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See accompanying Notes to Consolidated Financial Statements.
71
ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended
November 28,
2008
November 30,
2007
December 1,
2006
Cash flows from operating activities:
Net income ...................................................... $
871,814
$
723,807
$
505,809
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion ..............................
270,269
315,464
307,822
Stock-based compensation .........................................
172,474
149,987
170,534
Tax benefit from employee stock option plans ..........................
90,360
55,074
143,118
Deferred income taxes ............................................
46,584
58,385
(4,264
)
Other non-cash items .............................................
4,784
(176
)
1,874
Gains on sales of investments, net of impairments ........................
(17,377
)
(6,776
)
(63,593
)
Excess tax benefits from stock-based compensation ......................
(31,983
) (85,050
)
(107,524
)
Changes in operating assets and liabilities, net of acquired assets and assumed
liabilities:
Trade receivables .............................................
(153,386
) 46,332
(92,498
)
Prepaid expenses and other current assets ............................
(5,584
)
6,418
(7,917
)
Trade payables ...............................................
14,078
3,518
8,253
Accrued expenses .............................................
(13,904
)
83,281
(27,515
)
Accrued restructuring ..........................................
24,330
(13,796
)
(41,091
)
Income taxes payable ..........................................
(57,656
)
61,448
27,247
Deferred revenue .............................................
65,879
43,137
79,690
Net cash provided by operating activities ..........................
1,280,682
1,441,053
899,945
Cash flows from investing activities:
Purchases of short-term investments ....................................
(2,381,533
) (2,503,147
)
(1,596,442
)
Maturities of short-term investments ....................................
1,568,874
516,839
357,775
Proceeds from sales of short-term investments.............................
717,076
2,457,347
1,010,284
Purchases of property and equipment ...................................
(111,792
)
(132,075
)
(83,250
)
Purchases of long-term investments and other assets ........................
(124,469
)
(111,939
)
(28,381
)
Investment in lease receivable ........................................
—
(80,439
)
—
Cash received from acquisitions .......................................
674
1,676
492,758
Cash paid for acquisitions ............................................
(4,258
)
(77,204
)
(48,351
)
Issuance costs for credit facility .......................................
—
(856
)
—
Proceeds from sale of other investments .................................
30,747
11,342
90,793
Net cash (used for) provided by investing activities ....................
(304,681
)
81,544
195,186
Cash flows from financing activities:
Purchase of treasury stock ...........................................
(1,722,715
) (1,951,527
)
(1,364,412
)
Proceeds from issuance of treasury stock .................................
319,165
516,087
509,506
Excess tax benefits from stock-based compensation .........................
31,983
85,050
107,524
Proceeds from borrowings on credit facility ..............................
800,000
—
—
Repayments of borrowings on credit facility ..............................
(450,000
)
—
—
Net cash used for financing activities ...................................
(1,021,567
) (1,350,390
)
(747,382
)
Effect of foreign currency exchange rates on cash and cash equivalents ............
(14,406
) 1,715
3,933
Net (decrease) increase in cash and cash equivalents ..........................
(59,972)
173,922
351,682
Cash and cash equivalents at beginning of year ..............................
946,422
772,500
420,818
Cash and cash equivalents at end of year ................................... $
886,450
$
946,422
$
772,500
Supplemental disclosures:
Cash paid for interest ............................................... $
9,604
$
—
$
—
Cash paid for income taxes, net of refunds ............................... $
126,299
$
55,236
$
36,632
Non-cash investing and financing activities:
Common and treasury stock issued and stock options assumed for Macromedia .. $
—
$
—
$
3,436,725