Citrix 2006 Annual Report Download - page 62
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(In thousands)
Year Ended December 31,
2006 2005 2004
(Restated) (Restated)
Net income $ 182,997 $ 165,609 $ 131,287
Adjustments to reconcile net income to net
cash provided by operating activities:
Amortization of intangible assets 36,136 28,388 12,331
Depreciation and amortization of property and equipment 27,447 21,970 21,247
Stock-based compensation expense 61,596 7,403 6,252
Accretion of original issue discount and amortization of financing cost —483 4,318
Write-off of deferred debt issuance costs —— 7,219
In-process research and development 1,000 7,000 19,100
Provision for doubtful accounts 1,978 146 1,108
Provision for product returns 4,608 5,954 6,663
Provision for inventory reserves 3,584 383 428
Deferred income tax benefit (4,351) (14,771) (2,199)
Tax effect of stock-based compensation 40,600 35,045 16,442
Excess tax benefit from exercise of stock options (51,915) — —
Other non-cash items 478 (325) 323
Total adjustments to reconcile net income to net cash provided by operating
activities 121,161 91,676 93,232
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable (68,271) (28,424) (25,312)
Inventories (5,869) (1,707) (80)
Prepaid expenses and other current assets (10,092) 2,482 9,252
Other assets (2,868) 234 (456)
Deferred tax assets, net 11,617 5,541 16,585
Accounts payable 9,554 12,052 (1,467)
Accrued expenses 10,660 (5,333) 502
Income tax payable 10,562 (868) (3,303)
Deferred revenues 69,599 54,864 54,118
Other liabilities (334) (2,983) (9,077)
Total changes in operating assets and liabilities, net of effects of acquisitions 24,558 35,858 40,762
Net cash provided by operating activities 328,716 293,143 265,281