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53
AVID TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Cash flows from operating activities:
Net loss
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
Provision for doubtful accounts
Non-cash provision for restructuring
Loss (gain) on sales of assets
(Gain) loss on disposal of fixed assets
Compensation expense from stock grants and options
Non-cash interest expense
Unrealized foreign currency transaction (gains) losses
Changes in deferred tax assets and liabilities, excluding initial effects of acquisitions
Changes in operating assets and liabilities, excluding initial effects of acquisitions:
Accounts receivable
Inventories
Prepaid expenses and other current assets
Accounts payable
Accrued expenses, compensation and benefits and other liabilities
Income taxes payable
Deferred revenues
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchases of property and equipment, net
Increase in other long-term assets
Payments for business acquisitions, net of cash acquired
Proceeds from sales of assets, net
Proceeds from notes receivable
Purchases of marketable securities
Proceeds from sales of marketable securities
Net cash used in investing activities
Cash flows from financing activities:
Payments related to stock option purchase
Proceeds from issuance of common stock under employee stock plans, net
Proceeds from revolving credit facilities
Payments on revolving credit facilities
Payments for credit facility issuance costs
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
For the Year Ended December 31,
2011
$ (23,791)
31,983
1,561
326
597
(24)
14,619
301
(135)
(1,658)
(4,904)
(3,475)
(298)
(4,769)
(14,323)
(757)
5,611
864
(10,771)
(1,099)
—
—
—
—
—
(11,870)
—
2,026
21,000
(21,000)
—
2,026
(947)
(9,927)
42,782
$ 32,855
2010
$ (36,954)
33,480
194
417
(5,029)
(78)
13,921
52
1,078
(1,160)
(19,313)
(27,672)
9,251
15,941
716
1,669
816
(12,671)
(28,892)
(523)
(27,008)
4,502
—
(2,250)
19,605
(34,566)
—
736
5,000
(5,000)
(1,132)
(396)
(1,102)
(48,735)
91,517
$ 42,782
2009
$ (68,355)
32,130
1,930
3,140
(155)
43
13,394
—
2,656
(1,634)
22,660
17,766
8,980
739
(14,062)
(6,330)
(26,373)
(13,471)
(18,689)
(11,432)
(4,413)
3,502
2,500
(55,741)
64,318
(19,955)
(526)
646
—
—
—
120
3,031
(30,275)
121,792
$ 91,517
See Notes H, I, P and T for supplemental disclosures.
The accompanying notes are an integral part of the consolidated financial statements.