CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

Year Ended

June 27, 2020

March 28, 2020

June 29, 2019

June 27, 2020

June 29, 2019

(in thousands, except per share data)

Cash flows from operating activities:

Net income

$          207,298

$            161,190

$          367,558

$          654,694

$          827,486

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

Stock-based compensation

23,290

23,403

22,004

95,431

86,977

Depreciation and amortization

36,384

24,141

25,569

108,533

110,745

Deferred taxes

14,386

(3,161)

26,118

8,994

13,957

Loss from sale or disposal of property, plant and equipment

557

145

643

1,191

3,967

Other adjustments

2,127

3,265

(268)

11,353

(3)

Changes in assets and liabilities:

Accounts receivable, price adjustment and other revenue reserves

13,603

(23,933)

15,615

6,091

21,090

Inventories

(34,562)

3,308

26,383

(8,671)

36,003

Other assets

(25,769)

(4,710)

(11,875)

(86,299)

(14,901)

Accounts payable

5,405

(2,655)

699

7,594

(10,272)

Income taxes payable

(45,855)

2,174

(229,776)

(74,814)

(176,114)

All other accrued liabilities

15,465

26,624

(5,203)

76,758

(23,095)

Net cash provided by operating activities

212,329

209,791

237,467

800,855

875,840

Cash flows from investing activities:

Purchases of property, plant and equipment

(15,680)

(17,068)

(30,653)

(67,049)

(82,823)

Proceeds from sales of property, plant and equipment

124

97

306

392

340

Proceeds from sales of available-for-sale securities

1,290

-

-

1,290

30,192

Proceeds from maturity of available-for-sale securities

10,734

15,485

103,431

104,286

1,130,514

Payment in connection with business acquisition, net of cash acquired

(69,270)

-

-

(69,270)

(2,949)

Purchases of available-for-sale securities

-

-

-

-

(214,587)

Purchases of investments in privately-held companies

(1,840)

(120)

(1,500)

(1,960)

(3,176)

Proceeds from sale of investments in privately-held companies

205

173

-

378

-

Other investing activities

2

(50)

(60)

(116)

(600)

Net cash provided by (used in) investing activities

(74,435)

(1,483)

71,524

(32,049)

856,911

Cash flows from financing activities:

Contingent consideration paid

-

-

-

(8,000)

(9,052)

Net issuance of restricted stock units

(6,741)

(11,570)

(6,663)

(35,877)

(29,689)

Repayment of notes payable

-

-

-

-

(500,000)

Proceeds from stock options exercised

2,240

7,810

5,414

18,870

24,400

Issuance of common stock under employee stock purchase program

23,725

-

22,486

42,260

40,175

Repurchase of common stock

(82,299)

(157,003)

(102,104)

(440,811)

(539,151)

Dividends paid

(128,058)

(129,072)

(125,345)

(517,162)

(505,576)

Net cash used in financing activities

(191,133)

(289,835)

(206,212)

(940,720)

(1,518,893)

Net increase (decrease) in cash, cash equivalents and restricted cash 

(53,239)

(81,527)

102,779

(171,914)

213,858

Cash, cash equivalents and restricted cash 

Beginning of period

$       1,638,667

$        1,720,194

$       1,654,563

$       1,757,342

$       1,543,484

End of period

$       1,585,428

$        1,638,667

$       1,757,342

$       1,585,428

$       1,757,342

Total cash, cash equivalents, and short-term investments

$       1,614,206

$        1,685,776

$       1,898,332

$       1,614,206

$       1,898,332

Cash, cash equivalents and restricted cash:

Cash and cash equivalents

$       1,578,670

$        1,638,667

$       1,757,342

$       1,578,670

$       1,757,342

Restricted cash in Other assets

6,758

-

-

6,758

-

Total cash, cash equivalents and restricted cash

$       1,585,428

$        1,638,667

$       1,757,342

$       1,585,428

$       1,757,342