CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

March 30,
2019

December 29,
2018

March 31,
2018

(in thousands)

Cash flows from operating activities:

Net income (loss)

$

130,613

$

131,892

$

193,627

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Stock-based compensation

22,820

21,656

20,605

Depreciation and amortization

27,182

26,803

37,201

Deferred taxes

(3,955)

(5,174)

(2,670)

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

428

2,275

1,160

Impairment of investments in privately-held companies

(371)

753

—

Changes in assets and liabilities:

Accounts receivable

(14,323)

43,402

(80,953)

Inventories

6,123

(3,505)

(11,036)

Other current assets

3,561

6,038

(1,244)

Accounts payable

(13,372)

7,664

(235)

Income taxes payable

20,401

(482)

30,067

Accrued salary and related expenses

25,938

(375)

33,408

All other accrued liabilities

1,893

(6,697)

3,295

Net cash provided by (used in) operating activities

206,938

224,250

223,225

Cash flows from investing activities:

Purchase of property, plant and equipment

(21,257)

(12,597)

(16,930)

Proceeds from sales of property, plant and equipment

32

1

2,844

Proceeds from sale of available-for-sale securities

2,939

18,815

60,008

Proceeds from maturity of available-for-sale securities

308,529

416,720

304,289

Payment in connection with business acquisition, net of cash acquired

—

—

(57,773)

Purchases of available-for-sale securities

—

(23,707)

(268,821)

Purchases of privately-held companies' securities

(770)

(156)

(1,250)

Other investing activities

(540)

—

—

Net cash provided by (used in) investing activities

288,933

399,076

22,367

Cash flows from financing activities:

Repayment of debt

—

(500,000)

—

Contingent consideration paid

(1,052)

—

—

Net issuance of restricted stock units

(9,582)

(5,916)

(9,642)

Proceeds from stock options exercised

5,143

7,235

7,716

Issuance of common stock under employee stock purchase program

—

17,689

—

Repurchase of common stock

(116,991)

(207,558)

(127,700)

Dividends paid

(125,566)

(126,808)

(117,883)

Net cash provided by (used in) financing activities

(248,048)

(815,358)

(247,509)

Net increase (decrease) in cash and cash equivalents

247,823

(192,032)

(1,917)

Cash and cash equivalents:

Beginning of period

$

1,406,740

$

1,598,772

$

1,631,510

End of period

$

1,654,563

$

1,406,740

$

1,629,593

Total cash, cash equivalents, and short-term investments

$

1,898,427

$

1,960,641

$

2,724.394