Ingram Micro 1999 Annual Report Download - page 35

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Ingram Micro
Annual Report
CONSOLIDATED STATEMENT OF CASH FLOWS
(Dollars in 000s)
Fiscal Year
1999 1998 1997
Cash provided (used) by operating activities:
Net income $183,419 $245,175 $193,640
Adjustments to reconcile net income to
cash provided (used) by operating activities:
Depreciation 74,701 57,673 42,880
Amortization of goodwill 22,900 10,269 4,955
Deferred income taxes 22,524 3,532 8,226
Pre-tax gain on sale of available-for-sale securities (201,318) — —
Gain (net of tax) on repurchase of debentures (3,778) — —
Minority interest — — 1,387
Noncash compensation charge 2,428 4,562 7,152
Noncash interest expense on debentures 26,442 14,248 —
Changes in operating assets and liabilities,
net of effects of acquisitions:
Trade accounts receivable (94,266) (786,727) (485,711)
Inventories (307,940) (445,324) (542,886)
Other current assets (101,127) (17,473) (61,642)
Accounts payable 899,574 694,880 92,396
Accrued expenses 49,449 (59,348) 91,912
Cash provided (used) by operating activities 573,008 (278,533) (647,691)
Cash (used) provided by investing activities:
Purchase of property and equipment (135,260) (143,236) (101,458)
Proceeds from sale of property and equipment 10,433 75,321 12,963
Acquisitions, net of cash acquired (241,928) (96,550) (33,960)
Equity investment in subsidiary — — (71,212)
Purchase of available-for-sale securities — (50,262) —
Net proceeds from sale of available-for-sale securities 230,109 — —
Other (1,795) (3,867) 320
Cash used by investing activities (138,441) (218,594) (193,347)
Cash (used) provided by financing activities:
Repurchase of Redeemable Class B Common Stock (107) (650) (630)
Exercise of stock options including tax benefits 20,832 93,863 28,410
Proceeds from issuance of convertible debentures,
net of issuance costs — 449,604 —
Proceeds from (repayment of) debt 123,999 (80,689) 90,219
Repurchase of convertible debentures (50,321) — —
Net (repayments) borrowings under
revolving credit facilities (508,250) 34,978 770,367
Cash (used) provided by financing activities (413,847) 497,106 888,366
Effect of exchange rate changes on cash 10,750 4,491 (3,395)
Increase in cash 31,470 4,470 43,933
Cash, beginning of year 96,682 92,212 48,279
Cash, end of year $128,152 $96,682 $92,212
Supplemental disclosure of cash flow information:
Cash payments during the year:
Interest $72,343 $61,706 $36,185
Income taxes 96,682 109,108 107,129
See accompanying notes to these consolidated financial statements.