CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
(In thousands) | ||||
(Unaudited) | ||||
|
|
First Two Quarters of | ||
|
|
2014 |
|
2013 |
|
|
|
|
|
Cash flow from operating activities: |
|
|
|
|
Net Income |
|
$146,152 |
|
$ 103,885 |
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
operating activities: |
|
|
|
|
Depreciation expense |
|
15,621 |
|
12,854 |
Amortization expense |
|
78,443 |
|
79,095 |
Provision for doubtful accounts |
|
869 |
|
261 |
Deferred income taxes |
|
(1,700) |
|
(13,732) |
Stock-based compensation |
|
21,087 |
|
17,253 |
Income from equity method investments |
|
(8,688) |
|
(11,414) |
Gain on an equity sale |
|
(15,091) |
|
- |
Excess tax benefit for stock-based compensation |
|
(13,505) |
|
(7,616) |
Provision for excess and obsolete inventories |
|
1,731 |
|
569 |
Other non-cash items |
|
(1,867) |
|
(494) |
|
|
|
|
|
Add decrease (increase) in assets: |
|
|
|
|
Accounts receivables |
|
(42,563) |
|
(24,071) |
Other receivables |
|
(3,708) |
|
(1,558) |
Inventories |
|
(21,335) |
|
(14,725) |
Other current and non-current assets |
|
(8,001) |
|
(12,165) |
|
|
|
|
|
Add increase (decrease) in liabilities: |
|
|
|
|
Accounts payable |
|
452 |
|
(18,936) |
Accrued compensation and benefits |
|
5,625 |
|
(7,166) |
Deferred revenue |
|
49,042 |
|
55,994 |
Accrued warranty expense |
|
1,070 |
|
(154) |
Other liabilities |
|
10,954 |
|
14,163 |
Net cash provided by operating activities |
|
214,588 |
|
172,043 |
|
|
|
|
|
Cash flow from investing activities: |
|
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(25,094) |
|
(178,953) |
Acquisitions of property and equipment |
|
(28,425) |
|
(39,431) |
Dividends received from equity method investments |
|
22,463 |
|
2,526 |
Other |
|
(2,684) |
|
730 |
Net cash used in investing activities |
|
(33,740) |
|
(215,128) |
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
Issuance of common stock, net of tax withholdings |
|
39,322 |
|
23,954 |
Excess tax benefit for stock-based compensation |
|
13,505 |
|
7,616 |
Proceeds from debt and revolving credit lines |
|
17,000 |
|
239,613 |
Payments on debt and revolving credit lines |
|
(119,517) |
|
(252,780) |
Net cash provided by (used in) financing activities |
|
(49,690) |
|
18,403 |
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
534 |
|
(4,017) |
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
131,692 |
|
(28,699) |
Cash and cash equivalents - beginning of period |
|
147,227 |
|
157,771 |
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$278,919 |
|
$ 129,072 |