Cadence Reports Fourth Quarter and Fiscal Year 2013 Financial Results

 

Cadence Design Systems, Inc. 

Condensed Consolidated Statements of Cash Flows

For the Years Ended December 28, 2013 and December 29, 2012

(In thousands)

(Unaudited)









Years Ended



December 28,


December 29,



2013


2012






Cash and cash equivalents at beginning of period


$        726,357


$        601,602

Cash flows from operating activities:





   Net income


164,243


439,948

   Adjustments to reconcile net income to net cash provided by operating activities:





      Depreciation and amortization


98,308


89,217

      Amortization of debt discount and fees


25,384


23,513

      Stock-based compensation


66,285


47,561

      Gain on investments, net


(5,311)


(6,320)

      Deferred income taxes


(2,366)


(240,424)

      Provisions (recoveries) for losses (gains) on receivables, net


(85)


215

      Other non-cash items


4,017


3,315

      Changes in operating assets and liabilities, net of effect of acquired businesses:





         Receivables


(3,609)


45,630

         Inventories


(14,594)


5,245

         Prepaid expenses and other


30,368


(12,426)

         Other assets


(2,530)


(4,902)

         Accounts payable and accrued liabilities


41,727


17,523

         Deferred revenue


2,506


(69,662)

         Other long-term liabilities


(36,738)


(22,439)

            Net cash provided by operating activities


367,605


315,994






Cash flows from investing activities:





  Purchases of available-for-sale securities


(111,702)


(121,154)

  Proceeds from the sale of available-for-sale securities


77,621


18,338

  Proceeds from the maturity of available-for-sale securities


38,706


4,150

  Proceeds from the sale of long-term investments


6,234


74

  Purchases of property, plant and equipment


(44,929)


(35,966)

  Investment in venture capital partnerships and equity investments


-


(250)

  Cash paid in business combinations and asset acquisitions, net of cash acquired


(392,825)


(66,432)

           Net cash used for investing activities


(426,895)


(201,240)






Cash flows from financing activities:





  Proceeds from revolving credit facility


100,000


-

  Payment on revolving credit facility


(100,000)


-

  Payment of convertible notes


(144,639)


-

  Principal payments on receivable financing


(2,526)


(5,776)

  Payment of debt issuance costs


-


(1,372)

  Payment of acquisition-related contingent consideration


(677)


(39)

  Tax effect related to employee stock transactions allocated to equity


9,034


6,061

  Proceeds from issuance of common stock 


42,657


32,687

  Stock received for payment of employee taxes on vesting of restricted stock


(20,140)


(15,728)

           Net cash provided by (used for) financing activities


(116,291)


15,833






Effect of exchange rate changes on cash and cash equivalents


(14,516)


(5,832)






Increase (decrease) in cash and cash equivalents 


(190,097)


124,755






Cash and cash equivalents at end of period


$        536,260


$        726,357


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