Citrix 2000 Annual Report Download - page 42

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CITRIX SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEAR ENDED DECEMBER 31
−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−−
2000 1999 1998
−−−−−−−−− −−−−−−−−− −−−−−−−−−
(IN THOUSANDS)
OPERATING ACTIVITIES
Net income.................................................. $ 94,512 $ 116,944 $ 61,102
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization............................. 50,248 27,563 15,173
Write−down of technology.................................. 9,081 −− −−
Tax benefit related to the exercise of non−statutory stock
options and disqualified dispositions of incentive stock
options................................................. 63,923 50,843 24,174
In−process research and development....................... −− 2,300 18,416
Provision for doubtful accounts........................... 377 584 620
Provision for product returns............................. 27,883 20,879 8,580
Provision for inventory obsolescence...................... 6,932 1,982 417
Accretion of original issue discount and amortization of
financing cost.......................................... 16,911 12,592 −−
Changes in operating assets and liabilities, net of
effects of acquisitions:
Accounts receivable..................................... (8,625) (43,993) (28,924)
Inventories............................................. (3,762) (5,641) (2,216)
Prepaid expenses and other current assets............... 4,614 (32,762) (5,352)
Other assets............................................ (2) (7,277) (91)
Deferred tax assets..................................... (2,200) (14,674) (14,536)
Accounts payable and accrued expenses................... 18,799 25,062 9,339
Deferred revenues....................................... (26,987) 22,970 30,225
Income taxes payable.................................... (8,467) 6,649 2,391
−−−−−−−−− −−−−−−−−− −−−−−−−−−
Net cash provided by operating activities................... 243,237 184,021 119,318
INVESTING ACTIVITIES
Purchases of investments.................................... (569,795) (547,510) (284,793)
Proceeds from sales and maturities of investments........... 642,986 151,284 219,861
Purchases of property and equipment......................... (43,532) (26,313) (11,420)
Cash paid for acquisitions, net of cash acquired............ (30,102) (32,673) (63,549)
Cash paid for licensing agreement........................... (1,333) (2,333) (7,000)
Purchase of trademark....................................... −− −− (250)
−−−−−−−−− −−−−−−−−− −−−−−−−−−
Net cash used in investing activities....................... (1,776) (457,545) (147,151)
FINANCING ACTIVITIES
Net proceeds from issuance of common stock.................. 70,488 70,366 15,329
Net proceeds from issuance of convertible subordinated
debentures................................................ −− 291,920 −−
Cash paid under stock repurchase programs................... (157,850) −− −−
Proceeds from sale of put warrants.......................... 4,870 −− −−
Other....................................................... (60) (192) (31)
−−−−−−−−− −−−−−−−−− −−−−−−−−−
Net cash (used in) provided by financing activities......... (82,552) 362,094 15,298
−−−−−−−−− −−−−−−−−− −−−−−−−−−
Change in cash and cash equivalents......................... 158,909 88,570 (12,535)
Cash and cash equivalents at beginning of year.............. 216,116 127,546 140,081
−−−−−−−−− −−−−−−−−− −−−−−−−−−
Cash and cash equivalents at end of year.................... $ 375,025 $ 216,116 $ 127,546
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SUPPLEMENTAL CASH FLOW INFORMATION
The Company paid income taxes of approximately $9,277, $40,894 and $20,481
in 2000, 1999 and 1998, respectively. Additionally, the Company paid interest of
approximately $23, $7 and $98 during the years ended December 31, 2000, 1999 and
1998, respectively.
See accompanying notes.
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