Plantronics 2015 Annual Report Download - page 56

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PLANTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Fiscal Year Ended March 31,
2015 2014 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 112,301 $ 112,417 $ 106,402
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 18,711 15,566 16,219
Stock-based compensation 28,594 23,180 18,350
Excess tax benefit from stock-based compensation (3,520)(4,659)(2,722)
Deferred income taxes (980)(5,813) 984
Provision for excess and obsolete inventories 931 4,138 1,576
Other operating activities (1,188) 1,983 2,249
Changes in assets and liabilities, net of effect of acquisition:
Accounts receivable, net 4,272 (11,136)(16,335)
Inventory, net 128 6,040 (14,811)
Current and other assets (5,368) 1,355 (6,056)
Accounts payable (62)(6,311) 2,778
Accrued liabilities 500 (418) 9,641
Income taxes 119 5,149 7,226
Cash provided by operating activities 154,438 141,491 125,501
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of investments 96,129 102,414 56,471
Proceeds from maturities of investments 120,430 137,955 184,115
Purchase of investments (216,013)(247,355)(258,278)
Acquisition, net of cash acquired (150)—
(1,926)
Capital expenditures and other assets (21,962)(50,985)(39,310)
Cash used for investing activities (21,566)(57,971)(58,928)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock (112,939)(85,654)(23,931)
Employees' tax withheld and paid for restricted stock and restricted stock units (7,611)(6,222)(3,047)
Proceeds from issuances under stock-based compensation plans 23,042 24,055 31,865
Payment of cash dividends (25,730)(17,372)(17,072)
Proceeds from revolving line of credit 34,500 — 18,000
Repayments of revolving line of credit — — (55,000)
Excess tax benefit from stock-based compensation 3,520 4,659 2,722
Cash used for financing activities (85,218)(80,534)(46,463)
Effect of exchange rate changes on cash and cash equivalents (3,508) 942 (669)
Net increase in cash and cash equivalents 44,146 3,928 19,441
Cash and cash equivalents at beginning of year 232,704 228,776 209,335
Cash and cash equivalents at end of year $ 276,850 $ 232,704 $ 228,776
SUPPLEMENTAL DISCLOSURES
Cash paid for income taxes $ 33,804 $ 31,021 $ 29,953
Non-cash investing activity - purchases of property, plant, and equipment for
which payment has not yet been made $ 2,087 $ — $ —
The accompanying notes are an integral part of these consolidated financial statements.
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