Logitech 2004 Annual Report Download - page 102

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LOGITECH INTERNATIONAL S.A.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year ended March 31,
2004 2003 2002
Cash flows from operating activities:
Netincome ................................................. $132,153 $ 98,843 $ 74,956
Non-cash items included in net income:
Depreciation ............................................ 26,164 25,522 28,092
Amortization of other intangible assets ....................... 5,240 5,047 3,678
Write-off of investments .................................. 515 1,512 1,220
Gain (loss) on sale of investments ........................... — 163 (1,115)
Equity in net losses of affiliated companies .................... — — 2,469
Release of tax valuation allowance .......................... (13,350) — —
Deferred income taxes and other ............................ 9,338 (387) (376)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable ...................................... (14,085) 2,565 (28,937)
Inventories ............................................. (5,307) (32,714) 26,040
Other assets ............................................ 749 (4,356) (3,139)
Accounts payable ........................................ 9,812 27,807 (878)
Accrued liabilities ....................................... 15,231 21,106 10,585
Net cash provided by operating activities ................. 166,460 145,108 112,595
Cash flows from investing activities:
Purchases of property, plant and equipment ....................... (24,718) (28,657) (21,941)
Acquisitions and investments, net of cash acquired .................. (15,490) 1,985 (6,822)
Sales of investments .......................................... — 2,072 4,249
Net cash used in investing activities ..................... (40,208) (24,600) (24,514)
Cash flows from financing activities:
Net borrowings of short-term debt ............................... — 2,822 (53,994)
Borrowings of long-term debt, net of issuance costs ................. — — 93,292
Repayments of long-term debt .................................. (1,331) (1,185) (27,450)
Purchases of treasury shares .................................... (79,162) (63,822) (15,043)
Proceeds from sale of shares upon exercise of options and rights ....... 31,404 15,629 16,389
Net cash provided by (used in) financing activities .......... (49,089) (46,556) 13,194
Effect of exchange rate changes on cash and cash equivalents ............. (1,144) 1,681 (2,316)
Net increase in cash and cash equivalents ................. 76,019 75,633 98,959
Cash and cash equivalents at beginning of period ....................... 218,734 143,101 44,142
Cash and cash equivalents at end of period ............................ $294,753 $218,734 $143,101
Supplemental cash flow information:
Interest paid ................................................ $ 1,515 $ 1,336 $ 1,709
Incometaxespaid............................................ $ 6,056 $ 5,343 $ 3,409
Non-cash investing and financing activities:
Acquisition of Labtec through issuance of shares ................... $ — $ — $ 875
Note payable issued to acquire 3Dconnexion minority interest ......... $ — $ 7,400 $ —
Assumption of Spotlife capital lease ............................. $ — $ 2,682 $ —
The accompanying notes are an integral part of these consolidated financial statements.
F-5