Avid 2004 Annual Report Download - page 57

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43
AVID TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Year Ended December 31,
2004
2003
2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$71,701
$40,889
$2,999
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
16,292
12,391
12,974
Impairment of intangible assets
1,187
–
–
Provision for (recovery of) doubtful accounts and recourse obligations
(201)
624
1,073
Compensation expense from stock grants and options
1,448
181
1,028
Changes in deferred tax assets and liabilities, net of effects of acquisitions
(1,286)
(280)
104
Tax benefit of stock option exercises
740
603
–
Equity in income of non-consolidated company
(221)
(192)
(199)
Gain on sale of business
–
–
(327)
Write-down of investment in non-consolidated company
–
–
1,000
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable
(15,450)
(668)
13,370
Inventories
620
(209)
(16,170)
Prepaid expenses and other current assets
(4,804)
(358)
346
Accounts payable
3,300
(8,574)
4,969
Income taxes payable
141
(207)
(1,936)
Accrued expenses, compensation and benefits
8,634
5,016
(232)
Deferred revenues
(732)
9,429
6,399
NET CASH PROVIDED BY OPERATING ACTIVITIES
81,369
58,645
25,398
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(15,177)
(7,951)
(9,356)
Payments for other long-term assets
(656)
(300)
(196)
Dividend from non-consolidated company
–
196
59
Proceeds from sale of business
–
–
327
Payments for business acquisitions, net of cash acquired
(135,515)
(2,282)
(425)
Purchases of marketable securities
(61,407)
(121,038)
(58,900)
Proceeds from sales and maturities of marketable securities
105,644
57,461
34,027
NET CASH USED IN INVESTING ACTIVITIES
(107,111)
(73,914)
(34,464)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on capital lease obligations
(610)
(619)
–
Payments on debt
(1,203)
–
–
Payments on note issued in connection with acquisition
–
–
(13,020)
Proceeds from issuance of common stock under employee stock plans
29,376
54,718
12,689
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
27,563
54,099
(331)
Effects of exchange rate changes on cash and cash equivalents
113
1,545
533
Net increase (decrease) in cash and cash equivalents
1,934
40,375
(8,864)
Cash and cash equivalents at beginning of year
77,124
36,749
45,613
Cash and cash equivalents at end of year
$79,058
$77,124
$36,749
See Notes G, H and Q for supplemental disclosures.
The accompanying notes are an integral part of the consolidated financial statements.