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32 Annual Report 1999
SANDISK CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Years Ended December 31, 1999 1998 1997
Cash flows from operating activities:
Net income $ 26,550 $ 11,836 $ 19,839
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 7,145 5,839 3,985
Deferred tax asset ( 1,100 ) 1,160 ( 16,055 )
Compensation related to modification of
stock option terms —33 —
Changes in assets and liabilities:
Accounts receivable ( 33,616 ) ( 247 ) ( 7,643 )
Inventories ( 26,757 ) 6,726 ( 6,018 )
Prepaid expenses and other current assets 2,959 ( 6,089 ) ( 946 )
Deposits and other assets ( 5,7 21 ) 283 ( 9 )
Accounts payable 23,796 ( 7,174 ) 6,516
Accrued payroll and related expenses 4,491 ( 906 ) 1,817
Income taxes payable 10,984 2,617 4,495
Other accrued liabilities 6,301 1,548 990
Deferred revenue 1,931 ( 515 ) 22,315
Total adjustments ( 9,587 ) 3,275 9,447
Net cash provided by operating activities 16,963 15,111 29,286
Cash flows from investing activities:
Purchases of short-term investments ( 332,379 ) ( 137,822 ) ( 148,954 )
Proceeds from short-term investments 139,391 133,214 89,919
Acquisition of property and equipment ( 21,391 ) ( 7,489 ) ( 9,592 )
Investment in foundry —( 10,923 ) ( 40,284 )
Net cash used in investing activities ( 214,379 ) ( 23,020 ) ( 108,911 )
Cash flows from financing activities:
Sale of common stock and warrants 328,202 2,405 81,190
Net cash provided by financing activities 328,202 2,405 81,190
Net increase (decrease) in cash and cash equivalents 130,786 ( 5,504 ) 1,565
Cash and cash equivalents at beginning of year 15,384 20,888 19,323
Cash and cash equivalents at end of year $ 146,170 $ 15,384 $ 20,888
Supplemental disclosure of cash flow information:
Cash paid for income taxes $ 4,306 $ 8,277 $ 15,172
The accompanying notes are an integral part of these consolidated financial statements