Citrix 2009 Annual Report Download - page 88

CITRIX SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2009 2008 2007
(In thousands)
Operating activities
Net income ....................................................................... $ 191,017 $ 178,276 $ 214,483
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets .................................................. 68,889 70,752 46,983
Depreciation and amortization of property and equipment .............................. 69,688 52,954 38,214
Stock-based compensation expense ................................................ 111,419 124,615 65,491
In-process research and development .............................................. — 1,140 9,800
Loss (gain) on available-for-sale investments ........................................ (67) 1,265 —
Benefit related to adjustment of payroll taxes ........................................ — (6,428) —
Provision for doubtful accounts ................................................... 1,734 1,613 2,578
Provision for product returns ..................................................... 3,292 2,103 3,517
Provision for inventory reserves .................................................. 1,961 674 3,351
Deferred income tax benefit ...................................................... (50,850) (6,843) (634)
Tax effect of stock-based compensation ............................................ (7,913) 140 15,529
Excess tax benefit from exercise of stock options ..................................... (5,182) (5,559) (17,753)
Goodwill adjustment ........................................................... 5,393 — —
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign
currencies .................................................................. 2,019 1,041 (142)
Other non-cash items ........................................................... 4,988 2,940 2,231
Total adjustments to reconcile net income to net cash provided by operating activities .... 205,371 240,407 169,165
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable ........................................................ (74,604) (10,975) (19,645)
Inventories ............................................................... 601 (2,271) (6,316)
Prepaid expenses and other current assets ....................................... (3,055) 2,615 (24,157)
Other assets .............................................................. (487) (10,335) (6,829)
Deferred tax assets, net ..................................................... 10,470 1,206 63,397
Accounts payable .......................................................... 4,613 (6,808) 5,382
Accrued expenses and other current liabilities ................................... 62,900 (15,337) 14,340
Income tax payable ........................................................ — — (12,239)
Deferred revenues ......................................................... 85,373 90,789 86,815
Other liabilities ............................................................ 1,775 (5,460) (62,121)
Total changes in operating assets and liabilities, net of effects of acquisitions ........... 87,586 43,424 38,627
Net cash provided by operating activities ............................................... 483,974 462,107 422,275
Investing activities
Purchases of available for-sale investments .............................................. (1,134,580) (591,919) (639,414)
Proceeds from sales of available-for-sale investments ..................................... 436,223 333,945 153,759
Proceeds from maturities of available-for-sale investments ................................. 284,916 348,839 305,278
Proceeds from repayments of trading securities .......................................... 700 — —
Purchases of property and equipment .................................................. (76,246) (181,046) (85,919)
Purchases of other assets ............................................................ (7,250) — —
Cash paid for acquisitions, net of cash acquired .......................................... (3,338) (28,023) (148,055)
Cash paid for licensing agreements and product related intangible assets ...................... (3,290) (40,418) (3,250)
Net cash used in investing activities ................................................... (502,865) (158,622) (417,601)
Financing activities
Proceeds from issuance of common stock under stock-based compensation plans ................ 165,998 44,372 118,395
Excess tax benefit from exercise of stock options ......................................... 5,182 5,559 17,753
Stock repurchases, net .............................................................. (214,944) (256,458) (259,970)
Other ........................................................................... (1,773) — —
Payments on debt .................................................................. — (407) (8,000)
Net cash used in financing activities ................................................... (45,537) (206,934) (131,822)
Effect of exchange rate changes on cash and cash equivalents ............................... (250) 5,821 1,843
Change in cash and cash equivalents ................................................... (64,678) 102,372 (125,305)
Cash and cash equivalents at beginning of year .......................................... 326,121 223,749 349,054
Cash and cash equivalents at end of year ................................................ $ 261,443 $ 326,121 $ 223,749
Supplemental Cash Flow Information
Non-cash financing activity—Fair value of stock issued in connection with acquisitions .......... $ — $ — $232,275
Cash paid for income taxes .......................................................... $ 31,367 $ 28,591 $ 43,064
Cash paid for interest ............................................................... $ 211 $ 196 $ 247
See accompanying notes.
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