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F-8
CITRIX SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2012 2011 2010
(In thousands)
Operating Activities
Net income $ 352,547 $ 355,630 $ 276,441
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets 114,574 71,131 64,783
Depreciation and amortization of property and equipment 100,299 88,124 73,375
Stock-based compensation expense 149,940 92,909 103,758
(Gain) loss on investments (14,477) 1,343 2,014
Provision for doubtful accounts 1,784 266 2,035
Provision for product returns 10,743 5,541 2,717
Provision for inventory reserves 1,022 1,570 2,876
Deferred income tax benefit (70,791)(16,229)(46,676)
Tax effect of stock-based compensation 24,839 50,003 51,544
Excess tax benefit from exercise of stock options (35,374)(51,659)(60,164)
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies 1,706 1,895 (1,984)
Other non-cash items 1,178 4,733 781
Total adjustments to reconcile net income to net cash provided by operating activities 285,443 249,627 195,059
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable (107,628)(95,481)(79,058)
Inventories (2,024)(3,097)(1,192)
Prepaid expenses and other current assets (9,195) 1,407 (37,319)
Other assets (1,497)(562) 3,785
Accounts payable (426)(11,758) 9,612
Accrued expenses and other current liabilities 45,135 (20,996) 49,938
Income taxes, net (4,408) 25,180 37,501
Deferred revenues 216,798 168,994 160,121
Other liabilities 43,782 10,178 1,404
Total changes in operating assets and liabilities, net of the effects of acquisitions 180,537 73,865 144,792
Net cash provided by operating activities 818,527 679,122 616,292
Investing Activities
Purchases of available-for-sale investments (1,435,367)(1,360,677)(1,287,438)
Proceeds from sales of available-for-sale investments 1,256,295 856,182 474,130
Proceeds from maturities of available-for-sale investments 437,991 652,939 433,792
Proceeds from repayments of trading securities — — 44,560
Proceeds from the sales of cost method investments 24,252 — —
Purchases of property and equipment (122,958)(111,932)(75,376)
Purchases of cost method investments (6,622)(16,879)(9,485)
Cash paid for acquisitions, net of cash acquired (487,221)(455,377)(20,510)
Cash paid for licensing agreements and product related intangible assets (27,760)(15,437)(16,715)
Other 3,450 — —
Net cash used in investing activities (357,940)(451,181)(457,042)
Financing Activities
Proceeds from issuance of common stock under stock-based compensation plans 108,406 125,606 353,557
Repayment of acquired debt (24,346)(11,561) —
Excess tax benefit from exercise of stock options 35,374 51,659 60,164
Purchase of non-controlling interest — (17,207) —
Stock repurchases, net (251,008)(424,849)(433,739)
Cash paid for tax withholding on vested stock awards (20,170)(13,262)(6,298)
Other 1,962 (3,000) —
Net cash used in financing activities (149,782)(292,614)(26,316)
Effect of exchange rate changes on cash and cash equivalents (492) 1,807 1,785
Change in cash and cash equivalents 310,313 (62,866) 134,719
Cash and cash equivalents at beginning of period 333,296 396,162 261,443
Cash and cash equivalents at end of period $ 643,609 $ 333,296 $ 396,162
Supplemental Cash Flow Information
Cash paid for income taxes $ 32,355 $ 12,195 $ 42,902
Cash paid for interest $ 305 $ 139 $ 276
See accompanying notes.