|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
|
(In thousands) | ||||
|
(Unaudited) | ||||
|
|
|
First Quarter of | ||
|
|
|
2012 |
|
2011 |
|
|
|
|
|
|
|
Cash flow from operating activities: |
|
|
|
|
|
Net Income |
|
$ 50,072 |
|
$ 38,872 |
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
|
operating activities: |
|
|
|
|
|
Depreciation expense |
|
5,562 |
|
4,603 |
|
Amortization expense |
|
28,797 |
|
16,065 |
|
Provision for doubtful accounts |
|
587 |
|
359 |
|
Deferred income taxes |
|
146 |
|
(1,393) |
|
Stock-based compensation |
|
7,789 |
|
6,798 |
|
Income from equity method investments |
|
(6,192) |
|
(2,763) |
|
Excess tax benefit for stock-based compensation |
|
(7,580) |
|
(8,357) |
|
Provision for excess and obsolete inventories |
|
3,111 |
|
2,489 |
|
Other non-cash items |
|
(977) |
|
577 |
|
|
|
|
|
|
|
Add decrease (increase) in assets: |
|
|
|
|
|
Accounts receivables |
|
(46,425) |
|
(40,624) |
|
Other receivables |
|
2,211 |
|
5,776 |
|
Inventories |
|
5,928 |
|
(8,717) |
|
Other current and non-current assets |
|
(7,972) |
|
4,927 |
|
|
|
|
|
|
|
Add increase (decrease) in liabilities: |
|
|
|
|
|
Accounts payable |
|
4,205 |
|
16,377 |
|
Accrued compensation and benefits |
|
(1,895) |
|
(10,241) |
|
Deferred revenue |
|
29,569 |
|
(1,219) |
|
Accrued warranty expense |
|
(728) |
|
(40) |
|
Other current and non-current liabilities |
|
1,450 |
|
4,438 |
|
Net cash provided by operating activities |
|
67,658 |
|
27,927 |
|
|
|
|
|
|
|
Cash flow from investing activities: |
|
|
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(101,392) |
|
(38,979) |
|
Acquisition of property and equipment |
|
(7,644) |
|
(4,036) |
|
Acquisitions of intangible assets |
|
(755) |
|
(250) |
|
Other |
|
251 |
|
44 |
|
Net cash used in investing activities |
|
(109,540) |
|
(43,221) |
|
|
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
|
Issuance of common stock, net |
|
26,682 |
|
27,785 |
|
Excess tax benefit for stock-based compensation |
|
7,580 |
|
8,357 |
|
Proceeds from long-term debt and revolving credit lines |
|
181,500 |
|
- |
|
Payments on short-term and long-term debt |
|
(122,850) |
|
(672) |
|
Net cash provided by financing activities |
|
92,912 |
|
35,470 |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
3,495 |
|
3,378 |
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
54,525 |
|
23,554 |
|
Cash and cash equivalents - beginning of period |
|
154,621 |
|
220,788 |
|
|
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$ 209,146 |
|
$ 244,342 |
