Qualcomm 2002 Annual Report Download - page 60

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Years Ended September 30,
2002 2001* 2000*
OPERATING ACTIVITIES:
Net income (loss) $ 359,677 $ (578,078) $ 622,146
Depreciation and amortization 394,257 319,811 243,842
Purchased in-process technology — — 60,030
Asset impairment and related charges and credits 459 746,330 59,806
Net realized gains on marketable securities and other investments (2,010) (70,146) (270,132)
Change in fair values of derivative investments 58,408 243,308 —
Other-than-temporary losses on marketable securities and other investments 230,491 198,398 —
Minority interest in (loss) income of consolidated subsidiaries (52,498) 3,769 6,264
Equity in losses of investees 86,958 185,060 63,182
Non-cash income tax expense 12,394 29,948 481,621
Accounting changes, net of tax — 17,937 —
Other non-cash charges and credits 24,057 (44,611) 16,066
Increase (decrease) in cash resulting from changes in:
Net purchases of trading securities (2,036) — —
Accounts receivable, net (4,544) 69,541 233,281
Finance receivables, net (146,800) (354,140) (372,072)
Inventories, net 11,187 (40,735) (68,776)
Other assets 4,448 27,519 (29,757)
Trade accounts payable 411 (13,838) (164,756)
Payroll, benefits, and other liabilities 31,565 (67,440) (99,976)
Unearned revenue (38,457) 18,858 10,012
Net cash provided by operating activities 967,967 691,491 790,781
INVESTING ACTIVITIES:
Capital expenditures (141,578) (114,191) (163,182)
Purchases of wireless licenses — (83,774) —
Purchases of available-for-sale securities (1,754,055) (1,182,698) (993,512)
Proceeds from sale of available-for-sale securities 1,049,404 977,285 571,492
Purchases of held-to-maturity securities (188,846) (301,870) (1,392,310)
Maturities of held-to-maturity securities 257,371 973,879 1,218,189
Issuance of notes receivable (3,914) (225,747) (214,267)
Collection of notes receivable 16,202 15,581 229,654
Proceeds from sale of businesses — — 246,990
Proceeds from sale of other investments 9,374 26,730 —
Other investments and acquisitions (320,655) (246,538) (273,668)
Other items, net 7,274 11,921 5,963
Net cash used by investing activities $(1,069,423) (149,422) (764,651)
FINANCING ACTIVITIES:
Net borrowings under bank lines of credit — — (112,000)
Net proceeds from issuance of common stock 119,671 132,690 143,768
Repurchase and retirement of common stock (5,773) — —
Proceeds from minority shareholders in consolidated subsidiary 10,000 — —
Proceeds from the issuance of long-term debt 16,896 501 —
Payments on long-term debt (20,187) (620) (4,826)
Other items, net — 1,014 678
Net cash provided by financing activities 120,607 133,585 27,620
Effect of exchange rate changes on cash (1,049) (3,923) 3,105
Net increase in cash and cash equivalents 18,102 671,731 56,855
Cash and cash equivalents at beginning of year 1,388,602 716,871 660,016
Cash and cash equivalents at end of year $ 1,406,704 $ 1,388,602 $ 716,871
* As adjusted (Note 13)
See accompanying notes.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)