Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2015; Increases Dividend By 7%

 


CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended


Year Ended




June 27,


March 28,


June 28,


June 27,


June 28,




2015


2015


2014


2015


2014




(in thousands)



Cash flows from operating activities: 












Net income

$           98,659


$           79,433


$           84,793


$         206,038


$         354,810



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












      Stock-based compensation 

17,709


18,586


21,786


79,491


85,452



      Depreciation and amortization 

92,639


71,439


64,391


299,396


244,593



      Deferred taxes 

(32,207)


(15,658)


(9,501)


(72,507)


(32,159)



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

(1,228)


(441)


1,068


419


2,187



      Tax benefit (shortfall) related to stock-based compensation 

(861)


7,635


942


8,155


(68)



      Impairment of long-lived assets

517


5,522


6,447


67,010


11,644



      Impairment of investments in privately-held companies

94


-


6,537


94


10,260



      In-process research and development written-off

-


-


-


8,900


2,580



      Loss (gain) on sale of business

(35,849)


-


-


(35,849)


-



      Impairment of goodwill

-


-


-


84,110


-



      Excess tax benefit from stock-based compensation

(2,372)


(5,997)


(4,897)


(12,549)


(14,192)



      Changes in assets and liabilities: 












          Accounts receivable 

(417)


(19,921)


8,300


16,984


13,340



          Inventories 

10,105


9,194


1,226


2,163


20,672



          Other current assets 

15,338


(156)


26,579


(8,783)


45,557



          Accounts payable 

2,874


477


5,203


(4,201)


(11,255)



          Income taxes payable 

39,217


22,587


9,853


62,350


54,492



          Deferred revenue on shipments to distributors 

(223)


3,447


1,475


4,593


(823)



          All other accrued liabilities 

17,793


5,917


9,882


(12,110)


(10,983)



Net cash provided by (used in) operating activities 

221,788


182,064


234,084


693,704


776,107















Cash flows from investing activities: 












          Purchase of property, plant and equipment

(15,360)


(10,185)


(23,654)


(75,816)


(132,523)



          Proceeds from sales of property, plant and equipment

2,741


1,615


1,627


29,035


5,293



          Proceeds from sale of business

35,550


-


-


35,550


-



          Proceeds from maturity of available-for-sale securities

-


-


-


-


27,000



          Purchases of available-for-sale securities

-


-


(49,953)


(25,142)


(49,953)



          Purchases of privately-held companies securities

-


(200)


-


(200)


-



          Payments in connection to acquisitions

-


-


-


-


(459,256)



          Proceeds from sale of investments in privately-held companies

-


500


-


500


-



Net cash provided by (used in) investing activities 

22,931


(8,270)


(71,980)


(36,073)


(609,439)















Cash flows from financing activities: 












         Excess tax benefit from stock-based compensation

2,372


5,997


4,897


12,549


14,192



         Contingent consideration paid

-


-


-


-


(4,705)



         Dividends paid

(79,558)


(79,419)


(73,626)


(317,909)


(294,175)



         Repayment of notes payable

-


-


(2,430)


(437)


(4,708)



         Issuance of debt

-


-


-


-


497,895



         Debt issuance cost

-


-


-


-


(3,431)



         Repurchase of common stock

(35,963)


(36,774)


(40,744)


(195,088)


(305,314)



         Issuance of ESPP shares under employee stock purchase program

22,298


-


23,713


40,951


42,809



         Net issuance of restricted stock units

(7,428)


(8,369)


(8,922)


(30,657)


(31,384)



         Proceeds from stock options exercised

12,328


31,098


26,232


61,453


69,639



Net cash provided by (used in) financing activities 

(85,951)


(87,467)


(70,880)


(429,138)


(19,182)















Net increase (decrease) in cash and cash equivalents 

158,768


86,327


91,224


228,493


147,486



Cash and cash equivalents: 












          Beginning of period

1,392,197


1,305,870


1,231,248


1,322,472


1,174,986



          End of period

$      1,550,965


$      1,392,197


$      1,322,472


$      1,550,965


$      1,322,472















Total cash, cash equivalents and short-term investments

$      1,626,119


$      1,467,339


$      1,372,425


$      1,626,119


$      1,372,425



























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