|
SUMMARY CONSOLIDATED CASH FLOWS
| |||||||||||||||
| (dollars in thousands)
| |||||||||||||||
| (unaudited) | |||||||||||||||
|
For the Three Months
Ended September 30, |
For the Nine Months
Ended September 30, | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||
| Income before income taxes | $ | 152,920 | $ | 37,279 | $ | 216,516 | $ | 134,119 | |||||||
| Taxes paid | (6,341 | ) | (7,069 | ) | (58,626 | ) | (43,833 | ) | |||||||
| Non-cash expenses | 21,048 | 20,991 | 66,529 | 60,013 | |||||||||||
| Increase in deferred revenue | 41,952 | 276 | 324,122 | 91,052 | |||||||||||
| Deferred revenue recognized | (172,681 | ) | (39,936 | ) | (242,104 | ) | (125,958 | ) | |||||||
| Increase (decrease) in operating working capital, deferred charges and other | (47,069 | ) | (10,885 | ) | (108,941 | ) | (87,671 | ) | |||||||
| Capital spending and capitalized patent costs | (9,117 | ) | (8,321 | ) | (27,751 | ) | (25,841 | ) | |||||||
| FREE CASH FLOW | (19,288 | ) | (7,665 | ) | 169,745 | 1,881 | |||||||||
| Tax benefit from share-based compensation | — | (38 | ) | — | 2,126 | ||||||||||
| Payments on long-term debt | — | — | (230,000 | ) | — | ||||||||||
| Acquisition of patents | (300 | ) | — | (4,800 | ) | (20,000 | ) | ||||||||
| Long term investments | — | (6,594 | ) | (2,000 | ) | (6,594 | ) | ||||||||
| Proceeds from noncontrolling interests | — | — | — | 2,550 | |||||||||||
| Dividends paid | (6,858 | ) | (7,179 | ) | (20,849 | ) | (21,844 | ) | |||||||
| Share repurchases | (5,690 | ) | (18,480 | ) | (64,685 | ) | (89,052 | ) | |||||||
| Proceeds from other financing activities | — | — | — | 4,500 | |||||||||||
| Proceeds from issuance of senior convertible notes | — | — | — | 316,000 | |||||||||||
| Purchase of convertible bond hedge | — | — | — | (59,376 | ) | ||||||||||
| Proceeds from issuance of warrants | — | — | — | 42,881 | |||||||||||
| Payment of debt issuance costs | — | — | — | (9,403 | ) | ||||||||||
| Net proceeds from exercise of stock options | 74 | 3 | 302 | 29 | |||||||||||
| Unrealized gain (loss) on short-term investments | (287 | ) | (198 | ) | 128 | (182 | ) | ||||||||
| NET (DECREASE) INCREASE IN CASH AND SHORT-TERM INVESTMENTS | $ | (32,349 | ) | $ | (40,151 | ) | $ | (152,159 | ) | $ | 163,516 | ||||
