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F-7
CITRIX SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2013 2012 2011
(In thousands)
Operating Activities
Net income $ 339,523 $ 352,547 $ 355,630
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets 139,541 114,574 71,131
Depreciation and amortization of property and equipment 127,959 100,299 88,124
Stock-based compensation expense 183,941 149,940 92,909
(Gain) loss on investments (2,441)(14,477) 1,343
Provision for doubtful accounts 1,046 1,784 266
Provision for product returns 4,473 10,743 5,541
Provision for inventory reserves 1,905 1,022 1,570
Deferred income tax benefit (51,848)(70,791) (16,229)
Tax effect of stock-based compensation 8,129 24,839 50,003
Excess tax benefit from stock-based compensation, net (12,552)(35,374) (51,659)
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies 5,888 1,706 1,895
Other non-cash items 434 1,178 4,733
Total adjustments to reconcile net income to net cash provided by operating activities 406,475 285,443 249,627
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable (22,951)(107,628) (95,481)
Inventories (5,591)(2,024) (3,097)
Prepaid expenses and other current assets (862)(9,195) 1,407
Other assets 5,076 (1,497) (562)
Income taxes, net (35,316)(4,408) 25,180
Accounts payable 3,092 (426) (11,758)
Accrued expenses and other current liabilities 22,515 45,135 (20,996)
Deferred revenues 201,455 216,798 168,994
Other liabilities 14,927 43,782 10,178
Total changes in operating assets and liabilities, net of the effects of acquisitions 182,345 180,537 73,865
Net cash provided by operating activities 928,343 818,527 679,122
Investing Activities
Purchases of available-for-sale investments (1,703,976)(1,435,367) (1,360,677)
Proceeds from sales of available-for-sale investments 766,192 1,256,295 856,182
Proceeds from maturities of available-for-sale investments 504,314 437,991 652,939
Proceeds from the sales of cost method investments 12,067 24,252 —
Purchases of property and equipment (162,889)(122,958) (111,932)
Purchases of cost method investments (6,824)(6,622) (16,879)
Cash paid for acquisitions, net of cash acquired (334,881)(487,221) (455,377)
Cash paid for licensing agreements and product related intangible assets (12,153)(27,760) (15,437)
Other — 3,450 —
Net cash used in investing activities (938,150)(357,940) (451,181)
Financing Activities
Proceeds from issuance of common stock under stock-based compensation plans 73,655 108,406 125,606
Repayment of acquired debt (2,061)(24,346) (11,561)
Excess tax benefit from stock-based compensation 12,552 35,374 51,659
Purchase of non-controlling interest — — (17,207)
Stock repurchases, net (406,326)(251,008) (424,849)
Cash paid for tax withholding on vested stock awards (31,013)(20,170) (13,262)
Other 912 1,962 (3,000)
Net cash used in financing activities (352,281)(149,782) (292,614)
Effect of exchange rate changes on cash and cash equivalents (781)(492) 1,807
Change in cash and cash equivalents (362,869) 310,313 (62,866)
Cash and cash equivalents at beginning of period 643,609 333,296 396,162
Cash and cash equivalents at end of period $ 280,740 $ 643,609 $ 333,296
Supplemental Cash Flow Information
Cash paid for income taxes $ 92,672 $ 32,355 $ 12,195
Cash paid for interest $ 127 $ 305 $ 139
See accompanying notes.