Cadence Reports Second Quarter 2014 Financial Results

 

Cadence Design Systems, Inc. 

Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 28, 2014 and June 29, 2013

(In thousands)

(Unaudited)









Six Months Ended



June 28,


June 29,



2014


2013






Cash and cash equivalents at beginning of period


$  536,260


$  726,357

Cash flows from operating activities:





   Net income


56,333


88,038

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





      Depreciation and amortization


53,609


46,977

      Amortization of debt discount and fees


9,814


12,625

      Stock-based compensation


37,941


28,921

      Gain on investments, net


(5,128)


(2,477)

      Deferred income taxes


4,778


(4,413)

      Other non-cash items


3,694


433

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





         Receivables


5,336


8,719

         Inventories


(12,266)


(2,672)

         Prepaid expenses and other


(13,602)


26,516

         Other assets


(1,273)


(45,274)

         Accounts payable and accrued liabilities


(13,550)


10,023

         Deferred revenue


(23,740)


(24,359)

         Other long-term liabilities


(4,983)


7,174

            Net cash provided by operating activities


96,963


150,231






Cash flows from investing activities:





  Purchases of available-for-sale securities


(77,490)


(63,705)

  Proceeds from the sale of available-for-sale securities


54,601


46,857

  Proceeds from the maturity of available-for-sale securities


23,799


15,716

  Proceeds from the sale of long-term investments


-


6,102

  Purchases of property, plant and equipment


(17,715)


(23,739)

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


(163,685)


(392,139)

           Net cash used for investing activities


(180,490)


(410,908)






Cash flows from financing activities:





  Proceeds from revolving credit facility


100,000


100,000

  Principal payments on receivable financing


-


(2,526)

  Payment of acquisition-related contingent consideration


(1,835)


(582)

  Tax effect related to employee stock transactions allocated to equity


2,642


7,300

  Proceeds from issuance of common stock 


36,482


30,227

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


(12,292)


(11,758)

  Payments for repurchases of common stock


(25,032)


-

           Net cash provided by financing activities


99,965


122,661






Effect of exchange rate changes on cash and cash equivalents


4,718


(11,108)






Increase (decrease) in cash and cash equivalents 


21,156


(149,124)






Cash and cash equivalents at end of period


$  557,416


$  577,233


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