Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2016, Increases Dividend By 10%

 


CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended


Year Ended




June 25,


March 26,


June 27,


June 25,


June 27,




2016


2016


2015


2016


2015




(in thousands)



Cash flows from operating activities: 












Net income (loss)

$           92,339


$         139,810


$           98,659


$         227,475


$         206,038



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












Stock-based compensation

16,444


17,875


17,709


69,701


79,491



Depreciation and amortization

46,414


47,088


92,639


244,637


299,396



Deferred taxes

(13,510)


(333)


(32,207)


(48,138)


(72,507)



In-process research and development written-off

27,602


-


-


27,602


8,900



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

5,048


3,098


(1,228)


2,283


419



Tax benefit (shortfall) related to stock-based compensation

3,657


545


(861)


7,375


8,155



Excess tax benefit from stock-based compensation

(1,890)


(1,491)


(2,372)


(9,550)


(12,549)



Impairment of long-lived assets

-


506


517


160,153


67,010



Impairment of goodwill and intangible assets

-


-


-


-


84,110



Impairment of investments in privately-held companies

-


-


94


-


94



Loss (gain) on sale of business

-


(58,944)


(35,849)


(58,944)


(35,849)



Changes in assets and liabilities: 












Accounts receivable 

21,971


(47,322)


(417)


22,313


16,984



Inventories 

7,657


22,785


10,105


44,086


2,163



Other current assets 

8,012


(8,947)


15,338


2,943


(8,783)



Accounts payable 

5,076


8,683


2,874


(3,676)


(4,201)



Income taxes payable 

19,792


29,597


39,217


56,641


62,350



Deferred revenue on shipments to distributors 

4,322


2,390


(223)


8,452


4,593



All other accrued liabilities 

11,137


12,646


17,793


(31,468)


(12,110)



Net cash provided by (used in) operating activities 

254,071


167,986


221,788


721,885


693,704















Cash flows from investing activities: 












Payments for property, plant and equipment

(22,488)


(17,530)


(15,360)


(69,369)


(75,816)



Proceeds from sales of property, plant and equipment

34,691


136


2,741


85,142


29,035



Proceeds from sale of business

-


105,000


35,550


105,000


35,550



Purchases of available-for-sale securities

(25,000)


(24,861)


-


(99,948)


(25,142)



Purchases of privately-held companies securities

(1,554)


(1,921)


-


(10,483)


(200)



Proceeds from maturity of available-for-sale securities

50,000


-


-


50,000


-



Proceeds from sales of investments of privately-held companies

-


-


-


-


500



Other investing activities

-


-


-


2,380


-



Net cash provided by (used in) investing activities 

35,649


60,824


22,931


62,722


(36,073)















Cash flows from financing activities: 












Excess tax benefit from stock-based compensation

1,890


1,491


2,372


9,550


12,549



Repayment of notes payable

-


-


-


-


(437)



Issuance of debt

249,717


-


-


249,717


-



Net issuance of restricted stock units

(2,687)


(8,853)


(7,428)


(24,084)


(30,657)



Proceeds from stock options exercised

12,272


9,889


12,328


79,608


61,453



Issuance of common stock under employee stock purchase program

19,625


-


22,298


33,975


40,951



Repurchase of common stock

(90,438)


(83,801)


(35,963)


(237,086)


(195,088)



Dividends paid

(85,210)


(85,714)


(79,558)


(342,023)


(317,909)



Net cash provided by (used in) financing activities 

105,169


(166,988)


(85,951)


(230,343)


(429,138)















Net increase (decrease) in cash and cash equivalents 

394,889


61,822


158,768


554,264


228,493



Cash and cash equivalents: 












Beginning of period

1,710,340


1,648,518


1,392,197


1,550,965


1,322,472



End of period

$      2,105,229


$      1,710,340


$      1,550,965


$      2,105,229


$      1,550,965















Total cash, cash equivalents and short-term investments

$      2,230,668


$      1,860,416


$      1,626,119


$      2,230,668


$      1,626,119















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