Solarwinds, inc. (SWI)
CashFlow / Quarterly
Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities
Net income

27,013

22,145

18,166

22,967

24,121

13,379

17,646

21,159

22,823

22,797

22,999

22,299

22,486

19,427

17,131

16,294

20,888

13,551

11,710

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

10,278

10,223

9,729

9,517

9,418

8,827

8,895

9,162

6,851

5,554

5,322

-

-

-

-

-

-

-

-

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,296

-

2,765

2,126

1,832

Provision for doubtful accounts

117

301

388

440

-34

125

348

195

134

54

73

120

131

-33

40

11

18

79

-11

Stock-based compensation expense

12,624

12,402

12,325

11,551

8,630

8,592

10,207

5,506

5,601

5,201

6,341

3,896

3,832

3,671

3,865

2,606

2,634

2,781

2,669

Deferred taxes

-723

551

1,325

1,182

-1,895

-3,294

-1,198

781

-1,519

-995

-1,879

-

-

-

-

-

-

-

-

Deferred taxes

-

-

-

-

-

-

-

-

-

-

-

-

570

-1,160

-495

-

-257

765

-472

Excess tax benefit from stock-based compensation

350

978

2,587

2,492

1,908

415

2,986

1,311

1,500

1,516

4,730

1,565

3,737

1,875

3,309

1,227

693

874

3,565

Premium on investments

0

-121

-35

-461

-90

0

0

11

6

-634

21

-427

-111

-899

-168

-

-

-

-

Other non-cash expenses

167

-491

-548

-66

108

-748

-385

-359

-84

-752

14

-524

-244

-282

-382

-263

-146

-103

-110

Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable

6,633

-5,082

4,318

4,187

6,583

-1,808

-1,716

-3,383

9,605

-1,894

1,995

-6,649

10,294

1,236

814

-1,224

6,108

1,866

288

Income taxes receivable

-1,775

-858

2,779

-80

-806

-4,543

1,465

158

-169

51

-15

50

14

14

-50

8

-84

119

-10

Prepaid and other assets

1,851

26

-63

216

-668

820

1,754

-149

641

165

-570

19

618

656

-73

578

-641

1,672

-1,420

Accounts payable

-2,589

64

1,258

-584

1,905

-1,104

-753

507

1,654

-408

-278

191

1,349

-95

362

-282

-125

741

-278

Accrued liabilities and other

5,070

-8,628

-8,138

3,988

2,155

13,485

-1,369

2,897

1,453

1,004

-6,053

2,084

1,932

1,851

-1,394

1,235

1,296

1,101

-2,885

Income taxes payable

3,094

1,713

1,547

752

5,235

-105

1,122

-235

4,916

3,999

3,074

5,463

4,843

5,043

3,216

5,637

4,449

4,379

5,421

Deferred revenue

8,674

9,272

10,362

9,872

12,301

2,030

8,608

6,625

11,582

2,988

7,421

3,314

9,733

4,556

4,936

5,013

8,332

2,542

3,193

Other long-term liabilities

1,585

1,358

-181

-507

-321

3,154

3,189

812

-4

238

0

-

-

-

-

-

-

-

-

Net cash provided by operating activities

57,917

54,707

37,673

51,968

54,300

50,953

42,591

49,717

42,004

40,712

30,887

-

-

-

-

-

-

-

-

Cash flows from investing activities
Net cash provided by operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

28,171

-

32,470

23,637

18,866

Purchases of investments

0

4,044

1,701

15,478

3,001

0

0

-

-

-

-

17,862

7,050

29,237

11,780

-

-

-

-

Maturities of investments

3,000

4,000

1,650

5,500

3,473

3,515

6,500

9,489

7,179

22,216

9,279

7,180

7,750

9,460

9,540

-

-

-

-

Purchases of property and equipment

6,071

3,773

3,278

2,388

2,524

8,139

6,177

1,790

1,217

964

782

804

1,521

789

771

1,102

780

465

598

Purchases of intangible assets

77

83

48

30

14

68

117

112

8,078

58

113

135

166

761

141

191

262

184

108

Acquisition of businesses, net of cash acquired

-52

50,125

39,942

0

-296

63,996

0

-

-

-

-

17,708

27,439

9,850

11,034

51,000

35,483

0

23,000

Net cash used in investing activities

-3,096

-54,025

-43,319

-12,396

-1,770

-68,688

206

-95,009

-1,537

-116,962

8,384

-

-

-

-

-

-

-

-

Cash flows from financing activities
Net cash used in investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-31,177

-14,186

-

-66,704

-649

-27,449

Repurchase of common stock

201,527

1,636

7,015

668

3,379

3,256

6,588

18,929

13,852

152

4,347

0

138

0

1,334

35

0

2

305

Exercise of stock options

1,401

2,695

2,716

4,654

1,921

914

3,214

4,986

2,734

1,652

3,738

1,960

2,979

2,427

3,256

3,148

1,762

1,816

5,193

Excess tax benefit from stock-based compensation

350

978

2,587

2,492

1,908

415

2,986

1,311

1,500

1,516

4,730

1,565

3,737

1,875

3,309

1,227

693

874

3,565

Earnout payments for acquisitions

-

-

-

-

-

-

-

-

-

-

-

0

951

0

3,203

0

0

0

3,743

Net cash used in financing activities

-109,776

2,037

-1,712

6,478

-39,550

-1,927

-388

26,726

-9,618

3,016

4,121

-

-

-

-

-

-

-

-

Net cash provided by financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

4,302

2,028

-

2,455

2,688

8,453

Effect of exchange rate changes on cash and cash equivalents

1,470

1,784

-9,011

-3,311

-4,994

-1,456

-47

1,708

3,088

803

-1,769

1,248

970

-1,650

616

-1,658

-1,911

520

1,444

Net increase (decrease) in cash and cash equivalents

-53,485

4,503

-16,369

42,739

7,986

-21,118

42,362

-16,858

33,937

-72,431

41,623

22,642

13,052

4,672

16,629

-13,116

-33,690

26,196

1,314

Supplemental disclosure of cash flow information
Cash paid for interest

163

63

62

74

191

148

182

139

0

0

0

-

-

-

-

-

-

-

-

Cash paid for income taxes

5,534

4,957

5,727

5,583

3,823

3,379

5,561

-

-

-

-

-

-

-

-

-

-

-

-

Cash paid for income taxes

-

-

-

-

-

-

-

-

-

5,214

5,009

-

3,724

3,586

3,812

-

646

376

88

Non-cash investing transactions
Purchases of property and equipment included in accounts payable and accrued liabilities

958

1,393

0

-

-486

-3,175

3,661

-

-

0

0

-

-

-

-

-

-

-

-

Accrued earnout

-

-

-

-

-

-

-

-

-

-

-

0

596

0

951

-

-

-

-

Accrued earnout (Note 5)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

3,938