Avid 2000 Annual Report Download - page 41
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AVID TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) For the Year Ended December 31,
2000 1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($56,349) ($137,548) ($3,633)
Adjustments to reconcile net loss to net cash provided by
operating activities:
Depreciation and amortization 84,264 103,223 55,928
Provision for doubtful accounts 6,170 3,971 2,018
Compensation from stock grants and options 2,199 1,920 3,945
Changes in deferred tax assets and liabilities 14 52,965 (4,412)
(Gain) loss on disposal of equipment 850 (133)
Equity in income of non-consolidated companies (1,020)
Charge for acquired in-process research and development, net of tax
benefit
20,155
Provision for restructuring charge, non-cash portion 541
Tax benefit of stock option exercises 3,829
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable (23,677) 9,074 (2,801)
Inventories (5,712) (4,252) (2,769)
Prepaid expenses and other current assets 1,179 (813) (2,126)
Accounts payable 5,016 (245) 814
Income taxes payable 7,052 (13,608) 2,404
Accrued expenses, compensation and benefits (8,981) (8,054) 716
Deferred revenues 1,955 (431) (5,700)
NET CASH PROVIDED BY OPERATING ACTIVITIES 12,110 7,593 68,235
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (7,401) (22,588) (14,118)
Payments for other long-term assets (380) (3,005)
(1,815)
Proceeds from disposal of assets 1,325 1,309
Investments in non-consolidated companies (2,100)
Payments for acquisitions, net of cash acquired (1,990) (78,416)
Payments on note issued in connection with acquisition (8,000)
Purchases of marketable securities (31,861) (38,927)
(166,580)
Proceeds from sales of marketable securities 42,001 61,084 196,317
NET CASH USED IN INVESTING ACTIVITIES (1,731) (10,111) (63,303)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt (712) (610)
Purchase of common stock for treasury (460) (19,718) (61,822)
Proceeds from issuance of common stock 10,532 4,449 10,901
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 10,072 (15,981) (51,531
)
Effects of exchange rate changes on cash and cash equivalents (1,648) 1,667 1,195
Net increase (decrease) in cash and cash equivalents 18,803 (16,832) (45,404)
Cash and cash equivalents at beginning of year 46,072 62,904 108,308
Cash and cash equivalents at end of year $64,875 $46,072 $62,904