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65
ADOBE SYSTEMS INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended
November 28,
2014 November 29,
2013 November 30,
2012
Cash flows from operating activities:
Net income..................................................................................................................... $ 268,395 $ 289,985 $ 832,775
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion................................................................. 313,590 321,227 299,766
Stock-based compensation ....................................................................................... 333,701 328,987 298,502
Deferred income taxes.............................................................................................. (26,089) 29,704 89,212
Write down of assets held for sale............................................................................ — 23,151 —
Unrealized (gains) losses on investments................................................................. (74) 5,665 (8,535)
Tax benefit (shortfall) from employee stock option plans........................................ 53,225 25,290 (16,841)
Excess tax benefits from stock-based compensation................................................ (53,235) (40,619) (10,003)
Other non-cash items................................................................................................ 1,889 5,654 4,296
Changes in operating assets and liabilities, net of acquired assets and
assumed liabilities:
Trade receivables, net ............................................................................................ 7,928 33,649 45,166
Prepaid expenses and other current assets ............................................................. (1,918) (55,509) 4,552
Trade payables ....................................................................................................... 6,211 7,132 (62,874)
Accrued expenses................................................................................................... 37,544 41,828 (7,770)
Accrued restructuring............................................................................................. 8,871 (6,949) (66,047)
Income taxes payable............................................................................................. 11,006 (58,875) 10,041
Deferred revenue.................................................................................................... 326,438 201,366 87,340
Net cash provided by operating activities......................................................... 1,287,482 1,151,686 1,499,580
Cash flows from investing activities:
Purchases of short-term investments ............................................................................. (2,014,186) (2,058,058) (1,776,485)
Maturities of short-term investments............................................................................. 272,076 360,485 439,878
Proceeds from sales of short-term investments ............................................................. 1,443,577 1,449,961 1,126,886
Acquisitions, net of cash acquired ................................................................................. (29,802) (704,589) (353,195)
Purchases of property and equipment............................................................................ (148,332) (188,358) (271,076)
Proceeds from sale of property and equipment.............................................................. — 24,260 —
Purchases of long-term investments, intangibles and other assets ................................ (17,572) (67,737) (29,701)
Proceeds from sale of long-term investments................................................................ 3,532 6,233 29,031
Net cash used for investing activities ............................................................... (490,707) (1,177,803) (834,662)
Cash flows from financing activities:
Purchases of treasury stock............................................................................................ (600,000) (1,100,000) (405,000)
Proceeds from issuance of treasury stock...................................................................... 227,841 598,194 235,251
Cost of issuance of treasury stock.................................................................................. (173,675) (97,418) (65,977)
Excess tax benefits from stock-based compensation..................................................... 53,235 40,619 10,003
Proceeds from debt and capital lease obligations .......................................................... — 25,703 3,152
Repayment of debt and capital lease obligations........................................................... (14,684) (25,879) (9,855)
Debt issuance costs ........................................................................................................ — (357) (2,297)
Net cash used for financing activities............................................................... (507,283) (559,138) (234,723)
Effect of foreign currency exchange rates on cash and cash equivalents......................... (6,648) (5,241) 5,357
Net increase (decrease) in cash and cash equivalents....................................................... 282,844 (590,496) 435,552
Cash and cash equivalents at beginning of year............................................................... 834,556 1,425,052 989,500
Cash and cash equivalents at end of year ......................................................................... $ 1,117,400 $ 834,556 $ 1,425,052
Supplemental disclosures:
Cash paid for income taxes, net of refunds.................................................................... $ 20,140 $ 129,701 $ 201,125
Cash paid for interest ..................................................................................................... $ 68,886 $ 64,843 $ 66,265
Non-cash investing activities:
Investment in lease receivable applied to building purchase......................................... $ 126,800 $ — $ —
Issuance of common stock and stock awards assumed in business acquisitions........... $ 21 $ 1,160 $ 4,265
See accompanying Notes to Consolidated Financial Statements.