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Cadence Design Systems, Inc. |
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Condensed Consolidated Statements of Cash Flows |
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For the Years Ended January 3, 2015 and December 28, 2013 |
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(In thousands) |
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(Unaudited) |
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Years Ended |
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January 3, |
December 28, |
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2015 |
2013 |
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Cash and cash equivalents at beginning of year |
$ 536,260 |
$ 726,357 |
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Cash flows from operating activities: |
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Net income |
158,898 |
164,243 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
115,634 |
98,308 |
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Amortization of debt discount and fees |
20,529 |
25,384 |
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Stock-based compensation |
83,792 |
66,285 |
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Gain on investments, net |
(4,707) |
(5,311) |
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Deferred income taxes |
12,478 |
(2,366) |
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Other non-cash items |
6,854 |
3,932 |
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Changes in operating assets and liabilities, net of effect of acquired businesses: |
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Receivables |
(17,925) |
(3,609) |
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Inventories |
(11,708) |
(14,594) |
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Prepaid expenses and other |
(2,501) |
30,368 |
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Other assets |
(42,181) |
(2,530) |
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Accounts payable and accrued liabilities |
3,856 |
41,727 |
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Deferred revenue |
(11,860) |
2,506 |
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Other long-term liabilities |
5,563 |
(36,738) |
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Net cash provided by operating activities |
316,722 |
367,605 |
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Cash flows from investing activities: |
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Purchases of available-for-sale securities |
(124,165) |
(111,702) |
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Proceeds from the sale of available-for-sale securities |
85,384 |
77,621 |
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Proceeds from the maturity of available-for-sale securities |
46,612 |
38,706 |
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Proceeds from the sale of long-term investments |
1,085 |
6,234 |
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Purchases of property, plant and equipment |
(39,810) |
(44,929) |
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Cash paid in business combinations and asset acquisitions, net of cash acquired |
(167,121) |
(392,825) |
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Net cash used for investing activities |
(198,015) |
(426,895) |
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Cash flows from financing activities: |
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Proceeds from issuance of debt |
348,649 |
- |
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Proceeds from revolving credit facility |
100,000 |
100,000 |
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Payment on revolving credit facility |
(100,000) |
(100,000) |
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Payment of convertible notes |
(1) |
(144,639) |
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Payment of convertible notes embedded conversion derivative liability |
(1) |
- |
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Proceeds from convertible notes hedges |
1 |
- |
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Principal payments on receivable financing |
- |
(2,526) |
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Payment of debt issuance costs |
(6,500) |
- |
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Payment of acquisition-related contingent consideration |
(1,835) |
(677) |
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Tax effect related to employee stock transactions allocated to equity |
7,583 |
9,034 |
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Proceeds from issuance of common stock |
65,913 |
42,657 |
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Stock received for payment of employee taxes on vesting of restricted stock |
(24,727) |
(20,140) |
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Payments for repurchases of common stock |
(100,117) |
- |
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Net cash provided by (used for) financing activities |
288,965 |
(116,291) |
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Effect of exchange rate changes on cash and cash equivalents |
(11,771) |
(14,516) |
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Increase (decrease) in cash and cash equivalents |
395,901 |
(190,097) |
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Cash and cash equivalents at end of year |
$ 932,161 |
$ 536,260 |
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