Maxim Integrated Reports Results For The Second Quarter Of Fiscal 2014

 

 


CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended




December 28,


September 28,


December 29,




2013


2013


2012




(in thousands)



Cash flows from operating activities: 








Net income

$     49,322


$    103,120


$     76,622



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








      Stock-based compensation 

22,869


18,740


22,845



      Depreciation and amortization 

64,404


51,133


51,880



      Deferred taxes 

(11,705)


25,529


(12,979)



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

265


36


(88)



      Tax benefit (shortfall) related to stock-based compensation 

(726)


(3,488)


5,187



      Impairment of long-lived assets

5,197


-


22,222



      Excess tax benefit from stock-based compensation 

(2,459)


(1,697)


(6,615)



      Changes in assets and liabilities: 








          Accounts receivable 

33,056


(12,450)


51,993



          Inventories 

14,030


(2,301)


570



          Other current assets 

31,362


(18,546)


4,091



          Accounts payable 

(3,252)


(9,162)


(9,536)



          Income taxes payable 

19,002


11,393


37,477



          Deferred revenue on shipments to distributors 

(1,637)


622


(1,663)



          All other accrued liabilities 

14,704


(67,035)


13,091



Net cash provided by (used in) operating activities 

234,432


95,894


255,097











Cash flows from investing activities: 








          Purchase of property, plant and equipment

(46,133)


(36,329)


(62,102)



          Proceeds from sales of property, plant and equipment

-


3,048


4,115



          Payments in connection with business acquisition, net of cash acquired

(453,506)


-


-



          Proceeds from maturity of available-for-sale securities

27,000


-


-



Net cash provided by (used in) investing activities 

(472,639)


(33,281)


(57,987)











Cash flows from financing activities: 








         Excess tax benefit from stock-based compensation

2,459


1,697


6,615



         Contingent consideration paid

(4,601)


-


(7,476)



         Dividends paid

(73,325)


(73,744)


(70,063)



         Repayment of notes payable

(1,839)


-


(74)



         Issuance of debt

497,795


100


-



         Debt issuance cost

(3,431)


-


-



         Repurchase of common stock

(59,101)


(154,386)


(50,435)



         Issuance of ESPP shares under employee stock purchase program 

19,096


-


16,768



         Net issuance of restricted stock units

(7,106)


(6,966)


(6,538)



         Proceeds from stock options exercised

8,622


5,247


19,350



Net cash provided by (used in) financing activities 

378,569


(228,052)


(91,853)











Net increase (decrease) in cash and cash equivalents 

140,362


(165,439)


105,257



Cash and cash equivalents: 








          Beginning of period

1,009,547


1,174,986


849,850



          End of period

$1,149,909


$ 1,009,547


$   955,107











Total cash, cash equivalents, and short-term investments

$1,149,909


$ 1,034,583


$1,030,299











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