Maxim Integrated Reports Results For The First Quarter Of Fiscal 2016

 


CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended




September 26,


June 27, 


September 27,




2015


2015


2014




(in thousands)



Cash flows from operating activities: 








Net income (loss)

$         (72,143)


$           98,659


$           99,980



Adjustments to reconcile net income (loss) to net cash provided by operating activities:








Stock-based compensation

16,963


17,709


22,420



Depreciation and amortization

102,053


92,639


63,693



Deferred taxes

(53,111)


(32,207)


6,207



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

(1,346)


(1,228)


244



Tax benefit (shortfall) related to stock-based compensation 

1,193


(861)


1,610



Impairment of long-lived assets

157,697


517


10,226



Impairment of investments in privately-held companies

-


94


-



Loss (gain) on sale of business

-


(35,849)


-



Excess tax benefit from stock-based compensation

(2,249)


(2,372)


(2,249)



Changes in assets and liabilities:








Accounts receivable

(3,627)


(417)


13,896



Inventories

(2,167)


10,105


(15,650)



Other current assets

4,796


15,338


(24,974)



Accounts payable

(9,776)


2,874


4,455



Income taxes payable

34,127


39,217


(12,289)



Deferred revenue on shipments to distributors

4,764


(223)


1,087



All other accrued liabilities

(59,835)


17,793


(51,659)



Net cash provided by (used in) operating activities

117,339


221,788


116,997



Cash flows from investing activities:








Payments for property, plant and equipment

(15,821)


(15,360)


(31,686)



Proceeds from sales of property, plant and equipment

606


2,741


212



Proceeds from sale of business

-


35,550


-



Purchases from maturity of available-for-sale securities

(25,055)


-


(25,142)



Purchases of investments in privately-held companies securities

(1,000)


-


-



Net cash provided by (used in) investing activities

(41,270)


22,931


(56,616)



Cash flows from financing activities:








Excess tax benefit from stock-based compensation 

2,249


2,372


2,249



Repayment of notes payable

-


-


(437)



Net issuance of restricted stock units

(4,822)


(7,428)


(8,038)



Proceeds from stock options exercised

8,970


12,328


9,704



Issuance of ESPP shares under employee stock purchase program

-


22,298


-



Repurchase of common stock

(39,697)


(35,963)


(62,685)



Dividends paid

(85,387)


(79,558)


(79,763)



Net cash provided by (used in) financing activities

(118,687)


(85,951)


(138,970)



Net increase (decrease) in cash and cash equivalents

(42,618)


158,768


(78,589)



Cash and cash equivalents:








Beginning of period

1,550,965


1,392,197


1,322,472



End of period

$      1,508,347


$      1,550,965


$      1,243,883











Total cash, cash equivalents and short-term investments

$      1,608,632


$      1,626,119


$      1,318,977











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