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3 5 2 0 0 2 Annua l Re port
C o n s o lid a t e d S t a t e m e n t s o f C a s h F lo w s
(In thousands)
Years Ended Decem ber 31, 2 0 0 2 2001 2000
C a sh flo w s from o p e ra ting a c tivitie s:
Net incom e (loss) $ 3 6 ,2 4 0 $ (297,944) $ 298,672
Adjustm ents to reconcile net incom e (loss) to net cash provided
by operating activities:
Deferred taxes (7 ,7 2 9 ) (134,483) 114,501
(Gain) loss in investment in foundries 15 ,16 3 302,293 (344,168)
Loss in equity investment 2 ,7 0 0 ––
Depreciation and am ortization 2 1,3 2 1 20,548 15,928
Am ortization of bond issuance costs 880 ––
Allow ance for doubtful accounts 1,7 9 5 829 3,991
Equity in incom e of joint ventures (8 5 6 ) (2,082) –
Non- cash portion of restructuring charge –6,383 –
(Gain) loss on disposal of equipm ent (1,0 8 9 ) 7,013 1,013
Com pensation related to m odification of stock option term s –– 425
Changes in operating assets and liabilities:
Accounts receivable (3 7 ,6 5 8 ) 50,353 (51,468)
Incom e tax refund receivable 2 6 ,9 10 (28,473) –
Inventories (3 3 ,3 14 ) 39,587 (61,728)
Prepaid expenses and other current assets (5 ,2 17 ) 6,179 (4,531)
Deposits and other assets 1,7 7 1 6,964 (3,545)
Investm ent in FlashVision 8 ,12 8 ––
Accounts payable 8,356 (39,241) 36,378
Accrued payroll and related expenses 6 ,4 11 (10,936) 7,956
Incom e taxes payable 3,807 (4,226) 39,842
Other current liabilities, related parties (2 ,4 0 8 ) 31,331 –
Other accrued liabilities 6 ,9 11 7,397 6,744
Deferred incom e on shipm ents to distributors and retailers
and deferred revenue 5 1,12 9 (34,934) 21,357
Other non-current liabilities, related party –1,416 3,485
Other non-current liabilities 2,404 ––
Total adjustm ents 6 9 ,4 15 225,878 (213,820)
Net cash provided by (used in) operating activities 10 5 ,6 5 5 (72,066) 84,852
C a sh flo w s from inve sting a c tivitie s:
Purchases of short-term investm ents (2 2 1,2 6 9 ) (224,659) (593,146)
Proceeds from sale of short term investm ents 13 7 ,16 3 380,207 643,734
Acquisition of property and equipm ent (16 ,6 3 8 ) (26,223) (26,586)
Acquisition of technology license (6 0 6 ) ––
Investm ent in FlashVision 4 ,19 9 (14,970) (134,730)
Investm ent in foundries (2 6 ,0 0 5 ) (44,498) (7,200)
Deposit in escrow for investm ent in foundries –20,004 (20,004)
Restricted cash 6 4 ,7 3 4 (64,734) –
Net cash provided by (used in) investing activities (5 8 ,4 2 2 ) 25,127 (137,932)
C a sh flo w s from financ ing ac tivitie s:
Net proceeds from issuance of convertible subordinated notes 2 4 ,3 6 6 121,531 –
Issuance of comm on stock 5,537 8,630 13,187
Net cash provided by financing activities 2 9 ,9 0 3 130,161 13,187
Net increase (decrease) in cash and cash equivalents 7 7 ,13 6 83,222 (39,893)
Cash and cash equivalents at beginning of the year 18 9 ,4 9 9 106,277 146,170
Cash and cash equivalents at end of the year $ 266,635 $ 189,499 $ 106,277
Supp le m e nta l disclosure o f c ash flo w info rm a tion:
Cash paid for incom e taxes $ (10 ,0 7 6 ) $ (13,962) $ (37,260)
Cash refund for incom e taxes 2 7 ,3 9 9 ––
Cash paid for interest expense (6 ,0 19 ) ––
See accom panying notes