Citrix 2014 Annual Report Download - page 75

F-7
CITRIX SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
2014 2013 2012
(In thousands)
Operating Activities
Net income $ 251,723 $ 339,523 $ 352,547
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets 192,325 139,541 114,574
Depreciation and amortization of property and equipment 137,945 127,959 100,299
Amortization of debt discount and transaction costs 23,293 ——
Stock-based compensation expense 169,287 183,941 149,940
Loss (gain) on investments 1,124 (2,441) (14,477)
Provision for doubtful accounts 2,861 1,046 1,784
Provision for product returns 5,049 4,473 10,743
Provision for inventory reserves 2,656 1,905 1,022
Deferred income tax benefit (36,982)(51,848) (70,791)
Excess tax benefit from stock-based compensation, net (6,132)(12,552) (35,374)
Effects of exchange rate changes on monetary assets and liabilities denominated in foreign currencies 5,233 5,888 1,706
Other non-cash items 729 434 1,178
Total adjustments to reconcile net income to net cash provided by operating activities 497,388 398,346 260,604
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable (30,962)(22,951) (107,628)
Inventories (1,167)(5,591) (2,024)
Prepaid expenses and other current assets (8,133)(7,928) (16,606)
Other assets 1,498 5,076 (1,497)
Income taxes, net (79,119)(7,374) 71,255
Accounts payable 40 3,092 (426)
Accrued expenses and other current liabilities 62,195 23,028 45,135
Deferred revenues 146,123 201,455 216,798
Other liabilities 6,395 1,667 369
Total changes in operating assets and liabilities, net of the effects of acquisitions 96,870 190,474 205,376
Net cash provided by operating activities 845,981 928,343 818,527
Investing Activities
Purchases of available-for-sale investments (2,390,950)(1,703,976) (1,435,367)
Proceeds from sales of available-for-sale investments 1,694,886 766,192 1,256,295
Proceeds from maturities of available-for-sale investments 406,334 504,314 437,991
Proceeds related to cost method investments 4,049 12,067 24,252
Purchases of property and equipment (165,417)(162,889) (122,958)
Purchases of cost method investments (3,624)(6,824) (6,622)
Cash paid for acquisitions, net of cash acquired (101,059)(334,881) (487,221)
Cash paid for licensing agreements and product related intangible assets (13,676)(12,153) (27,760)
Other —— 3,450
Net cash used in investing activities (569,457)(938,150) (357,940)
Financing Activities
Proceeds from issuance of common stock under stock-based compensation plans 46,618 73,655 108,406
Proceeds from issuance of convertible notes, net of issuance costs 1,415,717 ——
Purchase of convertible note hedges (184,288)——
Proceeds from issuance of warrants 101,775 ——
Repayment of acquired debt (4,065)(2,061) (24,346)
Excess tax benefit from stock-based compensation 6,132 12,552 35,374
Stock repurchases, net (1,640,885)(406,326) (251,008)
Cash paid for tax withholding on vested stock awards (33,672)(31,013) (20,170)
Other —912 1,962
Net cash used in financing activities (292,668)(352,281) (149,782)
Effect of exchange rate changes on cash and cash equivalents (4,447)(781) (492)
Change in cash and cash equivalents (20,591)(362,869) 310,313
Cash and cash equivalents at beginning of period 280,740 643,609 333,296
Cash and cash equivalents at end of period $ 260,149 $ 280,740 $ 643,609
Supplemental Cash Flow Information
Cash paid for income taxes $ 130,502 $ 92,672 $ 32,355
Cash paid for interest $ 5,027 $ 127 $ 305
See accompanying notes.