|
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Operating Activities: |
|
|
| Net income |
$ 23,100 |
$ 25,987 |
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
| Stock-based compensation |
2,699 |
3,408 |
| Depreciation and amortization of intangible assets |
9,442 |
8,864 |
| Excess tax benefits from stock-based award activity |
(25,861) |
(22,743) |
| Deferred income taxes |
(17,461) |
(10,423) |
| Amortization of premium on investments, net |
483 |
1,085 |
| Amortization of debt issuance costs |
348 |
281 |
| Accretion of debt discounts |
1,131 |
906 |
| Other |
107 |
39 |
| Cash provided (used) by changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(1,575) |
1,017 |
| Other receivables |
1,891 |
3,695 |
| Inventories |
(4,769) |
(687) |
| Prepaid expenses and other current assets |
3,454 |
347 |
| Other long-term assets |
24 |
75 |
| Accounts payable |
2,677 |
(5,267) |
| Deferred revenue |
141 |
199 |
| Accrued expenses and other current and long-term liabilities |
32,358 |
19,812 |
| Net cash provided by operating activities |
28,189 |
26,595 |
| Investing Activities: |
|
|
| Purchases of property and equipment |
(1,002) |
(1,247) |
| Purchases of intangible assets |
(696) |
0 |
| Proceeds from sales of investments |
3,304 |
12,272 |
| Proceeds from maturities of investments |
68,243 |
68,923 |
| Purchases of investments |
(66,833) |
(72,415) |
| Net cash provided by investing activities |
3,016 |
7,533 |
| Financing Activities: |
|
|
| Proceeds from credit facilities |
18,000 |
4,000 |
| Repayment of credit facilities |
(57,000) |
(48,000) |
| Stock repurchases |
(4,445) |
0 |
| Excess tax benefits from stock-based award activity |
25,861 |
22,743 |
| Proceeds from stock option exercises |
1,616 |
86 |
| Proceeds from issuance of stock through employee stock purchase plan |
608 |
665 |
| Tax payments from shares withheld upon vesting of restricted stock units |
(435) |
(1,091) |
| Net cash used by financing activities |
(15,795) |
(21,597) |
| Net increase in cash and cash equivalents |
15,410 |
12,531 |
| Cash and cash equivalents, beginning of period |
46,444 |
130,225 |
| Cash and cash equivalents, end of period |
61,854 |
142,756 |
| Supplemental disclosure of non-cash investing activities: |
|
|
| Purchases of property and equipment through leasehold incentives |
515 |
120 |
| Cash paid for: |
|
|
| Income taxes |
782 |
575 |
| Interest |
$ 612 |
$ 876 |