Year-to-date cash flow from operating activities was $459.4 million. Altera repurchased approximately 161 thousand shares of its common stock during the quarter at a cost of $5.3 million.
Altera's board of directors has declared a quarterly cash dividend of $0.15 per share, to be paid on December 2, 2013 to stockholders of record on November 12, 2013.
"Sales improved from second quarter levels, with our new products, led by our 28 nm FPGAs, as growth leaders. We expect this new product growth momentum to carry over into the December quarter," said John Daane, president, chief executive officer, and chairman of the board. "We have taped out our first Stratix 10 test chip, which will be manufactured on Intel's 14 nm FinFET process. Coupling this process with our next generation architectural innovations produces a substantial step up in performance and density from our current FPGAs and offers compelling benefits to our customers versus competitive offerings."
Several recent accomplishments mark the company's continuing progress:
- Altera and Micron Technology, Inc. have jointly demonstrated successful interoperability between Altera Stratix® V FPGAs and Micron's Hybrid Memory Cube (HMC). This new capability will be delivered with Altera's Generation 10 portfolio, which includes both Stratix 10 and Arria®10 FPGAs and SoCs. HMC addresses the limitations imposed by conventional memory technology, and provides ultra-high system performance with significantly lower power-per-bit. HMC delivers up to 15 times the bandwidth of a traditional DDR3 module and uses 70 percent less energy and 90 percent less space than existing technologies.
Arria 10 FPGAs and SoCs will be the first device families deployed in the Generation 10 portfolio and will be the first devices to support HMC technology in volume production. Leveraging an enhanced architecture optimized for TSMC's 20 nm process, Arria 10 FPGAs and SoCs will use HMC to extend the device families' performance benefits of both 15 percent higher core performance than today's highest performance Stratix V FPGAs and up to 40 percent lower power compared to the lowest power Arria V midrange FPGAs.
Stratix 10 FPGAs and SoCs will enable the most advanced, highest performance applications across communications, military, broadcast and compute and storage markets. These high-performance applications often require the highest memory bandwidth, which drives the need for an HMC-ready architecture. Leveraging Intel's 14 nm Tri-Gate process and an enhanced high-performance architecture that integrates with HMC technology, Stratix 10 FPGAs and SoCs will enable system solutions with an operating frequency over one gigahertz, and two times the core performance of current high-end 28 nm FPGAs. Stratix 10 devices also will allow customers to achieve up to a 70 percent reduction in power consumption at performance levels equivalent to Altera's previous generation.
- Altera is now shipping production-qualified Cyclone® V SoCs and engineering samples of its Arria V SoCs. These devices benefit from density, architectural, productivity and processor performance leadership, which enables Altera SoCs to target a very wide range of applications. In addition, Altera SoCs provide embedded developers with the highest productivity development tools. Featuring increased processor peak clock frequencies, these devices are the FPGA industry's highest performing SoCs. Altera offers the industry's broadest range of densities with its 28 nm SoCs, ranging from 25K logic elements (LE) up to 460K LE. This density range allows Altera SoCs to be integrated into a variety of embedded systems, ranging from cost-sensitive industrial automation and automotive driver assist systems to applications that require higher-performance, including remote radio units, 10G/40G line cards and broadcast studio equipment.
- Altera is collaborating with the China Mobile Research Institute (CMRI) to develop next-generation wireless networks based on the Centralized Radio Access Network (C-RAN) architecture. By centralizing the baseband processing of a large geographical area into the cloud, the cloud-based C-RAN architecture enables operators like China Mobile to reduce deployment and operating costs for their next-generation wireless infrastructure. Altera and CMRI are working together to debug and verify next-generation wireless systems based on the C-RAN architecture by leveraging Altera's FPGA technology. Collaborating with the world's largest cellular operator on C-RAN architecture development enables Altera to more effectively align its FPGAs, software and IP to meet next-generation wireless infrastructure requirements.
|
SELECTED THIRD QUARTER REVENUE AND RELATED RESULTS | |||
|
|
|
| |
|
Key New Product Devices |
|
Sequential Comparisons | |
|
Stratix V |
|
30 |
% |
|
Stratix IV |
|
3 |
% |
|
Arria II |
|
16 |
% |
|
Arria V |
|
108 |
% |
|
Cyclone IV |
|
13 |
% |
|
Cyclone V |
|
73 |
% |
|
HardCopy IV |
|
(25) |
% |
|
Enpirion PowerSoCs |
|
100 |
% |
|
($ in thousands) Key Ratios & Information |
|
September 27, 2013 |
|
June 28, 2013 | ||||
|
Current Ratio |
|
6:1 |
|
6:1 | ||||
|
Liabilities/Equity |
|
1:2 |
|
1:2 | ||||
|
Quarterly Operating Cash Flows |
|
$ |
245,406 |
|
$ |
64,565 | ||
|
TTM Return on Equity |
|
14% |
|
15% | ||||
|
Quarterly Depreciation Expense |
|
$ |
10,772 |
|
$ |
10,285 | ||
|
Quarterly Capital Expenditures |
|
$ |
8,633 |
|
$ |
7,221 | ||
|
Inventory MSOH (1): Altera |
|
3.4 |
|
3.0 | ||||
|
Inventory MSOH (1): Distribution |
|
0.6 |
|
0.5 | ||||
|
Cash Conversion Cycle (Days) |
|
158 |
|
149 | ||||
|
Turns |
|
39% |
|
49% | ||||
|
Book to Bill |
|
<1.0 |
|
>1.0 | ||||
|
|
|
|
|
| ||||
|
Note (1): MSOH: Months Supply On Hand | ||||||||
|
ALTERA CORPORATION
| ||||||||||||||
|
| ||||||||||||||
|
|
Three Months Ended |
|
|
Quarterly Growth Rate |
| |||||||||
|
|
September 27,
|
|
June 28,
|
|
September 28,
|
|
Sequential Change |
|
Year- Over-Year Change | |||||
|
Geography |
|
|
|
|
|
|
|
|
| |||||
|
Americas |
18 |
% |
|
17 |
% |
|
19 |
% |
|
15 |
% |
|
(11) |
% |
|
Asia Pacific |
39 |
% |
|
39 |
% |
|
43 |
% |
|
6 |
% |
|
(18) |
% |
|
EMEA |
28 |
% |
|
28 |
% |
|
25 |
% |
|
5 |
% |
|
(1) |
% |
|
Japan |
15 |
% |
|
16 |
% |
|
13 |
% |
|
(3) |
% |
|
2 |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
6 |
% |
|
(10) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Category |
|
|
|
|
|
|
|
|
| |||||
|
New |
44 |
% |
|
41 |
% |
|
31 |
% |
|
16 |
% |
|
27 |
% |
|
Mainstream |
26 |
% |
|
28 |
% |
|
32 |
% |
|
0 |
% |
|
(25) |
% |
|
Mature and Other |
30 |
% |
|
31 |
% |
|
37 |
% |
|
(1) |
% |
|
(28) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
6 |
% |
|
(10) |
% |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Vertical Market |
|
|
|
|
|
|
|
|
| |||||
|
Telecom & Wireless |
41 |
% |
|
42 |
% |
|
45 |
% |
|
3 |
% |
|
(18) |
% |
|
Industrial Automation, Military & Automotive |
23 |
% |
|
22 |
% |
|
20 |
% |
|
11 |
% |
|
1 |
% |
|
Networking, Computer & Storage |
19 |
% |
|
18 |
% |
|
17 |
% |
|
13 |
% |
|
0 |
% |
|
Other |
17 |
% |
|
18 |
% |
|
18 |
% |
|
(1) |
% |
|
(12) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
6 |
% |
|
(10) |
% |
|
|
|
|
|
|
|
|
|
|
| |||||
|
FPGAs and CPLDs |
|
|
|
|
|
|
|
|
| |||||
|
FPGA |
82 |
% |
|
83 |
% |
|
82 |
% |
|
4 |
% |
|
(11) |
% |
|
CPLD |
9 |
% |
|
9 |
% |
|
9 |
% |
|
12 |
% |
|
(3) |
% |
|
Other Products |
9 |
% |
|
8 |
% |
|
9 |
% |
|
13 |
% |
|
(7) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
6 |
% |
|
(10) |
% |
Product Category Description
- New Products include the Stratix® V, Stratix IV, Arria® V, Arria II, Cyclone® V, Cyclone IV, MAX® V, HardCopy® IV devices and Enpirion PowerSoCs.
- Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices.
- Mature and Other Products include the Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, Classic™, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX® series, APEX™ series, Mercury™, Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools.
|
Business Outlook for the Fourth Quarter 2013 | |
|
| |
|
Sales and Income Statement | |
|
|
|
|
Sequential Sales |
Down 3% to Up 1% |
|
Gross Margin |
68.5% +/- .5% |
|
Research and Development |
$110 to $111 million |
|
SG&A |
$82 to $83 million |
|
Tax Rate |
11% to 12% |
|
Diluted Share Count |
Approximately 323 million (assumes no share repurchases) |
|
Turns |
Mid 40's |
|
MSOH |
Low 4's |
|
Vertical Market | |
|
|
|
|
Telecom & Wireless |
Flat |
|
Industrial Automation, Military & Automotive |
Flat |
|
Networking, Computer & Storage |
Up |
|
Other |
Down |
Third Quarter Earnings Conference Call
A conference call will be held today at 1:45 p.m. Pacific time to discuss the quarter's results and management's current business outlook. The web cast and subsequent replay will be available in the Investor Relations section of the company's website at www.altera.com. A telephonic replay of the call may be accessed later in the day by calling (719) 457-0820 and referencing confirmation code 258712. The telephonic replay will be available for two weeks following the live call.
Forward-Looking Statements
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include, but are not limited to, statements regarding new product growth momentum, the competitive advantage related to the use of Intel's 14 nm process, product performance parameters, new product sales momentum, and any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section or elsewhere in this press release. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, including uncertainty arising from United States budget and debt ceiling legislation, customer business environment, customer inventory levels, vertical market mix, market acceptance of the company's products, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® V, Arria II, Stratix® V, Stratix IV FPGAs, MAX® V CPLDs, HardCopy® IV device families and Enpirion PowerSoCs, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
Mobile Device Investor Information
Altera now provides highlights of its investor relations web page optimized for mobile users. Investors can equip their mobile devices with this new capability by linking to http://phx.corporate-ir.net/Mobile.view?c=83265.
About Altera
Altera® programmable solutions enable designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGAs, SoCs, CPLDs, ASICs and complementary technologies, such as power management, to provide high-value solutions to customers worldwide. Follow Altera via Facebook, Twitter, LinkedIn, Google+ and RSS, and subscribe to product update emails and newsletters. Visit www.altera.com.
ALTERA, ARRIA, CYCLONE, HARDCOPY, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.
|
ALTERA CORPORATION
| ||||||||||||||||||||
|
| ||||||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended | ||||||||||||||||
|
(In thousands, except per share amounts) |
|
September 27,
|
|
June 28,
|
|
September 28,
|
|
September 27,
|
|
September 28,
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net sales |
|
$ |
445,945 |
|
|
$ |
421,759 |
|
|
$ |
495,010 |
|
|
$ |
1,278,205 |
|
|
$ |
1,343,595 |
|
|
Cost of sales |
|
141,525 |
|
|
135,104 |
|
|
152,007 |
|
|
402,712 |
|
|
408,156 |
| |||||
|
Gross margin |
|
304,420 |
|
|
286,655 |
|
|
343,003 |
|
|
875,493 |
|
|
935,439 |
| |||||
|
Operating expense |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Research and development expense |
|
95,336 |
|
|
95,489 |
|
|
91,393 |
|
|
278,542 |
|
|
265,619 |
| |||||
|
Selling, general, and administrative expense |
|
78,907 |
|
|
77,869 |
|
|
74,243 |
|
|
235,376 |
|
|
215,824 |
| |||||
|
Amortization of acquisition-related intangible assets |
|
1,846 |
|
|
915 |
|
|
213 |
|
|
2,974 |
|
|
640 |
| |||||
|
Total operating expense |
|
176,089 |
|
|
174,273 |
|
|
165,849 |
|
|
516,892 |
|
|
482,083 |
| |||||
|
Operating margin (1) |
|
128,331 |
|
|
112,382 |
|
|
177,154 |
|
|
358,601 |
|
|
453,356 |
| |||||
|
Compensation expense/(benefit) — deferred compensation plan |
|
3,462 |
|
|
(160) |
|
|
3,274 |
|
|
6,724 |
|
|
6,697 |
| |||||
|
(Gain)/loss on deferred compensation plan securities |
|
(3,462) |
|
|
160 |
|
|
(3,274) |
|
|
(6,724) |
|
|
(6,697) |
| |||||
|
Interest income and other |
|
(2,214) |
|
|
(2,778) |
|
|
(2,775) |
|
|
(6,651) |
|
|
(5,997) |
| |||||
|
(Gain)/loss reclassified from other comprehensive income |
|
(33) |
|
|
(42) |
|
|
108 |
|
|
(129) |
|
|
(63) |
| |||||
|
Interest expense |
|
2,511 |
|
|
3,389 |
|
|
2,333 |
|
|
8,365 |
|
|
5,386 |
| |||||
|
Income before income taxes |
|
128,067 |
|
|
111,813 |
|
|
177,488 |
|
|
357,016 |
|
|
454,030 |
| |||||
|
Income tax expense |
|
8,635 |
|
|
10,304 |
|
|
19,999 |
|
|
15,885 |
|
|
18,028 |
| |||||
|
Net income |
|
119,432 |
|
|
101,509 |
|
|
157,489 |
|
|
341,131 |
|
|
436,002 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Unrealized gain/(loss) on investments: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Unrealized holding gain/(loss) on investments arising during period, net of tax of $30, ($47), $43, ($12) and $108 |
|
2,419 |
|
|
(9,031) |
|
|
3,620 |
|
|
(6,613) |
|
|
6,723 |
| |||||
|
Less: Reclassification adjustments for gain on investments included in net income, net of tax of $11, $5, $1, $21 and $6 |
|
(22) |
|
|
(37) |
|
|
(41) |
|
|
(108) |
|
|
(64) |
| |||||
|
|
|
2,397 |
|
|
(9,068) |
|
|
3,579 |
|
|
(6,721) |
|
|
6,659 |
| |||||
|
Unrealized (loss)/gain on derivatives: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Unrealized (loss)/gain on derivatives arising during period, net of tax of ($6) and $36 |
|
— |
|
|
— |
|
|
(10) |
|
|
— |
|
|
67 |
| |||||
|
Less: Reclassification adjustments for loss on derivatives included in net income, net of tax of $53 and $2 |
|
— |
|
|
— |
|
|
97 |
|
|
— |
|
|
5 |
| |||||
|
|
|
— |
|
|
— |
|
|
87 |
|
|
— |
|
|
72 |
| |||||
|
Other comprehensive income/(loss) |
|
2,397 |
|
|
(9,068) |
|
|
3,666 |
|
|
(6,721) |
|
|
6,731 |
| |||||
|
Comprehensive income |
|
$ |
121,829 |
|
|
$ |
92,441 |
|
|
$ |
161,155 |
|
|
$ |
334,410 |
|
|
$ |
442,733 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net income per share: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Basic |
|
$ |
0.37 |
|
|
$ |
0.32 |
|
|
$ |
0.49 |
|
|
$ |
1.07 |
|
|
$ |
1.36 |
|
|
Diluted |
|
$ |
0.37 |
|
|
$ |
0.31 |
|
|
$ |
0.49 |
|
|
$ |
1.05 |
|
|
$ |
1.34 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Shares used in computing per share amounts: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Basic |
|
320,445 |
|
|
320,472 |
|
|
319,870 |
|
|
320,266 |
|
|
321,200 |
| |||||
|
Diluted |
|
323,505 |
|
|
323,527 |
|
|
323,560 |
|
|
323,355 |
|
|
325,275 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Dividends per common share |
|
$ |
0.15 |
|
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.35 |
|
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Tax rate |
|
6.7 |
% |
|
9.2 |
% |
|
11.3 |
% |
|
4.4 |
% |
|
4.0 |
% | |||||
|
% of Net sales: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Gross margin |
|
68.3 |
% |
|
68.0 |
% |
|
69.3 |
% |
|
68.5 |
% |
|
69.6 |
% | |||||
|
Research and development |
|
21.4 |
% |
|
22.6 |
% |
|
18.5 |
% |
|
21.8 |
% |
|
19.8 |
% | |||||
|
Selling, general, and administrative |
|
17.7 |
% |
|
18.5 |
% |
|
15.0 |
% |
|
18.4 |
% |
|
16.1 |
% | |||||
|
Operating margin(1) |
|
28.8 |
% |
|
26.6 |
% |
|
35.8 |
% |
|
28.1 |
% |
|
33.7 |
% | |||||
|
Net income |
|
26.8 |
% |
|
24.1 |
% |
|
31.8 |
% |
|
26.7 |
% |
|
32.5 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Notes: | |||||||||||||||||||||
|
(1) We define operating margin as gross margin less research and development expense, selling, general and administrative expense and amortization of acquisition-related intangible assets, 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 27,
|
|
June 28,
|
|
September 28,
|
|
September 27,
|
|
September 28,
| |||||||||||
|
Operating margin (non-GAAP) |
|
$ |
128,331 |
|
|
$ |
112,382 |
|
|
$ |
177,154 |
|
|
$ |
358,601 |
|
|
$ |
453,356 |
| |
|
Compensation expense/(benefit) — deferred compensation plan |
|
3,462 |
|
|
(160) |
|
|
3,274 |
|
|
|
6,724 |
|
|
6,697 |
| |||||
|
Income from operations (GAAP) |
|
$ |
124,869 |
|
|
$ |
112,542 |
|
|
$ |
173,880 |
|
|
$ |
351,877 |
|
|
$ |
446,659 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALTERA CORPORATION
| ||||||||
|
|
|
|
|
| ||||
|
(In thousands, except par value amount) |
|
September 27,
|
|
December 31,
| ||||
|
|
|
|
|
| ||||
|
Assets |
|
|
|
| ||||
|
Current assets: |
|
|
|
| ||||
|
Cash and cash equivalents |
|
$ |
2,956,085 |
|
|
$ |
2,876,627 |
|
|
Short-term investments |
|
151,159 |
|
|
140,958 |
| ||
|
Total cash, cash equivalents, and short-term investments |
|
3,107,244 |
|
|
3,017,585 |
| ||
|
Accounts receivable, net |
|
436,421 |
|
|
323,708 |
| ||
|
Inventories |
|
158,441 |
|
|
152,721 |
| ||
|
Deferred income taxes — current |
|
62,575 |
|
|
59,049 |
| ||
|
Deferred compensation plan — marketable securities |
|
58,402 |
|
|
60,321 |
| ||
|
Deferred compensation plan — restricted cash equivalents |
|
20,270 |
|
|
17,116 |
| ||
|
Other current assets |
|
30,479 |
|
|
49,852 |
| ||
|
Total current assets |
|
3,873,832 |
|
|
3,680,352 |
| ||
|
Property and equipment, net |
|
198,642 |
|
|
206,148 |
| ||
|
Long-term investments |
|
713,651 |
|
|
704,758 |
| ||
|
Deferred income taxes — non-current |
|
13,548 |
|
|
17,082 |
| ||
|
Goodwill |
|
93,073 |
|
|
2,329 |
| ||
|
Acquisition-related intangible assets, net |
|
86,500 |
|
|
4,874 |
| ||
|
Other assets, net |
|
40,518 |
|
|
42,285 |
| ||
|
Total assets |
|
$ |
5,019,764 |
|
|
$ |
4,657,828 |
|
|
|
|
|
|
| ||||
|
Liabilities and stockholders' equity |
|
|
|
| ||||
|
Current liabilities: |
|
|
|
| ||||
|
Accounts payable |
|
$ |
52,224 |
|
|
$ |
50,036 |
|
|
Accrued liabilities |
|
37,525 |
|
|
29,005 |
| ||
|
Accrued compensation and related liabilities |
|
43,544 |
|
|
40,606 |
| ||
|
Deferred compensation plan obligations |
|
78,672 |
|
|
77,437 |
| ||
|
Deferred income and allowances on sales to distributors |
|
444,705 |
|
|
345,993 |
| ||
|
Total current liabilities |
|
656,670 |
|
|
543,077 |
| ||
|
Income taxes payable — non-current |
|
266,395 |
|
|
272,000 |
| ||
|
Long-term debt |
|
500,000 |
|
|
500,000 |
| ||
|
Other non-current liabilities |
|
8,916 |
|
|
9,304 |
| ||
|
Total liabilities |
|
1,431,981 |
|
|
1,324,381 |
| ||
|
Stockholders' equity: |
|
|
|
| ||||
|
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 321,105 shares at September 27, 2013 and 319,564 shares at December 31, 2012 |
|
321 |
|
|
320 |
| ||
|
Capital in excess of par value |
|
1,214,586 |
|
|
1,122,555 |
| ||
|
Retained earnings |
|
2,374,005 |
|
|
2,204,980 |
| ||
|
Accumulated other comprehensive (loss)/ income |
|
(1,129) |
|
|
5,592 |
| ||
|
Total stockholders' equity |
|
3,587,783 |
|
|
3,333,447 |
| ||
|
Total liabilities and stockholders' equity |
|
$ |
5,019,764 |
|
|
$ |
4,657,828 |
|
|
|
|
|
|
| ||||
|
ALTERA CORPORATION
| ||||||||
|
|
|
| ||||||
|
|
|
Nine Months Ended | ||||||
|
(In thousands) |
|
September 27,
|
|
September 28,
| ||||
|
|
|
|
|
| ||||
|
Cash Flows from Operating Activities: |
|
|
|
| ||||
|
Net income |
|
$ |
341,131 |
|
|
$ |
436,002 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| ||||
|
Depreciation and amortization |
|
34,256 |
|
|
25,786 |
| ||
|
Amortization of acquisition-related intangible assets |
|
2,974 |
|
|
640 |
| ||
|
Stock-based compensation |
|
73,011 |
|
|
70,790 |
| ||
|
Net gain on sale of available-for-sale securities |
|
(129) |
|
|
— |
| ||
|
Amortization of investments, net |
|
2,575 |
|
|
— |
| ||
|
Deferred income tax benefit |
|
(5,629) |
|
|
(3,367) |
| ||
|
Tax effect of employee stock plans |
|
5,405 |
|
|
14,381 |
| ||
|
Excess tax benefit from employee stock plans |
|
(4,165) |
|
|
(20,790) |
| ||
|
Changes in assets and liabilities, net of effects of acquisitions: |
|
|
|
| ||||
|
Accounts receivable, net |
|
(111,231) |
|
|
(116,000) |
| ||
|
Inventories |
|
(2,494) |
|
|
(35,569) |
| ||
|
Other assets |
|
29,517 |
|
|
5,478 |
| ||
|
Accounts payable and other liabilities |
|
12,509 |
|
|
(34,670) |
| ||
|
Deferred income and allowances on sales to distributors |
|
95,961 |
|
|
120,475 |
| ||
|
Income taxes payable |
|
(8,753) |
|
|
(650) |
| ||
|
Deferred compensation plan obligations |
|
(5,489) |
|
|
(2,001) |
| ||
|
Net cash provided by operating activities |
|
459,449 |
|
|
460,505 |
| ||
|
Cash Flows from Investing Activities: |
|
|
|
| ||||
|
Purchases of property and equipment |
|
(31,216) |
|
|
(53,712) |
| ||
|
Proceeds from sales of deferred compensation plan securities, net |
|
5,489 |
|
|
2,001 |
| ||
|
Purchases of available-for-sale securities |
|
(258,809) |
|
|
(819,662) |
| ||
|
Proceeds from sale and maturity of available-for-sale securities |
|
228,292 |
|
|
135,650 |
| ||
|
Acquisitions, net of cash acquired |
|
(145,321) |
|
|
— |
| ||
|
Purchases of intangible assets |
|
— |
|
|
(2,280) |
| ||
|
Purchases of other investments |
|
(2,101) |
|
|
(4,510) |
| ||
|
Net cash used in investing activities |
|
(203,666) |
|
|
(742,513) |
| ||
|
Cash Flows from Financing Activities: |
|
|
|
| ||||
|
Proceeds from issuance of common stock through various stock plans |
|
38,748 |
|
|
37,514 |
| ||
|
Shares withheld for employee taxes |
|
(24,787) |
|
|
(30,529) |
| ||
|
Payment of dividends to stockholders |
|
(112,175) |
|
|
(83,570) |
| ||
|
Payment of debt assumed in acquisitions |
|
(22,000) |
|
|
— |
| ||
|
Proceeds from issuance of long term debt |
|
— |
|
|
500,000 |
| ||
|
Repayment of credit facility |
|
— |
|
|
(500,000) |
| ||
|
Long-term debt and credit facility issuance costs |
|
— |
|
|
(5,244) |
| ||
|
Repurchases of common stock |
|
(60,276) |
|
|
(179,057) |
| ||
|
Excess tax benefit from employee stock plans |
|
4,165 |
|
|
20,790 |
| ||
|
Net cash used in financing activities |
|
(176,325) |
|
|
(240,096) |
| ||
|
Net increase (decrease) in cash and cash equivalents |
|
79,458 |
|
|
(522,104) |
| ||
|
Cash and cash equivalents at beginning of period |
|
2,876,627 |
|
|
3,371,933 |
| ||
|
Cash and cash equivalents at end of period |
|
$ |
2,956,085 |
|
|
$ |
2,849,829 |
|
|
INVESTOR CONTACT |
|
MEDIA CONTACT |
|
Scott Wylie - Vice President |
|
Sue Martenson - Senior Manager |
|
Investor Relations |
|
Public Relations |
|
(408) 544-6996 |
|
(408) 544-8158 |
|
swylie@altera.com |
|
SOURCE Altera Corporation
| Contact: |
| Altera Corporation
Web: http://www.altera.com |