Cadence Reports Fourth Quarter and Fiscal Year 2015 Financial Results

 

Cadence Design Systems, Inc. 

Condensed Consolidated Statements of Cash Flows

For the Years Ended January 2, 2016 and January 3, 2015

(In thousands)

(Unaudited)









Years Ended



January 2, 


January 3,



2016


2015






Cash and cash equivalents at beginning of year


$    932,161


$   536,260

Cash flows from operating activities:





   Net income


252,417


158,898

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





      Depreciation and amortization


118,165


115,634

      Amortization of debt discount and fees


9,402


20,529

      Stock-based compensation


92,341


83,792

      Gain on investments, net


(2,124)


(4,707)

      Deferred income taxes


(13,148)


12,478

      Other non-cash items


646


6,854

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





         Receivables


(44,732)


(17,925)

         Inventories


(1,120)


(11,708)

         Prepaid expenses and other


(1,380)


(2,501)

         Other assets


(1,558)


(42,181)

         Accounts payable and accrued liabilities


15,321


3,856

         Deferred revenue


(27,019)


(11,860)

         Other long-term liabilities


(19,011)


5,563

            Net cash provided by operating activities


378,200


316,722






Cash flows from investing activities:





  Purchases of available-for-sale securities


(96,531)


(124,165)

  Proceeds from the sale of available-for-sale securities


60,949


85,384

  Proceeds from the maturity of available-for-sale securities


31,316


46,612

  Proceeds from the sale of long-term investments


4,570


1,085

  Purchases of property, plant and equipment


(44,808)


(39,810)

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


-


(167,121)

           Net cash used for investing activities


(44,504)


(198,015)






Cash flows from financing activities:





  Proceeds from issuance of debt


-


348,649

  Proceeds from revolving credit facility


-


100,000

  Payment on revolving credit facility


-


(100,000)

  Payment of convertible notes


(349,999)


(1)

  Payment of convertible notes embedded conversion derivative liability


(530,643)


(1)

  Proceeds from convertible notes hedges


530,643


1

  Payment of debt issuance costs


-


(6,500)

  Payment of acquisition-related contingent consideration


-


(1,835)

  Excess tax benefits from stock-based compensation


15,591


7,583

  Proceeds from issuance of common stock 


74,938


65,913

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


(33,651)


(24,727)

  Payments for repurchases of common stock


(333,189)


(100,117)

           Net cash provided by (used for) financing activities


(626,310)


288,965






Effect of exchange rate changes on cash and cash equivalents


(22,861)


(11,771)






Increase (decrease) in cash and cash equivalents 


(315,475)


395,901






Cash and cash equivalents at end of year


$    616,686


$   932,161


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