CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(In thousands) | ||||
(Unaudited) | ||||
|
|
First Quarter of | ||
|
|
2014 |
|
2013 |
|
|
|
|
|
Cash flow from operating activities: |
|
|
|
|
Net Income |
|
$ 68,125 |
|
$ 48,932 |
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
operating activities: |
|
|
|
|
Depreciation expense |
|
7,520 |
|
6,193 |
Amortization expense |
|
40,569 |
|
39,332 |
Provision for doubtful accounts |
|
516 |
|
65 |
Deferred income taxes |
|
(1,454) |
|
(11,809) |
Stock-based compensation |
|
10,112 |
|
8,818 |
Income from equity method investments |
|
(3,463) |
|
(4,257) |
Gain on an equity sale |
|
(15,091) |
|
- |
Excess tax benefit for stock-based compensation |
|
(10,211) |
|
(4,784) |
Provision for excess and obsolete inventories |
|
1,089 |
|
584 |
Other non-cash items |
|
(728) |
|
104 |
|
|
|
|
|
Add decrease (increase) in assets: |
|
|
|
|
Accounts receivables |
|
(61,875) |
|
(61,956) |
Other receivables |
|
(1,661) |
|
5,027 |
Inventories |
|
(13,395) |
|
(20,218) |
Other current and non-current assets |
|
(2,224) |
|
(10,867) |
|
|
|
|
|
Add increase (decrease) in liabilities: |
|
|
|
|
Accounts payable |
|
10,487 |
|
(6,081) |
Accrued compensation and benefits |
|
(11,503) |
|
(12,037) |
Deferred revenue |
|
47,077 |
|
51,964 |
Accrued warranty expense |
|
382 |
|
439 |
Other liabilities |
|
19,123 |
|
7,939 |
Net cash provided by operating activities |
|
83,395 |
|
37,388 |
|
|
|
|
|
Cash flow from investing activities: |
|
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(10,961) |
|
(65,192) |
Acquisitions of property and equipment |
|
(13,574) |
|
(14,927) |
Dividends received from equity method investments |
|
12,443 |
|
1,284 |
Other |
|
(2,050) |
|
2,430 |
Net cash used in investing activities |
|
(14,142) |
|
(76,405) |
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
Issuance of common stock, net of tax withholdings |
|
32,465 |
|
14,437 |
Excess tax benefit for stock-based compensation |
|
10,211 |
|
4,784 |
Proceeds from debt and revolving credit lines |
|
17,000 |
|
113,000 |
Payments on debt and revolving credit lines |
|
(110,805) |
|
(103,981) |
Net cash provided by (used in) financing activities |
|
(51,129) |
|
28,240 |
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(125) |
|
(3,442) |
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
17,999 |
|
(14,219) |
Cash and cash equivalents - beginning of period |
|
147,227 |
|
157,771 |
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$ 165,226 |
|
$ 143,552 |
|
|
|
|
|