Health Net 1999 Annual Report Download - page 32

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Consolidated Statements of Cash Flows
Fo undation Health Systems, Inc.
30 FOUNDATION HEALTH SYSTEMS, IN C.
Year ended December 31,
(Amounts in thousands) 1999 1998 1997
Cash Flows from Operating Activities:
Net income (loss) $ 142,365 $ (165,158) $ (187,084)
Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Amortization and depreciation 112,041 128,093 98,353
Net (gain) loss on sale of businesses and properties (58,332) (5,600) 12,676
Cumulative effect of a change in accounting principle 5,417 – –
Impairment of assets 11,724 159,066 8,456
Other changes in net assets of discontinued operations – – (5,395)
Loss on disposition of discontinued operations – – 88,845
Loss from discontinued operations – – 30,409
Other changes 5,648 15,041 2,525
Changes in assets and liabilities, net of effects of acquisitions and dispositions:
Premiums receivable and unearned subscriber premiums (8,973) 38,569 3,105
Other assets 63,902 (69,671) (112,302)
Amounts receivable/ payable under government contracts 5,130 (58,000) (16,155)
R eserves for claims and other settlements 167,084 (6,416) (55,450)
Accounts payable and accrued liabilities (148,878) 64,943 6,145
Net cash provided by (used in) operating activities 297,128 100,867 (125,872)
Cash Flows from Investing Activities:
Sale or maturity of investments 642,150 727,435 597,691
Purchase of investments (606,350) (697,472) (406,818)
Net purchases of property and equipment (36,592) (147,782) (131,669)
Proceeds from notes receivables – – 93,011
Sale of net assets of discontinued operations – 257,100 –
Proceeds from sale of businesses and properties 137,728 – –
Acquisitions of businesses, net of cash acquired – – (293,625)
Other 26,486 7,682 6,633
Net cash provided by (used in) investing activities 163,422 146,963 (134,777)
Cash Flows from Financing Activities:
Proceeds from exercise of stock options and employee stock purchases 1,553 13,209 21,506
Proceeds from issuance of notes payable and other financing arrangements 221,276 155,575 566,240
R epayment of debt and other noncurrent liabilities (436,705) (212,109) (144,341)
Stock repurchase – – (111,334)
Net cash provided by (used in) financing activities (213,876) (43,325) 332,071
Net increase in cash and cash equivalents 246,674 204,505 71,422
Cash and cash equivalents, beginning of year 763,865 559,360 487,938
Cash and cash equivalents, end of year $1,010,539 $ 763,865 $ 559,360
See accompanying notes to consolidated financial statements.