Taro Provides Results for December 31, 2019 | Digital Conqueror

Taro Provides Results for December 31, 2019

  Nine Months Ended December 31,  

2019

 

2018

Cash flows from operating activities:       Net income

 $            190,129

 

 $            223,646

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

                  16,101

 

                  13,738

     Realized gain on sale of long-lived assets                         —  

                        18

     Change in derivative instruments, net

                  (3,395)

 

                    5,881

     Effect of change in exchange rate on inter-company balances, marketable securities and bank deposits

                 (11,061)

 

                 (49,688)

     Deferred income taxes, net

                  (2,076)

 

                      741

     Decrease (increase) in trade receivables, net

                  10,618

 

                 (18,439)

     Increase in inventories, net

                  (9,796)

 

                  (6,795)

     Decrease in other receivables, income tax receivable, prepaid expenses and other

                  27,407

 

                  86,425

     Increase in trade, income tax, accrued expenses, and other payables

                    5,263

 

                    8,810

     (Income) loss from marketable securities, net

                  (1,182)

 

                      792

Net cash provided by operating activities

               222,008

 

               265,129

        Cash flows from investing activities:            Purchase of plant, property & equipment, net

                 (19,350)

 

                 (19,526)

     Investment in other intangible assets

                  (1,016)

 

                  (2,669)

     Proceeds from short-term bank deposits, net                         —  

                225,503

     Proceeds from long-term deposits and other assets                         —  

                  70,685

    (Investment in) proceeds from marketable securities, net

               (233,393)

 

                  24,742

Net cash (used in) provided by investing activities

             (253,759)

 

               298,735

        Cash flows from financing activities:            Purchase of treasury stock

                 (26,827)

 

                 (72,191)

     Dividends paid                         —  

               (500,000)

Net cash used in financing activities

               (26,827)

 

             (572,191)

        Effect of exchange rate changes on cash and cash equivalents

                      488

 

                  (1,815)

Decrease in cash and cash equivalents

                 (58,090)

 

                 (10,142)

Cash and cash equivalents at beginning of period

                567,451

 

                576,611

Cash and cash equivalents at end of period

 $            509,361

 

 $            566,469

        Cash Paid during the year for:        Income taxes

 $               38,773

 

 $               51,487

Cash Received during the year for:        Income taxes

 $               24,819

 

 $               78,367

Non-cash investing transactions:       Purchase of property, plant and equipment included in accounts payable

 $                 1,479

 

 $                 1,544

Non-cash financing transactions:       Purchase of intangible assets

 $                    750

   $                     — Purchase of treasury stock  $                     —  

 $                 4,493

Purchase of marketable securities  $                     —  

 $                 1,799

Sale of marketable securities

 $                  (145)

   $                     —

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