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GAAP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Twelve Months Ended October 25, 2008 and October 27, 2007
(in thousands)
(unaudited)
Twelve Months Ended
October 25, October 27,
2008 2007
Cash flows from operating activities:
Net income $169,482 $76,872
Adjustments to reconcile net income to net
cash provided by operating activities:
Release of valuation allowance (185,176) -
Excess tax benefit from employee stock plans (16,146) 77
Depreciation and amortization 120,178 101,416
Loss on disposal of property and equipment 3,181 1,213
Amortization of debt issuance costs 319 -
Net (gains) losses on investments and
marketable equity securities 15,327 (11,694)
Provision for doubtful accounts receivable
and sales allowances 6,614 5,401
Non-cash compensation expense 39,036 36,942
Non-cash facilities lease loss benefit (582) -
Capitalization of interest cost (970) -
Changes in assets and liabilities:
Accounts receivable 17,143 27,414
Inventories (3,345) 3,481
Prepaid expenses and other assets 25,200 26,429
Deferred tax assets (56,516) (22,906)
Accounts payable 40,550 10,075
Accrued employee compensation 30,242 (37,473)
Deferred revenue 10,185 17,162
Other accrued liabilities 73,311 (55,967)
Liabilities associated with facilities
lease losses (9,538) (8,039)
Liability associated with class action
lawsuit 160,000 -
Net cash provided by operating activities 438,495 170,403
Cash flows from investing activities:
Purchases of property and equipment (144,071) (56,538)
Purchases of short-term investments (169,016) (571,357)
Purchases of marketable equity securities (248,431) (15,930)
Proceeds from sale of property and equipment - 1,336
Proceeds from sale of marketable equity
securities and equity investments 9,926 11,694
Proceeds from maturities and sale of
short-term investments 448,385 764,939
Purchases of long-term investments (37,731) (200,239)
Proceeds from maturities and sale of
long-term investments 22,483 12,614
Purchases of non-marketable minority equity
investments (1,436) (5,000)
(Increase) decrease in restricted cash (1,075,079) 12,422
Cash paid in connection with pending
acquisition of Foundry (1,000) -
Net cash acquired (paid) in connection with
acquisitions (43,554) 139,703
Net cash provided by (used in) investing
activities (1,239,524) 93,644
Cash flows from financing activities:
Payments on capital lease obligations - (735)
Common stock repurchases (168,293) (191,293)
Termination of interest rate swap - (4,989)
Redemption of outstanding convertible debt - (124,185)
Excess tax benefit from employee stock plans 16,146 (77)
Proceeds from issuance of common stock, net 42,418 100,638
Proceeds from term loan 1,054,425 -
Net cash provided by (used in) financing
activities 944,696 (220,641)
Effect of exchange rate fluctuations on cash and
cash equivalents (5,538) (2,019)
Net increase in cash and cash equivalents 138,129 41,387
Cash and cash equivalents, beginning of period 315,755 274,368
Cash and cash equivalents, end of period $453,884 $315,755
BROCADE COMMUNICATIONS SYSTEMS, INC.
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