68
,
412