Altera Announces Second Quarter Results

 

 























Notes:











(1) We define operating margin as gross margin less research and development expense, selling, general and administrative expense and amortization of acquisition-related intangible assets, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by losses/(gains) from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows:










Three Months Ended


Six Months Ended

(In thousands, except per share amounts)


June 28,

2013


March 29,

2013


June 29,

2012


June 28,

2013


June 29,

2012

Operating margin (non-GAAP)


$

112,382



$

117,888



$

159,364



$

230,270



$

276,202


Compensation (benefit) expense — deferred compensation plan


(160)



3,422



(2,313)



3,262



3,423


Income from operations (GAAP)


$

112,542



$

114,466



$

161,677



$

227,008



$

272,779


 

 

ALTERA CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)










(In thousands, except par value amount)


June 28,

2013


December 31,

2012






Assets





Current assets:





Cash and cash equivalents


$

2,788,844



$

2,876,627


Short-term investments


164,835



140,958


Total cash, cash equivalents, and short-term investments


2,953,679



3,017,585


Accounts receivable, net


472,597



323,708


Inventories


134,298



152,721


Deferred income taxes — current


87,270



59,049


Deferred compensation plan — marketable securities


55,753



60,321


Deferred compensation plan — restricted cash equivalents


18,984



17,116


Other current assets


40,095



49,852


Total current assets


3,762,676



3,680,352


Property and equipment, net


200,823



206,148


Long-term investments


689,301



704,758


Deferred income taxes — non-current


5,009



17,082


Other assets, net


221,594



49,488


Total assets


$

4,879,403



$

4,657,828







Liabilities and stockholders' equity





Current liabilities:





Accounts payable


$

39,571



$

50,036


Accrued liabilities


31,072



29,005


Accrued compensation and related liabilities


37,654



40,606


Dividends payable


47,937




Deferred compensation plan obligations


74,737



77,437


Deferred income and allowances on sales to distributors


399,630



345,993


Total current liabilities


630,601



543,077


Income taxes payable — non-current


291,656



272,000


Long-term debt


500,000



500,000


Other non-current liabilities


8,948



9,304


Total liabilities


1,431,205



1,324,381


Stockholders' equity:





Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 319,580 shares at June 28, 2013 and 319,564 shares at December 31, 2012


320



320


Capital in excess of par value


1,180,183



1,122,555


Retained earnings


2,271,221



2,204,980


Accumulated other comprehensive (loss) income


(3,526)



5,592


Total stockholders' equity


3,448,198



3,333,447


Total liabilities and stockholders' equity


$

4,879,403



$

4,657,828








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