|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
|
(In thousands) | ||||
|
(Unaudited) | ||||
|
|
|
First Three Quarters of | ||
|
|
|
2012 |
|
2011 |
|
|
|
|
|
|
|
Cash flow from operating activities: |
|
|
|
|
|
Net Income |
|
$ 157,037 |
|
$ 120,246 |
|
|
|
|
|
|
|
Adjustments to reconcile net income to net cash provided by |
|
|
|
|
|
operating activities: |
|
|
|
|
|
Depreciation expense |
|
16,910 |
|
14,683 |
|
Amortization expense |
|
89,315 |
|
56,747 |
|
Provision for doubtful accounts |
|
1,428 |
|
954 |
|
Deferred income taxes |
|
646 |
|
(10,175) |
|
Stock-based compensation |
|
23,628 |
|
21,033 |
|
Income from equity method investments |
|
(19,708) |
|
(11,001) |
|
Excess tax benefit for stock-based compensation |
|
(16,673) |
|
(11,698) |
|
Provision for excess and obsolete inventories |
|
6,372 |
|
6,915 |
|
Other non-cash items |
|
(3,019) |
|
2,738 |
|
|
|
|
|
|
|
Add decrease (increase) in assets: |
|
|
|
|
|
Accounts receivables |
|
(39,496) |
|
(43,117) |
|
Other receivables |
|
(7,996) |
|
13,471 |
|
Inventories |
|
(4,650) |
|
(11,344) |
|
Other current and non-current assets |
|
(2,844) |
|
7,005 |
|
|
|
|
|
|
|
Add increase (decrease) in liabilities: |
|
|
|
|
|
Accounts payable |
|
7,828 |
|
2,039 |
|
Accrued compensation and benefits |
|
6,375 |
|
(1,921) |
|
Deferred revenue |
|
12,390 |
|
7,638 |
|
Accrued warranty expense |
|
(2,491) |
|
402 |
|
Other current and non-current liabilities |
|
18,842 |
|
(2,794) |
|
Net cash provided by operating activities |
|
243,894 |
|
161,821 |
|
|
|
|
|
|
|
Cash flow from investing activities: |
|
|
|
|
|
Acquisitions of businesses, net of cash acquired |
|
(355,484) |
|
(758,243) |
|
Acquisition of property and equipment |
|
(34,126) |
|
(16,002) |
|
Acquisitions of intangible assets |
|
(795) |
|
(1,666) |
|
Purchases of equity method investments |
|
|
|
(3,267) |
|
Dividends received |
|
2,140 |
|
7,500 |
|
Other |
|
303 |
|
(168) |
|
Net cash used in investing activities |
|
(387,962) |
|
(771,846) |
|
|
|
|
|
|
|
Cash flow from financing activities: |
|
|
|
|
|
Issuance of common stock, net |
|
37,142 |
|
40,182 |
|
Excess tax benefit for stock-based compensation |
|
16,673 |
|
11,698 |
|
Proceeds from long-term debt and revolving credit lines |
|
478,556 |
|
702,225 |
|
Payments on short-term and long-term debt |
|
(401,062) |
|
(225,942) |
|
Net cash provided by financing activities |
|
131,309 |
|
528,163 |
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(22) |
|
(671) |
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
(12,781) |
|
(82,533) |
|
Cash and cash equivalents - beginning of period |
|
154,621 |
|
220,788 |
|
|
|
|
|
|
|
Cash and cash equivalents - end of period |
|
$ 141,840 |
|
$ 138,255 |
