TiVo 2015 Annual Report Download - page 47

Table of Contents
reporting. The decrease in CE revenue was primarily due to a decrease in the number of units shipped that incorporated our CE IPG product.
For the year ended
December 31, 2014 , Adjusted Operating Expenses increased by 6%, as compared to the prior year, primarily due to an increase
in employee and consulting costs related to the international expansion of our Metadata offering, an increase in professional services headcount and an
increase in spending on our cloud - based platform.
Corporate
Corporate costs for the year ended
December 31, 2014 compared to the prior year were as follows (dollars in thousands):
For the year ended
December 31, 2014 , Corporate Adjusted Operating Expenses decreased compared to the prior year primarily due to a decrease in
Corporate legal expenses. The decrease in Corporate legal expenses was primarily due to a $0.8 million reimbursement of legal fees related to a previously
settled case.
Liquidity and Capital Resources
We finance our operations primarily from cash generated by our operations. We believe that our cash position remains strong, and we believe that
our cash, cash equivalents and marketable securities and anticipated cash flow generated from operations, as supplemented with access to capital markets,
as necessary, are generally sufficient to support our operating businesses, capital expenditures, restructuring activities, maturing debt, interest payments
and income tax payments, in addition to investments in future growth opportunities and share repurchases for at least the next twelve months. Our access
to capital markets may be constrained and our cost of borrowing may increase under certain business, market and economic conditions; however, our use
of a variety of funding sources to meet our liquidity needs is designed to facilitate continued access to sufficient capital resources under such conditions.
As of December 31, 2015 , we had $101.7 million in cash and cash equivalents, $107.9 million in short - term marketable securities and $114.7 million in
long
- term marketable securities. Our cash, cash equivalents and marketable securities are held in numerous locations around the world, with $209.7 million
held by our foreign subsidiaries as of December 31, 2015 . Due to our net operating loss carryforwards, we could repatriate amounts held outside the U.S. to
the U.S. with a minimal tax impact.
Sources and Uses of Cash
Cash flows in 2015 compared to the prior year were as follows (in thousands):
Net cash provided by operating activities for the year ended December 31, 2015 decreased $47.7 million primarily due to the receipt of a significant
upfront payment in the first quarter of 2014 related to a multi - year licensing deal signed in the fourth quarter of 2013 and lower revenue resulting in lower
collections on accounts receivable in 2015, partially offset by lower payments for accrued liabilities, primarily as a result of $7.6 million paid to terminate
interest rate swaps in 2014, a $2.9 million reduction in interest payments due to the 2020 Convertible Notes having a lower interest rate than the 2040
Convertible Notes and lower bonus payments. The availability of cash generated by our operations in the future could be affected by other
45
Year Ended December 31,
2014
2013
Change $
Change %
Adjusted Operating Expenses
$
51,737
$
53,666
(1,929
)
(4
)%
Year Ended December 31,
2015
2014
Change $
Change %
Continuing Operations:
Net cash provided by operating activities
$
143,020
$
190,701
$
(47,681
)
(25
)%
Net cash provided by investing activities
77,559
93,729
(16,170
)
(17
)%
Net cash used in financing activities
(272,852
)
(279,764
)
6,912
(2
)%
Net cash used in discontinued operations
(194
)
(5,872
)
5,678
(97
)%
Effect of exchange rate changes on cash and cash equivalents
(426
)
(713
)
287
(40
)%
Net decrease in cash and cash equivalents
$
(52,893
)
$
(1,919
)
$
(50,974
)
2,656
%