Astridis, Inc. reported the following statement of cash flows in its 2013 annual report. Amounts are shown in thousands of dollars.

Required
Analyze Astridis€™s statement of cash flows by making at least two observations about each section of thestatement.

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Astridis, Inc Statement of Cash Flows For the Year Ending Dec. 31 2013 Dec. 31 2012 Dec. 31 2011 Cash flows from operating activities Net income Adjustments to net income $(623,854) $(936,248) $(746,837) Depreciation Provision for doubtful accounts Other non-cash items 100,670 105,749 7,613 98,555 4,011 181,206 460,013 177,536 9,082 Changes in operating assets and liabilities Receivables Inventory Prepaid expenses and other current assets Accounts payable and accrued expenses Other liabilities (42,600 (20,326) 45,705) 4,965 (20,246) 6,329) 23,568 (61,698) (5,372) 166,169 133,519 245,052 85,694 125,255 Net cash provided (used) by operating activities 117,908) (245,930) 153,834) 62,886 Cash flows from investing activities Purchases of property and equipment Proceeds from sale of property and equipment Purchases of investments Sales of investments (90,708) (130,387) (51,367) 928 (4,310 (105,279) (173,937) 48,555 641 827 40,191 255,015 Net cash provided (used) by investing activities (54,186)20,176(175,821) Cash flows from financing activities Proceeds from issuance of long-term debt Repayment of debt Other 244,079 (625) 4,897 453,661 (57,609) 75,879 25,787 Change in cash Cash, beginning balance Cash, ending balance Net cash provided (used) by financing activities 248,351 25,787 471.931 76,257 (199,967) 142,276 678,200 878,167 753,891 $ 754,457 $678,200 896,167