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COVANCE INC - 10-K405 - 20010314 - CASH_FLOW
COVANCE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
(Dollars in thousands)
|
|
2000
|
|
1999
|
|
1998
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
15,236
|
|
$
|
45,818
|
|
$
|
48,608
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
54,200
|
|
|
48,147
|
|
|
37,723
|
|
|
|
Restructuring charge, net of cash paid
|
|
|
2,351
|
|
|
4,146
|
|
|
—
|
|
|
|
Stock issued under employee benefit and stock compensation plans
|
|
|
3,291
|
|
|
6,859
|
|
|
6,929
|
|
|
|
Deferred income tax (benefit) provision
|
|
|
(9,443
|
)
|
|
(5,055
|
)
|
|
4,420
|
|
|
|
Other
|
|
|
1,087
|
|
|
320
|
|
|
429
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(28,326
|
)
|
|
(535
|
)
|
|
(31,877
|
)
|
|
|
Unbilled services
|
|
|
(13,488
|
)
|
|
(11,058
|
)
|
|
(609
|
)
|
|
|
Inventory
|
|
|
(4,489
|
)
|
|
252
|
|
|
(8,342
|
)
|
|
|
Accounts payable
|
|
|
2,597
|
|
|
(7,666
|
)
|
|
8,087
|
|
|
|
Accrued liabilities
|
|
|
13,080
|
|
|
(10,312
|
)
|
|
7,441
|
|
|
|
Unearned revenue
|
|
|
20,554
|
|
|
15,305
|
|
|
(2,247
|
)
|
|
|
Income taxes payable
|
|
|
(2,449
|
)
|
|
(1,384
|
)
|
|
1,574
|
|
|
|
Other assets and liabilities, net
|
|
|
(5,448
|
)
|
|
(5,808
|
)
|
|
(7,997
|
)
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
48,753
|
|
|
79,029
|
|
|
64,139
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(95,833
|
)
|
|
(111,153
|
)
|
|
(74,945
|
)
|
|
|
Contingent purchase price paid in connection with prior acquisitions
|
|
|
(909
|
)
|
|
(16,830
|
)
|
|
—
|
|
|
|
Acquisition of businesses, net of cash acquired
|
|
|
—
|
|
|
—
|
|
|
(25,546
|
)
|
|
|
Other, net
|
|
|
1,208
|
|
|
975
|
|
|
129
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(95,534
|
)
|
|
(127,008
|
)
|
|
(100,362
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net borrowings under revolving credit facility
|
|
|
34,000
|
|
|
50,000
|
|
|
20,000
|
|
|
|
Proceeds from long-term borrowings
|
|
|
—
|
|
|
20,000
|
|
|
—
|
|
|
|
Repayments of debt
|
|
|
(9,071
|
)
|
|
(3,000
|
)
|
|
—
|
|
|
|
Purchase of treasury stock
|
|
|
(329
|
)
|
|
(19,578
|
)
|
|
—
|
|
|
|
Stock issued under employee stock purchase and option plans
|
|
|
3,928
|
|
|
6,738
|
|
|
7,459
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
28,528
|
|
|
54,160
|
|
|
27,459
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
(18,253
|
)
|
|
6,181
|
|
|
(8,764
|
)
|
|
Cash and cash equivalents, beginning of year
|
|
|
25,444
|
|
|
19,263
|
|
|
28,027
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of year
|
|
$
|
7,191
|
|
$
|
25,444
|
|
$
|
19,263
|
|
|
|
|
|
|
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