Seagate 2012 Annual Report Download - page 57

Table of Contents
Cash provided by operating activities for fiscal year 2012 was approximately $3.3 billion and includes the effects of net income adjusted for
non-cash items including depreciation, amortization, stock-based compensation, and:
• an increase of $824 million in accounts receivable, net, due to an increase in revenues;
• an increase of $157 million in accounts payable due to higher direct material purchases related to an increase in volume, partially
offset by a change in supplier payment terms; and
• an increase of $145 million in accrued employee compensation reflecting an increase in variable performance-based
compensation.
Cash provided by operating activities for fiscal year 2011 was approximately $1.3 billion and includes the effects of net income adjusted for
non-cash items including depreciation, amortization, stock-based compensation, impairment of long-lived assets, and:
• an increase of $386 million in accounts payable due to higher direct material purchases related to an increase in volume;
• an increase of $168 million related to an increase in vendor non-trade receivables; and
• an increase of $115 million in inventories related to an increase in volume.
Cash Used in Investing Activities
In fiscal year 2013, we used $0.8 billion for net cash investing activities, which was primarily due to payments for property, equipment and
leasehold improvements.
In fiscal year 2012, we used $1.1 billion for net cash investing activities, which was primarily due to payments for property, equipment and
leasehold improvements of approximately $0.6 billion and net payments for the acquisition of Samsung's HDD business of $0.6 billion.
In fiscal year 2011, we used $1.0 billion for net cash investing activities, which was primarily attributable to payments for property,
equipment and leasehold improvements of approximately $0.8 billion.
Cash Provided by (Used in) Financing Activities
Net cash used in financing activities of $2.2 billion for fiscal year 2013 was attributable to $1.7 billion paid to repurchase 54 million of our
ordinary shares, $1.2 billion for the repurchase and redemption of long term debt and $0.5 billion in dividends paid to our shareholders. This use
of cash was partially offset by the proceeds from the issuance of $1 billion of our 4.75% notes due 2023 and $0.3 billion in proceeds from the
issuance of ordinary shares under employee stock plans.
Net cash used in financing activities of $3.1 billion for fiscal year 2012 was attributable to $2.4 billion paid to repurchase 101 million of our
ordinary shares, $0.7 billion in long term debt repayments and $0.4 billion in dividends paid to our shareholders. This use of cash was partially
offset by $0.3 billion in proceeds from the exercise of stock options and employee stock purchases.
Net cash provided by financing activities of $0.1 billion for fiscal year 2011 was attributable to $1.3 billion in net proceeds from the
issuance of long-term debt partially offset by $0.8 billion to repurchase 56.9 million of our ordinary shares and $0.4 billion for the repayment of
our long-term debt.
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