Maxim Integrated Reports Results For The First Quarter Of Fiscal 2014

 

 


CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended




September 28,


June 29,


September 29,




2013


2013


2012




(in thousands)



Cash flows from operating activities: 








Net income

$      103,120


$      119,014


$      127,888



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








      Stock-based compensation 

18,740


18,853


22,497



      Depreciation and amortization 

51,133


51,191


53,674



      Deferred taxes 

25,529


(2,813)


22,772



      Loss (gain) from sale of property, plant and equipment

36


1,380


(51)



      Tax benefit (shortfall) related to stock-based compensation 

(3,488)


358


1,335



      Impairment of long-lived assets

-


-


2,707



      Excess tax benefit from stock-based compensation 

(1,697)


(2,792)


(5,219)



      Changes in assets and liabilities: 








          Accounts receivable 

(12,450)


14,608


923



          Inventories 

(2,301)


(7,657)


(16,015)



          Other current assets 

(18,546)


(2,132)


(7,839)



          Accounts payable 

(9,162)


(6,961)


(26,466)



          Income taxes payable 

11,393


13,118


10,461



          Deferred revenue on shipments to distributors 

622


706


745



          All other accrued liabilities 

(67,035)


17,527


(50,667)



Net cash provided by (used in) operating activities 

95,894


214,400


136,745











Cash flows from investing activities: 








          Payments for property, plant and equipment 

(36,329)


(48,922)


(50,703)



          Proceeds from sales of property, plant and equipment

3,048


4,538


344



          Proceeds from sales of property, plant and equipment through note receivable

-


10,786


-



          Acquisitions

-


(2,767)


-



          Purchases of privately-held companies securities

-


(500)


-



          Proceeds from sales of investments of privately-held companies

-


585


-



Net cash provided by (used in) investing activities 

(33,281)


(36,280)


(50,359)











Cash flows from financing activities: 








         Excess tax benefit from stock-based compensation

1,697


2,792


5,219



         Contingent consideration paid

-


(6,305)


-



         Dividends paid

(73,744)


(69,532)


(70,199)



         Repayment of notes payable

-


(302,299)


(224)



         Issuance of debt

100


-


-



         Debt issuance cost

-


(671)


-



         Repurchase of common stock

(154,386)


(193,221)


(65,149)



         Issuance of ESPP

-


19,529


-



         Net issuance of restricted stock units

(6,966)


(7,456)


(7,107)



         Proceeds from stock options exercised

5,247


6,049


19,864



Net cash provided by (used in) financing activities 

(228,052)


(551,114)


(117,596)











Net increase (decrease) in cash and cash equivalents 

(165,439)


(372,994)


(31,210)



Cash and cash equivalents: 








          Beginning of period

1,174,986


1,547,980


881,060



          End of period

$   1,009,547


$   1,174,986


$      849,850











Total cash, cash equivalents, and short-term investments

$   1,034,583


$   1,200,046


$      925,133











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