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Table of Contents
NETGEAR, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
The accompanying notes are an integral part of these consolidated financial statements.
56
Year Ended December 31,
2009
2008
2007
Cash flows from operating activities:
Net income
$
9,333
$
18,050
$
45,954
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
12,360
13,261
12,685
Purchase premium amortization (discount accretion) on investments
(4
)
56
(1,044
)
Non
-
cash stock
-
based compensation
11,024
11,323
8,879
Income tax benefit associated with stock option exercises
136
81
8,364
Excess tax benefit from stock
-
based compensation
(869
)
(143
)
(7,053
)
Deferred income taxes
(4,865
)
(2,029
)
(1,044
)
Changes in assets and liabilities, net of effect of acquisitions:
Accounts receivable
(24,578
)
19,490
(36,962
)
Inventories
21,650
(29,135
)
(1,588
)
Prepaid expenses and other assets
103
(2,175
)
(6,346
)
Accounts payable
9,008
4,740
14,818
Accrued employee compensation
3,863
(8,908
)
3,886
Other accrued liabilities
(272
)
4,942
12,659
Deferred revenue
598
13,889
(616
)
Income taxes payable
10,610
4,085
781
Net cash provided by operating activities
48,097
47,527
53,373
Cash flows from investing activities:
Purchases of short
-
term investments
(89,827
)
(10,133
)
(75,670
)
Proceeds from sale of short
-
term investments
25,000
37,700
148,765
Purchase of property and equipment
(3,945
)
(15,390
)
(9,839
)
Payments made in connection with business acquisitions, net of cash acquired
(3,539
)
(24,635
)
(57,466
)
Net cash provided by (used in) investing activities
(72,311
)
(12,458
)
5,790
Cash flows from financing activities:
Purchase and retirement of common stock
(282
)
(12,229
)
(150
)
Proceeds from exercise of stock options
1,861
1,008
12,487
Proceeds from issuance of common stock under employee stock purchase plan
1,129
1,353
1,206
Excess tax benefit from stock
-
based compensation
869
143
7,053
Net cash provided by (used in) financing activities
3,577
(9,725
)
20,596
Net increase (decrease) in cash and cash equivalents
(20,637
)
25,344
79,759
Cash and cash equivalents, at beginning of period
192,839
167,495
87,736
Cash and cash equivalents, at end of period
$
172,202
$
192,839
$
167,495
Supplemental cash flow information:
Cash paid for income taxes
$
14,401
$
25,177
$
25,349