|
LSI CORPORATION | |||||
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Consolidated Statements of Cash Flows | |||||
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(In thousands) | |||||
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(Unaudited) | |||||
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Three Months Ended | ||||
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|
March 31, |
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December 31, |
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April 1, |
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|
2013 |
|
2012 |
|
2012 |
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Operating activities: |
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|
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Net income |
$ 18,432 |
|
$ 22,653 |
|
$ 75,197 |
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Adjustments: |
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|
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|
Depreciation and amortization |
44,285 |
|
44,166 |
|
45,368 |
|
Stock-based compensation expense |
25,546 |
|
24,762 |
|
30,834 |
|
Non-cash restructuring of operations and other items, net |
1,536 |
|
221 |
|
2,140 |
|
Gain on re-measurement of a pre-acquisition equity interest to fair value |
- |
|
- |
|
(5,765) |
|
(Gain)/loss on sale of property and equipment |
(4) |
|
(46) |
|
25 |
|
Unrealized foreign exchange loss/(gain) |
589 |
|
(518) |
|
1,461 |
|
Deferred taxes |
(26) |
|
(9,972) |
|
(43,202) |
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Changes in assets and liabilities, net of assets acquired and liabilities |
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assumed in business combination: |
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Accounts receivable |
40,652 |
|
(7,620) |
|
(44,845) |
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Inventories |
25,123 |
|
2,748 |
|
3,453 |
|
Prepaid expenses, assets held for sale and other assets |
(7,955) |
|
(16,850) |
|
(2,290) |
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Accounts payable |
(33,054) |
|
23,208 |
|
47,119 |
|
Accrued and other liabilities |
(52,294) |
|
12,103 |
|
(59,270) |
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Net cash provided by operating activities |
62,830 |
|
94,855 |
|
50,225 |
|
|
|
|
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Investing activities: |
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|
|
|
|
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Purchases of debt securities available-for-sale |
(53,345) |
|
(37,206) |
|
(21,263) |
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Proceeds from maturities and sales of debt securities available-for-sale |
24,117 |
|
28,320 |
|
9,506 |
|
Purchases of other investments |
(750) |
|
(500) |
|
- |
|
Purchases of property and equipment |
(25,075) |
|
(27,494) |
|
(64,982) |
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Proceeds from sale of property and equipment |
27 |
|
67 |
|
21 |
|
Acquisition of business, net of cash acquired |
- |
|
- |
|
(319,231) |
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Net cash used in investing activities |
(55,026) |
|
(36,813) |
|
(395,949) |
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Financing activities: |
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|
|
|
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Issuance of common stock |
8,165 |
|
20,985 |
|
65,274 |
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Purchases of common stock under repurchase program |
(60,765) |
|
(46,338) |
|
(38,206) |
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Net cash (used in)/provided by financing activities |
(52,600) |
|
(25,353) |
|
27,068 |
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Effect of exchange rate changes on cash and cash equivalents |
(1,507) |
|
(1,668) |
|
(495) |
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Net change in cash and cash equivalents |
(46,303) |
|
31,021 |
|
(319,151) |
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Cash and cash equivalents at beginning of period |
471,528 |
|
440,507 |
|
779,811 |
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Cash and cash equivalents at end of period |
$ 425,225 |
|
$ 471,528 |
|
$ 460,660 |
