| | | Year Ended May 31,
| |
| | | 2002
| | | 2001
| |
| Cash flows from operating activities: | | | | | | | | |
| Net income | | $ | 43,410 | | | $ | 32,540 | |
| Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | |
| Equity in losses of affiliated companies | | | 2,064 | | | | 751 | |
| Non-cash restructuring and impairment charges | | | — | | | | 930 | |
| Income from discontinued operations | | | — | | | | (8,323 | ) |
| Depreciation and amortization | | | 24,374 | | | | 34,745 | |
| Deferred income taxes | | | 4,080 | | | | 10,977 | |
| Provision for bad debts | | | 1,619 | | | | 1,322 | |
| Valuation adjustment in Medscape investment | | | — | | | | 6,953 | |
| Other, net | | | 269 | | | | 54 | |
| Changes in assets and liabilities which provided (used) cash, net of the effects of acquisitions: | | | | | | | | |
| Accounts receivable, net | | | (6,429 | ) | | | (4,121 | ) |
| Prepaid expenses and other assets | | | (3,492 | ) | | | (15,539 | ) |
| Accounts payable and accrued liabilities | | | (1,812 | ) | | | 10,018 | |
| Deferred income | | | 636 | | | | (9,114 | ) |
| Income taxes | | | (2,067 | ) | | | 1,857 | |
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| Net cash provided by operating activities | | | 62,652 | | | | 63,050 | |
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| Cash flows from investing activities: | | | | | | | | |
| Capital expenditures | | | (30,985 | ) | | | (32,915 | ) |
| Business acquisitions, net of acquired cash | | | (119,626 | ) | | | (23,224 | ) |
| Business divestiture | | | — | | | | 20,000 | |
| Investments and other non-current assets | | | (14,310 | ) | | | (13,789 | ) |
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| Net cash used in investing activities | | | (164,921 | ) | | | (49,928 | ) |
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| Cash flows from financing activities: | | | | | | | | |
| Net short-term borrowings (repayments) | | | 91,000 | | | | (68,500 | ) |
| Credit facility fees | | | (889 | ) | | | — | |
| Net principal payments under capital lease arrangements and other long-term debt | | | (2,371 | ) | | | (4,814 | ) |
| Net issuances related to stock activities | | | 6,559 | | | | 7,360 | |
| Dividends paid | | | (5,457 | ) | | | (8,762 | ) |
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| Net cash provided by (used in) financing activities | | | 88,842 | | | | (74,716 | ) |
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| Cash flows from discontinued operations: | | | | | | | | |
| Cash provided by tax benefits of discontinued operations | | | 21,233 | | | | — | |
| Cash used in discontinued operations | | | (6,779 | ) | | | (5,375 | ) |
| Cash dividend from Global Payments Inc. | | | — | | | | 77,600 | |
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| Net cash provided by discontinued operations | | | 14,454 | | | | 72,225 | |
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| Increase in cash and cash equivalents | | | 1,027 | | | | 10,631 | |
| Cash and cash equivalents, beginning of period | | | 12,420 | | | | 1,789 | |
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| Cash and cash equivalents, end of period | | $ | 13,447 | | | $ | 12,420 | |
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