Plantronics 2006 Annual Report Download - page 80

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PLANTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal Year Ended March 31, (in thousands) 2004 2005 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 62,279 $ 97,520 $ 81,150
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 12,353 12,034 23,083
Amortization of deferred stock-based compensation — 194 1,161
Provision for doubtful accounts 925 1,814 1,518
Provision for (benefit from) excess and obsolete inventories 2,495 2,311 10,424
Provision for (benefit from) deferred income taxes (8,758) 5,682 (4,595)
Income tax benefit associated with stock option exercises 24,263 11,758 4,141
Loss on disposal of property, plant, and equipment, net 261 583 69
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net (15,664) (25,028) (15,093)
Inventory (9,499) (21,750) (26,670)
Other current assets (7,366) 3,492 (3,443)
Other assets (714) (8,237) 4,191
Accounts payable 5,479 1,241 5,349
Accrued liabilities 9,234 3,568 (4,318)
Income taxes payable (2,895) 8,422 1,381
Cash provided by operating activities 72,393 93,604 78,348
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of short term investments 220,719 352,000 604,510
Purchase of short term investments (324,299) (391,776) (448,123)
Acquisitions of Altec Lansing and Octiv, net of cash
acquired — — (165,393)
Capital expenditures and other assets (16,883) (27,723) (41,860)
Purchase of equity investment (450) — —
Cash used for investing activities (120,913) (67,499) (50,866)
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury stock (1,833) (28,466) (70,395)
Proceeds from sale of treasury stock 3,292 3,947 4,333
Proceeds from exercise of stock options 63,900 27,740 16,916
Proceeds from line of credit — — 45,000
Repayment of line of credit — — (22,957)
Payment of cash dividends — (7,282) (9,455)
Cash provided by (used for) financing activities 65,359 (4,061) (36,558)
Effect of exchange rate changes on cash and cash equivalents 472 402 (619)
Net increase (decrease) in cash and cash equivalents 17,311 22,446 (9,695)
Cash and cash equivalents at beginning of year 38,641 55,952 78,398
Cash and cash equivalents at end of year $ 55,952 $ 78,398 $ 68,703
SUPPLEMENTAL DISCLOSURES
Cash paid for:
Interest $ 121 $ 109 $ 1,094
Income taxes $ 19,545 $ 23,950 $ 32,156
The accompanying notes are an integral part of these consolidated financial statements.
74 ⯗Plantronics