Compuware Corporation and Subsidiaries
Consolidated Financial Statements
Consolidated Statements of Cash Flows
YEARS ENDED MARCH 31 2001 2000 and 1999
(In Thousands)
|
|
|
|
2001
|
|
2000
|
|
1999
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|
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CASH FLOWS FROM OPERATING ACTIVITIES
Net income |
$ 119,083
|
$ 351,976
|
|
$ 349,863
|
Adjustments to reconcile net ncome to cash
provided by operatons:
Purchased research and development |
|
17,900
|
4,350
|
| Depreciation and amortization |
103,663
|
71,510
|
41,537
|
| Tax benefit from exercise of stock options |
10,283
|
45,962
|
91,083
|
Issuance of common stock to Employee Stock
Ownership Trust |
10,685
|
6,496
|
4,558
|
| Acquisition tax benefits |
7,454
|
7,219
|
6,707
|
| Deferred income taxes |
105
|
(5,758)
|
(1,015)
|
| Gain on sale of marketable securities |
|
(10,918)
|
|
| Other |
(4,080)
|
994
|
160
|
Net change in assets and liabilities, net of effects
from acquisitions:
Accounts receivable |
67,799
|
(385,102)
|
(214,293)
|
| Prepaid expenses and other current assets |
8,298
|
2,962
|
(18,215)
|
| Other assets |
13,199
|
(27,716)
|
(21,759)
|
| Accounts payable and accrued expenses |
(51,012)
|
(19,222)
|
99,522
|
| Deferred revenue |
39,034
|
137,954
|
107,014
|
| Income taxes |
12,084
|
(28,858)
|
29,744
|
|
|
|
| Net cash provided by operating activities |
336,595
|
165,399
|
479,256
|
|
|
|
CASH USED IN INVESTING ACTIVITIES
Purchase of:
Businesses |
(17,576)
|
(700,266)
|
(12,629)
|
| Property and equipment |
(39,803)
|
(34,922)
|
(26,370)
|
| Capitalized software |
(13,881)
|
(15,698)
|
(12,173)
|
Investments:
Proceeds from maturity |
309,377
|
471,932
|
446,221
|
| Proceeds from sales of securities |
|
14,194
|
|
| Purchases |
(278,105)
|
(230,554)
|
(774,350)
|
|
|
|
| Net cash used in investing activities |
(39,988)
|
(495,314)
|
(379,301)
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long term debt |
18,000
|
533,000
|
|
| Payment of long term debt |
(328,000)
|
(83,000)
|
(3,692)
|
| Net proceeds from sale of common stock |
29,673
|
31,681
|
19,913
|
| Repurchase of common stock |
|
(348,373)
|
(151,617)
|
| Net proceeds from exercise of stock options |
6,580
|
33,959
|
22,291
|
|
|
|
| Net cash (used in) provided by financing activities |
(273,747)
|
167,267
|
(113,105)
|
|
|
|
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
22,860
|
(162,648)
|
(13,150)
|
|
|
|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
30,480
|
193,128
|
206,278
|
|
|
|
| CASH AND CASH EQUIVALENTS AT END OF YEAR |
$ 53,340
|
$ 30,480
|
$ 193,128
|
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| See notes to consolidated financial slatements. |
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