Cadence Reports Second Quarter 2015 Financial Results

 

Cadence Design Systems, Inc. 

Condensed Consolidated Statements of Cash Flows

For the Six Months Ended July 4, 2015 and June 28, 2014

(In thousands)

(Unaudited)









Six Months Ended



July 4,


June 28,



2015


2014






Cash and cash equivalents at beginning of period


$    932,161


$    536,260

Cash flows from operating activities:





   Net income


94,419


56,333

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





      Depreciation and amortization


58,963


53,609

      Amortization of debt discount and fees


8,971


9,814

      Stock-based compensation


43,564


37,941

      Gain on investments, net


(1,590)


(5,128)

      Deferred income taxes


7,097


4,778

      Other non-cash items


1,142


3,694

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





         Receivables


(8,078)


5,336

         Inventories


(6,243)


(12,266)

         Prepaid expenses and other


(8,036)


(13,602)

         Other assets


1,117


(1,273)

         Accounts payable and accrued liabilities


(20,653)


(13,550)

         Deferred revenue


5,827


(23,740)

         Other long-term liabilities


(8,058)


(4,983)

            Net cash provided by operating activities


168,442


96,963






Cash flows from investing activities:





  Purchases of available-for-sale securities


(59,516)


(77,490)

  Proceeds from the sale of available-for-sale securities


37,586


54,601

  Proceeds from the maturity of available-for-sale securities


15,600


23,799

  Proceeds from the sale of long-term investments


2,293


-

  Purchases of property, plant and equipment


(24,067)


(17,715)

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


-


(163,685)

           Net cash used for investing activities


(28,104)


(180,490)






Cash flows from financing activities:





  Proceeds from revolving credit facility


-


100,000

  Payment of convertible notes


(349,999)


-

  Payment of convertible notes embedded conversion derivative liability


(530,643)


-

  Proceeds from convertible notes hedges


530,643


-

  Payment of acquisition-related contingent consideration


-


(1,835)

  Excess tax benefits from stock-based compensation


10,097


2,642

  Proceeds from issuance of common stock 


38,167


36,482

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


(15,814)


(12,292)

  Payments for repurchases of common stock


(93,076)


(25,032)

           Net cash provided by (used for) financing activities


(410,625)


99,965






Effect of exchange rate changes on cash and cash equivalents


(14,023)


4,718






Increase (decrease) in cash and cash equivalents 


(284,310)


21,156






Cash and cash equivalents at end of period


$    647,851


$    557,416


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