Altera Announces Third 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, amortization of acquisition-related intangible assets, and merger expenses, 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


Nine Months Ended

(In thousands, except per share amounts)


September 25, 
2015


June 26, 
2015


September 26, 
2014


September 25, 
2015


September 26, 
2014

Operating margin (non-GAAP)


$

77,762



$

86,331



$

141,320



$

267,114



$

422,482


Compensation (benefit)/ expense — deferred compensation plan


(4,468)



2,732



(487)



(1,709)



4,093


Income from operations (GAAP)


$

82,230



$

83,599



$

141,807



$

268,823



$

418,389


 


ALTERA CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In thousands, except par value amount)


September 25, 
2015


December 31, 
2014






Assets





Current assets:





Cash and cash equivalents


$

1,934,850



$

2,426,367


Short-term investments


185,762



151,519


Total cash, cash equivalents, and short-term investments


2,120,612



2,577,886


Accounts receivable, net


444,107



377,964


Inventories


159,310



153,387


Deferred income taxes — current


60,210



56,048


Deferred compensation plan — marketable securities


57,781



69,367


Deferred compensation plan — restricted cash equivalents


17,166



14,412


Other current assets


50,718



39,479


Total current assets


2,909,904



3,288,543


Property and equipment, net


208,897



194,840


Long-term investments


2,504,693



1,942,343


Deferred income taxes — non-current


20,725



20,077


Goodwill


81,331



74,341


Acquisition-related intangible assets, net


66,989



72,291


Other assets, net


92,646



81,791


Total assets


$

5,885,185



$

5,674,226







Liabilities and stockholders' equity





Current liabilities:





Accounts payable


$

41,520



$

49,140


Accrued liabilities


47,523



28,384


Accrued compensation and related liabilities


74,113



69,837


Deferred compensation plan obligations


74,947



83,779


Deferred income and allowances on sales to distributors


439,504



344,168


Total current liabilities


677,607



575,308


Income taxes payable — non-current


352,433



313,447


Long-term debt


1,493,729



1,492,759


Other non-current liabilities


8,955



6,886


Total liabilities


2,532,724



2,388,400


Stockholders' equity:





Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 302,857 shares at September 25, 2015 and 302,430 shares at December 31, 2014


303



302


Capital in excess of par value


1,227,586



1,165,259


Retained earnings


2,115,487



2,110,620


Accumulated other comprehensive income


9,085



9,645


Total stockholders' equity


3,352,461



3,285,826


Total liabilities and stockholders' equity


$

5,885,185



$

5,674,226








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