|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
|
(In thousands) | ||||
|
(Unaudited) | ||||
|
|
|
Fiscal Years | ||
|
|
|
2012 |
|
2011 |
|
|
|
|
|
|
|
Cash flow from operating activities: |
|
|
|
|
|
Net Income |
|
$ 189,716 |
|
$ 148,909 |
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
|
operating activities: |
|
|
|
|
|
Depreciation expense |
|
23,691 |
|
20,509 |
|
Amortization expense |
|
125,707 |
|
85,160 |
|
Provision for doubtful accounts |
|
2,030 |
|
1,913 |
|
Deferred income taxes |
|
(1,369) |
|
(26,305) |
|
Stock-based compensation |
|
32,660 |
|
28,451 |
|
Income from equity method investments |
|
(24,727) |
|
(15,349) |
|
Excess tax benefit for stock-based compensation |
|
(25,345) |
|
(14,762) |
|
Acquisition / divestiture gain |
|
(7,257) |
|
(264) |
|
Provision for excess and obsolete inventories |
|
6,234 |
|
8,410 |
|
Other non-cash items |
|
(4,221) |
|
3,149 |
|
|
|
|
|
|
|
Add decrease (increase) in assets: |
|
|
|
- |
|
Accounts receivables |
|
(24,388) |
|
(31,874) |
|
Other receivables |
|
(5,017) |
|
30,141 |
|
Inventories |
|
(8,402) |
|
(30,139) |
|
Other current and non-current assets |
|
(7,945) |
|
10,519 |
|
|
|
|
|
|
|
Add increase (decrease) in liabilities: |
|
|
|
- |
|
Accounts payable |
|
25,985 |
|
(4,310) |
|
Accrued compensation and benefits |
|
7,889 |
|
2,469 |
|
Deferred revenue |
|
16,560 |
|
18,775 |
|
Accrued warranty expense |
|
(1,520) |
|
644 |
|
Other current and non-current liabilities |
|
20,419 |
|
5,583 |
|
Net cash provided by operating activities |
|
340,700 |
|
241,629 |
|
|
|
|
|
|
|
Cash flow from investing activities: |
|
|
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(728,114) |
|
(759,737) |
|
Acquisition of property and equipment |
|
(54,071) |
|
(23,278) |
|
Acquisitions of intangible assets |
|
(1,170) |
|
(1,666) |
|
(Purchases) sales of equity method investments |
|
4,913 |
|
(3,267) |
|
Dividends received |
|
13,178 |
|
12,398 |
|
Other |
|
978 |
|
1,985 |
|
Net cash used in investing activities |
|
(764,286) |
|
(773,565) |
|
|
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
|
Issuance of common stock, net |
|
59,187 |
|
45,869 |
|
Excess tax benefit for stock-based compensation |
|
25,345 |
|
14,762 |
|
Proceeds from long-term debt and revolving credit lines |
|
1,199,352 |
|
734,225 |
|
Payments on short-term and long-term debt |
|
(857,477) |
|
(330,689) |
|
Net cash provided by financing activities |
|
426,407 |
|
464,167 |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
329 |
|
1,602 |
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
3,150 |
|
(66,167) |
|
Cash and cash equivalents - beginning of period |
|
154,621 |
|
220,788 |
|
|
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$ 157,771 |
|
$ 154,621 |
