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46
Fiscal Year Ended March 31,
2014 2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 112,417 $ 106,402 $ 109,036
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 15,566 16,219 13,760
Stock-based compensation 23,180 18,350 17,481
Provision for excess and obsolete inventories 4,138 1,576 2,222
Deferred income taxes (5,813) 984 (3,497)
Excess tax benefit from stock-based compensation (4,659)(2,722)(7,043)
Other operating activities 1,983 2,249 2,995
Changes in assets and liabilities, net of effect of acquisition:
Accounts receivable, net (11,136)(16,335)(9,402)
Inventory, net 6,040 (14,811) 606
Current and other assets 1,355 (6,056)(67)
Accounts payable (6,311) 2,778 131
Accrued liabilities (418) 9,641 (4,303)
Income taxes 5,149 7,226 18,529
Cash provided by operating activities 141,491 125,501 140,448
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of investments 102,414 56,471 88,489
Proceeds from maturities of investments 137,955 184,115 189,131
Purchase of investments (247,355)(258,278)(267,895)
Capital expenditures and other assets (50,985)(39,310)(19,140)
Acquisition, net of cash acquired — (1,926) —
Cash used for investing activities (57,971)(58,928)(9,415)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock (85,654)(23,931)(273,791)
Proceeds from issuances under stock-based compensation plans 24,055 31,865 43,123
Employees' tax withheld and paid for restricted stock and restricted stock units (6,222)(3,047)(2,596)
Proceeds from revolving line of credit — 18,000 68,500
Repayments of revolving line of credit — (55,000)(31,500)
Payment of cash dividends (17,372)(17,072)(9,040)
Excess tax benefit from stock-based compensation 4,659 2,722 7,043
Cash used for financing activities (80,534)(46,463)(198,261)
Effect of exchange rate changes on cash and cash equivalents 942 (669)(810)
Net increase (decrease) in cash and cash equivalents 3,928 19,441 (68,038)
Cash and cash equivalents at beginning of year 228,776 209,335 277,373
Cash and cash equivalents at end of year $ 232,704 $ 228,776 $ 209,335
SUPPLEMENTAL DISCLOSURES
Cash paid for income taxes $ 31,021 $ 29,953 $ 20,752
The accompanying notes are an integral part of these consolidated financial statements.
PLANTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)