Year-to-date cash flow from operating activities was $301.4 million. Altera repurchased approximately 6.0 million shares during the quarter at a cost of approximately $197.0 million.
Altera's board of directors has declared a quarterly cash dividend of $0.18 per share, to be paid on September 2, 2014 to shareholders of record on August 11, 2014. The company's previous quarterly cash dividend had been $0.15 per share.
"Revenue growth was stronger than expected with new products up double digits sequentially. New product growth reflects very good 28 nm FPGA performance as well as continued solid growth from our 40 nm products," said John Daane, president, chief executive officer, and chairman of the board. "With new capabilities and vastly improved performance compared with our prior-generation midrange offerings, our 20 nm Arria 10 FPGAs and SoCs are displaying solid competitive potential as we are seeing a record level of identified customer opportunities. Further, at the high end, with continuing development of our Intel-sourced 14 nm FinFET-based Stratix 10 FPGAs, it remains clear that this new technology coupled with our HyperFlex architecture will deliver industry-leading density and performance as well as lower power and cost."
Recent accomplishments mark the company's continuing progress:
- Early access customers are successfully achieving the anticipated 2X core performance gain in their Stratix® 10 FPGA and SOC designs compared to previous generation high-performance programmable devices. This breakthrough leap in FPGA core performance is a result of Intel's 14 nm Tri-Gate process technology and the groundbreaking Stratix 10 HyperFlex™ architecture. Through the Stratix 10 FPGA early access program, Altera is working with several customers to run their existing designs through performance evaluation tools built for Stratix 10 FPGAs. The customer designs target a wide range of applications and leverage a variety of hardware design approaches, including ASIC replacement designs, traditional high-performance FPGA communication designs and high-throughput data center and computation designs.
- Altera continues to work with several partners and customers on software-defined data centers and server acceleration, including Microsoft Corporation, who is seeking to accelerate portions of Microsoft's Bing web search engine. Based on the results of this collaboration, Bing plans to roll out Altera FPGA-accelerated servers to process customer searches in one of its data centers starting in early 2015. Altera's FPGAs accelerate the processing of large amounts of data on servers, which helps address big data challenges and massive distributed workloads. Altera's view of the software defined data center is that FPGAs are helping drive the transformation of the modern data center with a virtualized infrastructure delivered as a service using commodity servers. In this environment, FPGAs can deliver performance advantages, in some cases orders of magnitude improvements, with significantly lower power consumption than alternative approaches. A data center with reconfigurable fabric enabled by Altera FPGAs provides greater business agility, and its complexity can be managed as it scales.
|
SELECTED SECOND QUARTER REVENUE AND RELATED RESULTS | ||||||||
|
| ||||||||
|
($ in thousands) Key Ratios & Information |
|
June 27, 2014 |
|
March 28, 2014 | ||||
|
Current Ratio |
|
6:1 |
|
6:1 | ||||
|
Liabilities/Equity |
|
2:3 |
|
2:3 | ||||
|
Quarterly Operating Cash Flows |
|
$ |
170,958 |
|
$ |
130,430 | ||
|
TTM Return on Equity |
|
13% |
|
13% | ||||
|
Quarterly Depreciation Expense |
|
$ |
12,222 |
|
$ |
12,996 | ||
|
Quarterly Capital Expenditures |
|
$ |
9,620 |
|
$ |
7,116 | ||
|
Inventory MSOH (1): Altera |
|
3.2 |
|
3.1 | ||||
|
Inventory MSOH (1): Distribution |
|
0.6 |
|
0.6 | ||||
|
Cash Conversion Cycle (Days) |
|
160 |
|
157 | ||||
|
Turns |
|
42% |
|
48% | ||||
|
Book to Bill |
|
>1.0 |
|
>1.0 | ||||
|
|
|
|
|
| ||||
|
Note (1): MSOH: Months Supply On Hand |
|
|
|
| ||||
|
ALTERA CORPORATION NET SALES SUMMARY (Unaudited) | ||||||||||||||
|
| ||||||||||||||
|
|
Three Months Ended |
|
Quarterly Growth Rate | |||||||||||
|
|
June 27, 2014 |
|
March 28, 2014 |
|
June 28, 2013 |
|
Sequential Change |
|
Year- Over-Year Change | |||||
|
Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
16 |
% |
|
15 |
% |
|
17 |
% |
|
8 |
% |
|
9 |
% |
|
Asia Pacific |
43 |
% |
|
43 |
% |
|
39 |
% |
|
8 |
% |
|
28 |
% |
|
EMEA |
27 |
% |
|
26 |
% |
|
28 |
% |
|
9 |
% |
|
13 |
% |
|
Japan |
14 |
% |
|
16 |
% |
|
16 |
% |
|
(2) |
% |
|
3 |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
7 |
% |
|
17 |
% |
|
Product Category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New |
53 |
% |
|
49 |
% |
|
41 |
% |
|
15 |
% |
|
53 |
% |
|
Mainstream |
21 |
% |
|
23 |
% |
|
28 |
% |
|
2 |
% |
|
(11) |
% |
|
Mature and Other |
26 |
% |
|
28 |
% |
|
31 |
% |
|
(4) |
% |
|
(5) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
7 |
% |
|
17 |
% |
|
Vertical Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecom & Wireless |
46 |
% |
|
45 |
% |
|
42 |
% |
|
9 |
% |
|
28 |
% |
|
Industrial Automation, Military & Automotive |
21 |
% |
|
22 |
% |
|
22 |
% |
|
3 |
% |
|
14 |
% |
|
Networking, Computer & Storage |
15 |
% |
|
15 |
% |
|
18 |
% |
|
1 |
% |
|
(6) |
% |
|
Other |
18 |
% |
|
18 |
% |
|
18 |
% |
|
10 |
% |
|
16 |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
7 |
% |
|
17 |
% |
|
FPGAs and CPLDs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPGA |
84 |
% |
|
83 |
% |
|
83 |
% |
|
8 |
% |
|
18 |
% |
|
CPLD |
8 |
% |
|
9 |
% |
|
9 |
% |
|
0 |
% |
|
7 |
% |
|
Other Products |
8 |
% |
|
8 |
% |
|
8 |
% |
|
3 |
% |
|
12 |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
7 |
% |
|
17 |
% |
Product Category Description
- New Products include the Arria® 10, 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, 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 Third Quarter 2014 | |
|
| |
|
Sales and Income Statement | |
|
|
|
|
Sequential Sales Growth |
- 2% to + 2% |
|
Gross Margin |
67% +/- .5% |
|
Research and Development (1) |
$114 - $116 million |
|
SG&A |
$78 - $80 million |
|
Other Income/Expense, Net (2) |
Net expense of approximately $4 million |
|
Tax Rate |
11% - 12% |
|
Diluted Share Count |
Less than 314 million |
|
Turns |
High 30's |
|
Inventory MSOH |
High 3's |
|
|
|
|
Note (1): The business outlook for Research and Development expense includes amortization of acquisition-related intangible assets | |
|
| |
|
Note (2): Other Income/Expense, Net includes Interest income and other and Interest expense in our consolidated statements of comprehensive income. | |
|
Vertical Market |
|
|
|
|
|
Telecom & Wireless |
Flat |
|
Industrial Automation, Military & Automotive |
Flat |
|
Networking, Computer & Storage |
Up |
|
Other |
Down |
Second 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 both absolute and relative product performance, product development schedules, customer intention to incorporate our FPGAs into equipment supporting the Bing search engine, 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 materially from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, customer business environment, customer inventory levels, product availability, vertical market mix, market acceptance of the company's products, the performance of products once introduced, 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.
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. Visit www.altera.com.
ALTERA, ARRIA, CYCLONE, ENPIRION, 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.
|
INVESTOR CONTACT |
|
MEDIA CONTACT |
|
Scott Wylie - Vice President |
|
Sue Martenson - Senior Manager |
|
Investor Relations |
|
Public Relations |
|
(408) 544-6996 |
|
(408) 544-8158 |
|
|
|
ALTERA CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
Three Months Ended |
|
Six Months Ended | ||||||||||||||||
|
(In thousands, except per share amounts) |
|
June 27, 2014 |
|
March 28, 2014 |
|
June 28, 2013 |
|
June 27, 2014 |
|
June 28, 2013 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net sales |
|
$ |
491,517 |
|
|
$ |
461,092 |
|
|
$ |
421,759 |
|
|
$ |
952,609 |
|
|
$ |
832,260 |
|
|
Cost of sales |
|
162,391 |
|
|
151,868 |
|
|
135,104 |
|
|
314,259 |
|
|
261,187 |
| |||||
|
Gross margin |
|
329,126 |
|
|
309,224 |
|
|
286,655 |
|
|
638,350 |
|
|
571,073 |
| |||||
|
Operating expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Research and development expense |
|
101,121 |
|
|
97,657 |
|
|
95,489 |
|
|
198,778 |
|
|
183,206 |
| |||||
|
Selling, general, and administrative expense |
|
78,974 |
|
|
74,507 |
|
|
77,869 |
|
|
153,481 |
|
|
156,469 |
| |||||
|
Amortization of acquisition-related intangible assets |
|
2,464 |
|
|
2,465 |
|
|
915 |
|
|
4,929 |
|
|
1,128 |
| |||||
|
Total operating expense |
|
182,559 |
|
|
174,629 |
|
|
174,273 |
|
|
357,188 |
|
|
340,803 |
| |||||
|
Operating margin (1) |
|
146,567 |
|
|
134,595 |
|
|
112,382 |
|
|
281,162 |
|
|
230,270 |
| |||||
|
Compensation expense /(benefit)— deferred compensation plan |
|
3,126 |
|
|
1,454 |
|
|
(160) |
|
|
4,580 |
|
|
3,262 |
| |||||
|
(Gain)/loss on deferred compensation plan securities |
|
(3,126) |
|
|
(1,454) |
|
|
160 |
|
|
(4,580) |
|
|
(3,262) |
| |||||
|
Interest income and other |
|
(7,819) |
|
|
(5,985) |
|
|
(2,778) |
|
|
(13,804) |
|
|
(4,437) |
| |||||
|
Gain reclassified from other comprehensive income |
|
(43) |
|
|
(48) |
|
|
(42) |
|
|
(91) |
|
|
(96) |
| |||||
|
Interest expense |
|
10,877 |
|
|
10,488 |
|
|
3,389 |
|
|
21,365 |
|
|
5,854 |
| |||||
|
Income before income taxes |
|
143,552 |
|
|
130,140 |
|
|
111,813 |
|
|
273,692 |
|
|
228,949 |
| |||||
|
Income tax expense |
|
16,548 |
|
|
13,626 |
|
|
10,304 |
|
|
30,174 |
|
|
7,251 |
| |||||
|
Net income |
|
127,004 |
|
|
116,514 |
|
|
101,509 |
|
|
243,518 |
|
|
221,698 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Unrealized gain/(loss) on investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Unrealized holding gain/(loss) on investments arising during period, net of tax of $23, $23, ($47),$46 and ($41) |
|
14,471 |
|
|
12,560 |
|
|
(9,031) |
|
|
27,031 |
|
|
(9,032) |
| |||||
|
Less: Reclassification adjustments for gain on investments included in net income, net of tax of $6, $4, $5, $10 and $10 |
|
(37) |
|
|
(44) |
|
|
(37) |
|
|
(81) |
|
|
(86) |
| |||||
|
Other comprehensive income/(loss) |
|
14,434 |
|
|
12,516 |
|
|
(9,068) |
|
|
26,950 |
|
|
(9,118) |
| |||||
|
Comprehensive income |
|
$ |
141,438 |
|
|
$ |
129,030 |
|
|
$ |
92,441 |
|
|
$ |
270,468 |
|
|
$ |
212,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Basic |
|
$ |
0.41 |
|
|
$ |
0.37 |
|
|
$ |
0.32 |
|
|
$ |
0.78 |
|
|
$ |
0.69 |
|
|
Diluted |
|
$ |
0.41 |
|
|
$ |
0.37 |
|
|
$ |
0.31 |
|
|
$ |
0.77 |
|
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Shares used in computing per share amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Basic |
|
311,000 |
|
|
316,552 |
|
|
320,472 |
|
|
313,713 |
|
|
320,175 |
| |||||
|
Diluted |
|
313,513 |
|
|
318,901 |
|
|
323,527 |
|
|
316,145 |
|
|
323,279 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Dividends per common share |
|
$ |
0.15 |
|
|
$ |
0.15 |
|
|
$ |
0.10 |
|
|
$ |
0.30 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Tax rate |
|
11.5 |
% |
|
10.5 |
% |
|
9.2 |
% |
|
11.0 |
% |
|
3.2 |
% | |||||
|
% of Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Gross margin |
|
67.0 |
% |
|
67.1 |
% |
|
68.0 |
% |
|
67.0 |
% |
|
68.6 |
% | |||||
|
Research and development (1) |
|
21.1 |
% |
|
21.7 |
% |
|
22.9 |
% |
|
21.4 |
% |
|
22.1 |
% | |||||
|
Selling, general, and administrative |
|
16.1 |
% |
|
16.2 |
% |
|
18.5 |
% |
|
16.1 |
% |
|
18.8 |
% | |||||
|
Operating margin(2) |
|
29.8 |
% |
|
29.2 |
% |
|
26.6 |
% |
|
29.5 |
% |
|
27.7 |
% | |||||
|
Net income |
|
25.8 |
% |
|
25.3 |
% |
|
24.1 |
% |
|
25.6 |
% |
|
26.6 |
% | |||||
|
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 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 |
|
Six Months Ended | ||||||||||||||||
|
(In thousands, except per share amounts) |
|
June 27, 2014 |
|
March 28, 2014 |
|
June 28, 2013 |
|
June 27, 2014 |
|
June 28, 2013 | ||||||||||
|
Operating margin (non-GAAP) |
|
$ |
146,567 |
|
|
$ |
134,595 |
|
|
$ |
112,382 |
|
|
$ |
281,162 |
|
|
$ |
230,270 |
|
|
Compensation expense/(benefit) — deferred compensation plan |
|
3,126 |
|
|
1,454 |
|
|
(160) |
|
|
4,580 |
|
|
3,262 |
| |||||
|
Income from operations (GAAP) |
|
$ |
143,441 |
|
|
$ |
133,141 |
|
|
$ |
112,542 |
|
|
$ |
276,582 |
|
|
$ |
227,008 |
|
|
ALTERA CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
|
| ||||||||
|
(In thousands, except par value amount) |
|
June 27, 2014 |
|
December 31, 2013 | ||||
|
|
|
|
|
|
|
| ||
|
Assets |
|
|
|
|
|
| ||
|
Current assets: |
|
|
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
2,688,326 |
|
|
$ |
2,869,158 |
|
|
Short-term investments |
|
118,239 |
|
|
141,487 |
| ||
|
Total cash, cash equivalents, and short-term investments |
|
2,806,565 |
|
|
3,010,645 |
| ||
|
Accounts receivable, net |
|
452,559 |
|
|
483,032 |
| ||
|
Inventories |
|
176,728 |
|
|
163,880 |
| ||
|
Deferred income taxes — current |
|
55,599 |
|
|
63,228 |
| ||
|
Deferred compensation plan — marketable securities |
|
65,852 |
|
|
66,455 |
| ||
|
Deferred compensation plan — restricted cash equivalents |
|
15,553 |
|
|
16,699 |
| ||
|
Other current assets |
|
36,852 |
|
|
48,901 |
| ||
|
Total current assets |
|
3,609,708 |
|
|
3,852,840 |
| ||
|
Property and equipment, net |
|
195,582 |
|
|
204,142 |
| ||
|
Long-term investments |
|
1,756,678 |
|
|
1,695,066 |
| ||
|
Deferred income taxes — non-current |
|
19,755 |
|
|
10,806 |
| ||
|
Goodwill |
|
74,341 |
|
|
73,968 |
| ||
|
Acquisition-related intangible assets, net |
|
77,221 |
|
|
82,150 |
| ||
|
Other assets, net |
|
82,579 |
|
|
76,676 |
| ||
|
Total assets |
|
$ |
5,815,864 |
|
|
$ |
5,995,648 |
|
|
|
|
|
|
|
|
| ||
|
Liabilities and stockholders' equity |
|
|
|
|
|
| ||
|
Current liabilities: |
|
|
|
|
|
| ||
|
Accounts payable |
|
$ |
52,747 |
|
|
$ |
44,163 |
|
|
Accrued liabilities |
|
26,607 |
|
|
41,218 |
| ||
|
Accrued compensation and related liabilities |
|
54,345 |
|
|
51,105 |
| ||
|
Deferred compensation plan obligations |
|
81,405 |
|
|
83,154 |
| ||
|
Deferred income and allowances on sales to distributors |
|
415,199 |
|
|
487,746 |
| ||
|
Total current liabilities |
|
630,303 |
|
|
707,386 |
| ||
|
Income taxes payable — non-current |
|
296,594 |
|
|
276,326 |
| ||
|
Long-term debt |
|
1,492,113 |
|
|
1,491,466 |
| ||
|
Other non-current liabilities |
|
7,661 |
|
|
8,403 |
| ||
|
Total liabilities |
|
2,426,671 |
|
|
2,483,581 |
| ||
|
Stockholders' equity: |
|
|
|
|
|
| ||
|
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 308,955 shares at June 27, 2014 and 317,769 shares at December 31, 2013 |
|
309 |
|
|
318 |
| ||
|
Capital in excess of par value |
|
1,179,335 |
|
|
1,216,826 |
| ||
|
Retained earnings |
|
2,210,561 |
|
|
2,322,885 |
| ||
|
Accumulated other comprehensive loss |
|
(1,012) |
|
|
(27,962) |
| ||
|
Total stockholders' equity |
|
3,389,193 |
|
|
3,512,067 |
| ||
|
Total liabilities and stockholders' equity |
|
$ |
5,815,864 |
|
|
$ |
5,995,648 |
|
|
|
|
|
|
|
|
| ||
|
ALTERA CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) | ||||||||
|
| ||||||||
|
|
|
Six Months Ended | ||||||
|
(In thousands) |
|
June 27, 2014 |
|
June 28, 2013 | ||||
|
|
|
|
|
|
|
| ||
|
Cash Flows from Operating Activities: |
|
|
|
|
|
| ||
|
Net income |
|
$ |
243,518 |
|
|
$ |
221,698 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
| ||
|
Depreciation and amortization |
|
28,731 |
|
|
22,449 |
| ||
|
Amortization of acquisition-related intangible assets |
|
4,929 |
|
|
1,128 |
| ||
|
Amortization of debt discount and debt issuance costs |
|
1,558 |
|
|
563 |
| ||
|
Stock-based compensation |
|
48,068 |
|
|
47,274 |
| ||
|
Net gain on sale of available-for-sale securities |
|
(91) |
|
|
— |
| ||
|
Amortization of investment discount/premium |
|
1,300 |
|
|
— |
| ||
|
Deferred income tax expense/(benefit) |
|
12,469 |
|
|
(21,767) |
| ||
|
Tax effect of employee stock plans |
|
121 |
|
|
1,280 |
| ||
|
Excess tax benefit from employee stock plans |
|
(612) |
|
|
(1,148) |
| ||
|
Changes in assets and liabilities, net of effects of acquisitions: |
|
|
|
|
|
| ||
|
Accounts receivable, net |
|
30,473 |
|
|
(147,407) |
| ||
|
Inventories |
|
(12,848) |
|
|
21,649 |
| ||
|
Other assets |
|
11,078 |
|
|
28,788 |
| ||
|
Accounts payable and other liabilities |
|
5,703 |
|
|
(19,585) |
| ||
|
Deferred income and allowances on sales to distributors |
|
(72,547) |
|
|
50,886 |
| ||
|
Income taxes payable |
|
5,867 |
|
|
14,196 |
| ||
|
Deferred compensation plan obligations |
|
(6,329) |
|
|
(5,961) |
| ||
|
Net cash provided by operating activities |
|
301,388 |
|
|
214,043 |
| ||
|
Cash Flows from Investing Activities: |
|
|
|
|
|
| ||
|
Purchases of property and equipment |
|
(21,614) |
|
|
(23,337) |
| ||
|
Sales of deferred compensation plan securities, net |
|
6,329 |
|
|
5,961 |
| ||
|
Purchases of available-for-sale securities |
|
(204,810) |
|
|
(175,642) |
| ||
|
Proceeds from sale of available-for-sale securities |
|
58,015 |
|
|
72,126 |
| ||
|
Proceeds from maturity of available-for-sale securities |
|
134,212 |
|
|
83,855 |
| ||
|
Acquisitions, net of cash acquired |
|
— |
|
|
(145,313) |
| ||
|
Holdback payment for prior acquisition |
|
(3,353) |
|
|
— |
| ||
|
Purchases of intangible assets |
|
(535) |
|
|
— |
| ||
|
Purchases of other investments |
|
(8,224) |
|
|
(176) |
| ||
|
Net cash used in investing activities |
|
(39,980) |
|
|
(182,526) |
| ||
|
Cash Flows from Financing Activities: |
|
|
|
|
|
| ||
|
Proceeds from issuance of common stock through stock plans |
|
22,696 |
|
|
27,296 |
| ||
|
Shares withheld for employee taxes |
|
(11,240) |
|
|
(6,722) |
| ||
|
Payment of dividends to stockholders |
|
(94,179) |
|
|
(64,048) |
| ||
|
Payment of debt assumed in acquisitions |
|
— |
|
|
(22,000) |
| ||
|
Long-term debt and credit facility issuance costs |
|
(1,321) |
|
|
— |
| ||
|
Repurchases of common stock |
|
(358,808) |
|
|
(54,974) |
| ||
|
Excess tax benefit from employee stock plans |
|
612 |
|
|
1,148 |
| ||
|
Net cash used in financing activities |
|
(442,240) |
|
|
(119,300) |
| ||
|
Net decrease in cash and cash equivalents |
|
(180,832) |
|
|
(87,783) |
| ||
|
Cash and cash equivalents at beginning of period |
|
2,869,158 |
|
|
2,876,627 |
| ||
|
Cash and cash equivalents at end of period |
|
$ |
2,688,326 |
|
|
$ |
2,788,844 |
|
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SOURCE Altera Corporation
| Contact: |
| Altera Corporation
Web: http://www.altera.com |