Altera Announces First Quarter Results

 

 

ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)




Three Months Ended

 (In thousands)


March 28,

 2014


March 29,

 2013






Cash Flows from Operating Activities:





Net income


$

116,514


$

120,189

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





   Depreciation and amortization


14,628


11,161

   Amortization of acquisition-related intangible assets


2,465


213

   Amortization of debt discount and debt issuance costs


779


281

   Stock-based compensation


23,347


22,242

   Net gain on sale of available-for-sale securities


(48)


   Amortization of investment discount/premium


685


   Deferred income tax expense/(benefit)


9,211


(15,606)

   Tax effect of employee stock plans


(217)


861

   Excess tax benefit from employee stock plans


(326)


(741)

   Changes in assets and liabilities, net of effects of  acquisitions:





   Accounts receivable, net


39,623


(42,709)

   Inventories


5,743


13,439

   Other assets


(3,992)


13,036

   Accounts payable and other liabilities


(3,425)


(9,660)

   Deferred income and allowances on sales to distributors


(73,227)


36,649

   Income taxes payable


(2,004)


6,239

   Deferred compensation plan obligations


674


(6,116)

   Net cash provided by operating activities


130,430


149,478

Cash Flows from Investing Activities:





   Purchases of property and equipment


(12,622)


(14,586)

   (Purchases)/sales of deferred compensation plan securities, net


(674)


6,116

   Purchases of available-for-sale securities


(103,982)


(121,111)

   Proceeds from sale of available-for-sale securities


35,562


48,978

   Proceeds from maturity of available-for-sale securities


41,548


34,416

   Purchase of other investments



(176)

   Net cash used in investing activities


(40,168)


(46,363)

Cash Flows from Financing Activities:





   Proceeds from issuance of common stock through stock plans


6,082


8,442

   Shares withheld for employee taxes


(3,048)


(3,360)

   Payment of dividends to stockholders


(47,554)


(31,978)

   Long-term debt and credit facility issuance costs


(1,321)


   Repurchases of common stock


(161,794)


   Excess tax benefit from employee stock plans


326


741

   Net cash used in financing activities


(207,309)


(26,155)

Net (decrease)/increase in cash and cash equivalents


(117,047)


76,960

Cash and cash equivalents at beginning of period


2,869,158


2,876,627

Cash and cash equivalents at end of period


$

2,752,111


$

2,953,587


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