EMC 2003 Annual Report Download - page 37

Download and view the complete annual report

Please find page 37 of the 2003 EMC annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 85

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85

Net income (loss) per weighted average share, basic $ 0.22 $ (0.05) $ (0.23)
Net income (loss) per weighted average share, diluted $ 0.22 $ (0.05) $ (0.23)
Weighted average shares, basic 2,211,544 2,206,294 2,211,273
Weighted average shares, diluted 2,237,656 2,206,294 2,211,273
The accompanying notes are an integral part of the consolidated financial statements.
53
EMC CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Year Ended December 31,
2003 2002 2001
Cash flows from operating activities:
Net income (loss) $ 496,108 $ (118,706) $ (507,712)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 520,698 653,686 654,698
Non-cash restructuring, inventory and other special charges (reversals) 45,969 (26,027) 449,364
Amortization of deferred compensation 13,725 13,077 19,514
Provision for doubtful accounts 1,761 35,171 32,711
Deferred income taxes, net (19,068) 74,088 (227,429)
Other 19,771 67,011 246,772
Changes in assets and liabilities, net of acquisitions:
Accounts and notes receivable 42,398 435,613 806,002
Inventories (46,342) 240,377 127,581
Other assets (25,760) 64,918 (19,303)
Accounts payable (32,170) 4,240 (78,429)
Accrued expenses (44,786) (74,886) 201,301
Income taxes payable 230,156 (158,308) (157,007)
Deferred revenue 412,818 236,813 69,637
Other liabilities (94,048) (1,333) 13,558
Net cash provided by operating activities 1,521,230 1,445,734 1,631,258
Cash flows from investing activities:
Additions to property, plant and equipment (368,545) (391,076) (889,309)
Capitalized software development costs (113,427) (126,678) (120,724)
Purchases of short and long-term available for sale securities (6,430,482) (8,437,486) (4,981,376)
Sales of short and long-term available for sale securities 5,032,720 7,199,476 4,445,271
Maturities of short and long-term available for sale securities 304,408 226,408 126,683
Business acquisitions, net of cash acquired (used) 323,930 (21,993) (111,455)
Other (61,801) (25,044) 17,310
Net cash used in investing activities (1,313,197) (1,576,393) (1,513,600)
Cash flows from financing activities:
Issuance of common stock 112,592 80,924 170,284
Purchase of treasury stock (126,975) (363,923) (18,258)
Cash portion of McData Corporation spinoff dividend – – (141,981)
Payment of long-term and short-term obligations (30,406) (29,694) (16,859)
Issuance of long-term and short-term obligations 4,736 1,516 40,206
Net cash (used in) provided by financing activities (40,053) (311,177) 33,392
Effect of exchange rate changes on cash 14,848 (585) (5,252)
Net increase (decrease) in cash and cash equivalents 182,828 (442,421) 145,798
Cash and cash equivalents at beginning of year 1,686,598 2,129,019 1,983,221
Cash and cash equivalents at end of year $ 1,869,426 $ 1,686,598 $ 2,129,019