Maxim Integrated Reports Results For The Second Quarter Of Fiscal 2015

 

 


CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended




December 27,


September 27,


December 28,




2014


2014


2013




(in thousands)



Cash flows from operating activities: 








Net income (loss)

$    (72,034)


$      99,980


$     44,353



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








      Stock-based compensation 

20,776


22,420


22,869



      Depreciation and amortization 

71,625


63,693


64,404



      Deferred taxes 

(30,849)


6,207


(11,705)



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

1,844


244


265



      Tax benefit (shortfall) related to stock-based compensation 

(229)


1,610


(726)



      Impairment of long-lived assets

50,745


10,226


5,197



      Impairment of goodwill and intangible assets

93,010


-


-



      Excess tax benefit from stock-based compensation

(1,931)


(2,249)


(2,459)



      Changes in assets and liabilities: 








          Accounts receivable 

23,426


13,896


33,056



          Inventories 

(1,486)


(15,650)


14,030



          Other current assets 

1,009


(24,974)


30,330



          Accounts payable 

(12,007)


4,455


(3,252)



          Income taxes payable 

12,835


(12,289)


19,002



          Deferred revenue on shipments to distributors 

282


1,087


(1,637)



          All other accrued liabilities 

15,839


(51,659)


20,704



Net cash provided by (used in) operating activities 

172,855


116,997


234,431











Cash flows from investing activities: 








          Purchase of property, plant and equipment

(18,585)


(31,686)


(46,133)



          Proceeds from sales of property, plant and equipment

24,467


212


-



          Payments in connection with business acquisition, net of cash acquired

-


-


(453,506)



          Purchases of available-for-sale securities

-


(25,142)


-



          Proceeds from maturity of available-for-sale securities

-


-


27,000



Net cash provided by (used in) investing activities 

5,882


(56,616)


(472,639)











Cash flows from financing activities: 








         Excess tax benefit from stock-based compensation

1,931


2,249


2,459



 Contingent consideration paid

-


-


(4,601)



         Repayment of notes payable

-


(437)


(1,839)



         Issuance of debt

-


-


497,795



 Debt issuance cost

-


-


(3,431)



         Net issuance of restricted stock units

(6,822)


(8,038)


(7,106)



         Proceeds from stock options exercised

8,323


9,704


8,622



         Issuance of ESPP shares under employee stock purchase program

18,653


-


19,096



         Repurchase of common stock

(59,666)


(62,685)


(59,101)



         Dividends paid

(79,169)


(79,763)


(73,324)



Net cash provided by (used in) financing activities 

(116,750)


(138,970)


378,570



Net increase (decrease) in cash and cash equivalents 

61,987


(78,589)


140,362



Cash and cash equivalents: 








          Beginning of period

1,243,883


1,322,472


1,009,547



          End of period

$1,305,870


$ 1,243,883


$1,149,909











Total cash, cash equivalents and short-term investments

$1,380,882


$ 1,318,977


$1,149,909











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