|
Fairchild Semiconductor International, Inc. | |
|
Consolidated Statements of Cash Flows | |
|
(In millions) | |
|
(Unaudited) | |
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| | |
Three Months Ended | |
Year Ended | |
| | |
December 27, |
|
December 28, | |
December 27, | |
December 28, | |
| | | |
2015 | | | |
2014 | | | |
2015 | | | |
2014 | | |
| Cash flows from operating activities: | | | | | | | | | |
| Net loss | | $ | (7.1 | ) | | $ | (42.7 | ) | | $ | (15.1 | ) | | $ | (35.2 | ) | |
| | | | | | | | | | |
| Adjustments to reconcile net loss to cash provided by operating activities | | | | | | | | | |
| Depreciation and amortization | | | 29.4 | | | | 37.2 | | | | 132.4 | | | | 139.7 | | |
| Non-cash stock-based compensation expense | | | 7.2 | | | | 7.6 | | | | 30.8 | | | | 32.6 | | |
| Goodwill impairment charge | | — | | — | | | 0.6 | | | — | |
| Gain on sale of equity investment | | — | | — | | — | | | (1.4 | ) | |
| Deferred income taxes, net | | | 1.9 | | | | 40.8 | | | | 1.6 | | | | 34.9 | | |
| Charge for litigation | | — | | — | | — | | | 4.4 | | |
| Other | | — | | | 0.8 | | | | 2.6 | | | | 5.1 | | |
| Changes in operating assets and liabilities, net of acquisitions | | | 23.3 | | | | 2.6 | | | | (58.5 | ) | | | 13.6 | | |
| Net cash provided by operating activities | | $ | 54.7 | | | $ | 46.3 | | | $ | 94.4 | | | $ | 193.7 | | |
| | | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | | |
| Capital expenditures | | $ | (18.3 | ) | | $ | (13.2 | ) | | $ | (69.1 | ) | | $ | (54.5 | ) | |
| Proceeds from sale of equity investment | | — | | — | | — | | | 2.1 | | |
| Proceeds from the sale of property, plant and equipment | | | 0.9 | | | | 3.8 | | | | 8.0 | | | | 3.8 | | |
| Maturity of marketable securities | | — | | — | | | 0.1 | | | — | |
| Other | | | (0.4 | ) | | | 0.2 | | | | (1.4 | ) | | | (1.6 | ) | |
| Acquisitions and divestitures, net of cash acquired | | — | | — | | — | | | (56.6 | ) | |
| Net cash used in investing activities | | $ | (17.8 | ) | | $ | (9.2 | ) | | $ | (62.4 | ) | | $ | (106.8 | ) | |
| | | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | | |
| Repayment of long-term debt | | $ | — | | $ | — | | $ | — | | $ | (200.0 | ) | |
| Issuance of long-term debt | | — | | — | | — | | | 200.0 | | |
| Proceeds from issuance of stock for share-based compensation arrangements | | | 0.4 | | | | 0.1 | | | | 1.8 | | | | 1.5 | | |
| Purchase of treasury stock | | — | | | (17.8 | ) | | | (95.7 | ) | | | (142.4 | ) | |
| Shares withheld for employees taxes | | | (0.8 | ) | | | (1.5 | ) | | | (11.5 | ) | | | (9.2 | ) | |
| Other | | — | | — | | | (0.1 | ) | | | (1.7 | ) | |
| Net cash used in financing activities | | $ | (0.4 | ) | | $ | (19.2 | ) | | $ | (105.5 | ) | | $ | (151.8 | ) | |
| Net change in cash and cash equivalents | | | 36.5 | | | | 17.9 | | | | (73.5 | ) | | | (64.9 | ) | |
| Cash and cash equivalents at beginning of period | | | 242.9 | | | | 335.0 | | | | 352.9 | | | | 417.8 | | |
| Cash and cash equivalents at end of period | | $ | 279.4 | | | $ | 352.9 | | | $ | 279.4 | | | $ | 352.9 | | |
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|
Fairchild Semiconductor International, Inc. | |
|
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow | |
|
(In millions) | |
|
(Unaudited) | |
| | | | | | | | | | |
| | |
Three Months Ended | |
Year Ended | |
| | |
December 27, |
|
December 28, | |
December 27, | |
December 28, | |
| | | |
2015 | | | |
2014 | | | |
2015 | | | |
2014 | | |
| | | | | | | | | | |
| Net cash provided by operating activities | | $ | 54.7 | | | $ | 46.3 | | | $ | 94.4 | | | $ | 193.7 | | |
| Capital expenditures | | $ | (18.3 | ) | | $ | (13.2 | ) | | $ | (69.1 | ) | | $ | (54.5 | ) | |
| Proceeds from the sale of property, plant and equipment | | | 0.9 | | | — | | | 8.0 | | | — | |
| Free cash flow | | $ | 37.3 | | | $ | 33.1 | | | $ | 33.3 | | | $ | 139.2 | | |
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