Cadence Reports First Quarter 2016 Financial Results

 

Cadence Design Systems, Inc. 

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended April 2, 2016 and April 4, 2015

(In thousands)

(Unaudited)









Three Months Ended



April 2, 


April 4,



2016


2015






Cash and cash equivalents at beginning of period


$ 616,686


$ 932,161

Cash flows from operating activities:





   Net income


50,562


36,259

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





      Depreciation and amortization


31,231


29,433

      Amortization of debt discount and fees


255


5,945

      Stock-based compensation


24,632


21,861

      Gain on investments, net


(2,617)


(1,270)

      Deferred income taxes


1,623


1,864

      Other non-cash items


209


929

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





         Receivables


11,618


(12,450)

         Inventories


(3,714)


1,682

         Prepaid expenses and other


(10,132)


(10,004)

         Other assets


(3,595)


3,627

         Accounts payable and accrued liabilities


(42,557)


(44,754)

         Deferred revenue


30,710


16,812

         Other long-term liabilities


(5,034)


(3,246)

            Net cash provided by operating activities


83,191


46,688






Cash flows from investing activities:





  Purchases of available-for-sale securities


(20,525)


(33,161)

  Proceeds from the sale of available-for-sale securities


1,000


20,551

  Proceeds from the maturity of available-for-sale securities


19,000


10,350

  Proceeds from the sale of long-term investments


2,583


1,364

  Purchases of property, plant and equipment


(12,116)


(7,520)

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


(3,853)


-

           Net cash used for investing activities


(13,911)


(8,416)






Cash flows from financing activities:





  Proceeds from term loan


300,000


-

  Proceeds from revolving credit facility


50,000


-

  Payment of convertible notes


-


(53,862)

  Payment of convertible notes embedded conversion derivative liability


-


(77,139)

  Proceeds from convertible notes hedges


-


77,139

  Payment of debt issuance costs


(542)


-

  Excess tax benefits from stock-based compensation


-


6,482

  Proceeds from issuance of common stock 


24,200


24,609

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


(15,225)


(14,114)

  Payments for repurchases of common stock


(240,000)


(36,797)

           Net cash provided by (used for) financing activities


118,433


(73,682)






Effect of exchange rate changes on cash and cash equivalents


6,001


(9,015)






Increase (decrease) in cash and cash equivalents 


193,714


(44,425)






Cash and cash equivalents at end of period


$ 810,400


$ 887,736


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