Altera Announces First Quarter Results

 









Notes:







(1) Research and development expense as a percentage of Net sales includes amortization of acquisition-related intangible assets.

 

(2) 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

(In thousands, except per share amounts)


March 27,
 2015


December 31,
 2014


March 28,
 2014

Operating margin (non-GAAP)


$

103,021



$

120,878



$

134,595


Compensation expense — deferred compensation plan


27



1,934



1,454


Income from operations (GAAP)


$

102,994



$

118,944



$

133,141















 














ALTERA CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)






(In thousands, except par value amount)


March 27,
 2015


December 31,
 2014






Assets





Current assets:





Cash and cash equivalents


$

2,207,101



$

2,426,367


Short-term investments


168,849



151,519


        Total cash, cash equivalents, and short-term investments


2,375,950



2,577,886


Accounts receivable, net


433,690



377,964


Inventories


155,353



153,387


Deferred income taxes — current


62,144



56,048


Deferred compensation plan — marketable securities


65,075



69,367


Deferred compensation plan — restricted cash equivalents


20,226



14,412


Other current assets


42,336



39,479


        Total current assets


3,154,774



3,288,543


Property and equipment, net


215,309



194,840


Long-term investments


2,139,810



1,942,343


Deferred income taxes — non-current


20,258



20,077


Goodwill


74,341



74,341


Acquisition-related intangible assets, net


69,827



72,291


Other assets, net


92,746



81,791


        Total assets


$

5,767,065



$

5,674,226







Liabilities and stockholders' equity





Current liabilities:





Accounts payable


$

46,918



$

49,140


Accrued liabilities


33,727



28,384


Accrued compensation and related liabilities


60,234



69,837


Deferred compensation plan obligations


85,301



83,779


Deferred income and allowances on sales to distributors


411,558



344,168


        Total current liabilities


637,738



575,308


Income taxes payable — non-current


326,700



313,447


Long-term debt


1,493,082



1,492,759


Other non-current liabilities


6,798



6,886


        Total liabilities


2,464,318



2,388,400


Stockholders' equity:





Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 301,025 shares at March 27, 2015 and 302,430 shares at December 31, 2014


301



302


Capital in excess of par value


1,170,315



1,165,259


Retained earnings


2,108,201



2,110,620


Accumulated other comprehensive income


23,930



9,645


        Total stockholders' equity


3,302,747



3,285,826


        Total liabilities and stockholders' equity


$

5,767,065



$

5,674,226













ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)






Three Months Ended

 (In thousands)


March 27,
 2015


March 28,
 2014






Cash Flows from Operating Activities:





Net income


$

94,852



$

116,514


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





    Depreciation and amortization


14,453



14,628


    Amortization of acquisition-related intangible assets


2,464



2,465


    Amortization of debt discount and debt issuance costs


779



779


    Stock-based compensation


20,325



23,347


    Net gain on sale of available-for-sale securities


(2,506)



(48)


    Amortization of investment discount/premium


2,129



685


    Deferred income tax benefit


(651)



(1,711)


    Tax effect of employee stock plans




(217)


    Excess tax benefit from employee stock plans


(203)



(326)


    Changes in assets and liabilities:





      Accounts receivable, net


(55,726)



39,623


      Inventories


(1,966)



5,743


      Other assets


(9,098)



(5,185)


      Accounts payable and other liabilities


(2,998)



(3,425)


      Deferred income and allowances on sales to distributors 


67,390



(73,227)


      Income taxes payable and receivable, net


5,894



10,111


      Deferred compensation plan obligations


1,495



674


    Net cash provided by operating activities


136,633



130,430


Cash Flows from Investing Activities:





      Purchases of property and equipment


(38,593)



(12,622)


      Purchases of deferred compensation plan securities, net


(1,495)



(674)


      Purchases of available-for-sale securities


(625,960)



(103,982)


      Proceeds from sale of available-for-sale securities


387,985



35,562


      Proceeds from maturity of available-for-sale securities


37,472



41,548


      Purchases of intangible assets


(257)




      Purchases of other investments


(2,000)




    Net cash used in investing activities


(242,848)



(40,168)


Cash Flows from Financing Activities:





      Proceeds from issuance of common stock through stock plans


1,408



6,082


      Shares withheld for employee taxes


(2,994)



(3,048)


      Payment of dividends to stockholders


(54,161)



(47,554)


      Long-term debt and credit facility issuance costs




(1,321)


      Repurchases of common stock


(57,507)



(161,794)


      Excess tax benefit from employee stock plans


203



326


    Net cash used in financing activities


(113,051)



(207,309)


Net decrease in cash and cash equivalents


(219,266)



(117,047)


Cash and cash equivalents at beginning of period


2,426,367



2,869,158


Cash and cash equivalents at end of period


$

2,207,101



$

2,752,111



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