Maxim Integrated Reports Results For The First Quarter Of Fiscal 2015

 

 


CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended




September 27,


June 28,


September 28,




2014


2014


2013




(in thousands)



Cash flows from operating activities: 








Net income

$     99,980


$     84,793


$   103,120



Adjustments to reconcile net income to net cash provided by operating activities: 








      Stock-based compensation 

22,420


21,786


18,740



      Depreciation and amortization 

63,693


64,391


51,133



      Deferred taxes 

6,207


(9,501)


25,529



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

244


1,068


36



      Tax benefit (shortfall) related to stock-based compensation 

1,610


942


(3,488)



      Impairment of long-lived assets

10,226


6,447


-



      Excess tax benefit from stock-based compensation

(2,249)


(4,897)


(1,697)



      Impairment of investments in privately-held companies

-


6,537


-



      Changes in assets and liabilities: 








          Accounts receivable 

13,896


8,300


(12,450)



          Inventories 

(15,650)


1,226


(2,301)



          Other current assets 

(24,974)


26,579


(18,546)



          Accounts payable 

4,455


5,203


(9,162)



          Income taxes payable 

(12,289)


9,853


11,393



          Deferred revenue on shipments to distributors 

1,087


1,475


622



          All other accrued liabilities 

(51,659)


9,882


(67,035)



Net cash provided by (used in) operating activities 

116,997


234,084


95,894











Cash flows from investing activities: 








          Purchase of property, plant and equipment

(31,686)


(23,654)


(36,329)



          Proceeds from sales of property, plant and equipment

212


1,627


3,048



          Purchases of available-for-sale securities

(25,142)


(49,953)


-



Net cash provided by (used in) investing activities 

(56,616)


(71,980)


(33,281)











Cash flows from financing activities: 








         Excess tax benefit from stock-based compensation

2,249


4,897


1,697



         Repayment of notes payable

(437)


(2,430)


-



         Issuance of debt

-


-


100



         Net issuance of restricted stock units

(8,038)


(8,922)


(6,966)



         Proceeds from stock options exercised

9,704


26,232


5,247



         Repurchase of common stock

(62,685)


(40,744)


(154,386)



         Issuance of ESPP shares under employee stock purchase program

-


23,713


-



         Dividends paid

(79,763)


(73,626)


(73,744)



Net cash provided by (used in) financing activities 

(138,970)


(70,880)


(228,052)











Net increase (decrease) in cash and cash equivalents 

(78,589)


91,224


(165,439)



Cash and cash equivalents: 








          Beginning of period

1,322,472


1,231,248


1,174,986



          End of period

$1,243,883


$1,322,472


$1,009,547











Total cash, cash equivalents and short-term investments

$1,318,977


$1,372,425


$1,034,583











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