AFFILIATED COMPUTER SERVICES, INC. AND SUBSIDIARIES 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(In thousands) 
Year ended June 30, 
2003 2002 2001 
Cash flows from operating activities: 
     Net income 
$   306,842 
$  229,596 
$ 134,292 
     Adjustments to reconcile net income to net cash provided by operating  activities: 
             Depreciation and amortization 
152,128 
110,486 
93,617 
             Contract inducement amortization 
7,346 
887 
  
             Provision for uncollectible accounts receivable 
4,838 
3,283 
2,062 
             Impairment of long term investments 
3,375 
8,449 
  
             Gain on collection of note receivable 
  
  
(1,713)
             Gain on sale of investment 
  
  
(12,785)
             (Gain) loss on sale of business units 
(1,585) 
1,841 
  
             Other non cash activities 
5,575 
1,012 
526 
             Deferred income tax expense 
100,851 
55,821 
37,359 
             Tax benefit of stock options 
16,124 
21,951 
20,649 
             Changes in assets and liabilities, net of effects from acquisitions: 
                Increase in accounts receivable 
(100,643) 
(115,806)
(47,807)
                (Increase) decrease in inventory 
2,616 
(744)
(1,160)
                (Increase) decrease in prepaid expenses and other current assets 
3,773 
2,762 
(2,965)
                (Increase) decrease in other assets 
(15,585) 
(6,570)
3,449 
                Increase (decrease) in accounts payable 
(15,867) 
26,252 
(11,273)
                Increase in accrued compensation and benefits 
787 
7,209 
13,190 
                Increase (decrease) in other accrued liabilities 
64,502 
12,975 
(23,357)
                Increase (decrease) in income taxes payable 
 (3,350) 
13,118 
(52,907)
                Increase (decrease) in other long term liabilities 
1,468 
(638)
(1,069)
                Increase (decrease) in unearned revenue 
12,110 
130 
(8,194)
                      Total adjustments 
238,463 
142,418 
7,622 
                      Net cash provided by operating activities 
545,305 
372,014 
141,914 
Cash flows from investing activities: 
     Purchases of property, equipment and software, net 
(205,673) 
(144,406)
(99,070)
     Payments for acquisitions, net of cash acquired 
(76,838) 
(1,425,529)
(173,402)
     Additions to other intangible assets 
(47,967) 
(19,317)
(21,695)
     Proceeds from (payments on) divestitures, net of transaction costs 
4,093 
(5,887)
202,718 
     Purchases of investments 
  
(4,129)
(500)
     Proceeds from sale of investments 
466 
700 
17,100 
     Additions to notes receivable 
(3,478) 
(3,577)
(3,781)
     Proceeds from notes receivable 
9,314 
3,981 
9,492 
                       Net cash used in investing activities 
(320,083) 
(1,598,164)
(69,138)
Cash flows from financing activities: 
     Proceeds from issuance of long term debt, net 
927,762 
1,279,210 
674,893 
     Payments of long term debt 
(1,146,561) 
(992,510)
(566,912)
     Proceeds from equity offering, net of transaction costs 
  
714,292 
  
     Employee stock transactions 
14,243 
17,901 
17,829 
     Other, net 
(3,310) (1,387)
(649)
                       Net cash provided (used) by financing activities 
(207,866) 
1,017,506 
125,161 
     Net increase (decrease) in cash and cash equivalents 
17,356 
(208,644)
197,937 
     Cash and cash equivalents at beginning of year 
33,814 
242,458 
44,521 
     Cash and cash equivalents at end of year 
$     51,170 
$    33,814 
$ 242,458 
See supplemental cash flow information in Notes 2, 5, 6, 7, and 8. 
The accompanying notes are an integral part of these consolidated financial statements. 
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