CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

March 27, 2021

December 26, 2020

March 28, 2020

(in thousands, except per share data)

Cash flows from operating activities:

Net income

$                       220,063

$                     183,945

$                     161,190

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

Stock-based compensation

20,878

31,209

23,403

Depreciation and amortization

24,552

24,141

24,141

1,601

(1,782)

(3,161)

Loss from disposal of property, plant and equipment

124

164

145

Fair value of contingent consideration

5,835

-

-

Other adjustments

2,413

3,265

Changes in assets and liabilities:

Accounts receivable

(85,236)

(36,401)

(29,931)

Inventories

18,950

4,042

3,308

Other assets

(4,875)

(9,868)

(4,710)

Accounts payable

8,945

(2,655)

Price adjustment and other revenue reserves

34,118

35,964

5,998

Income taxes payable

8,021

(16,408)

2,174

All other accrued liabilities

25,715

(12,232)

26,624

Net cash provided by operating activities

271,440

210,499

209,791

Cash flows from investing activities:

Purchases of property, plant and equipment

(16,229)

(16,485)

(17,068)

Proceeds from sales of property, plant and equipment

16

63

97

Proceeds from sales of available-for-sale securities

-

1,500

-

Proceeds from maturity of available-for-sale securities

8,876

6,600

15,485

Purchases of investments in privately-held companies

(1,235)

(26)

(120)

Proceeds from sale of investments in privately-held companies

-

14

173

Other investing activities

-

-

(50)

Net cash provided by (used in) investing activities

(8,572)

(8,334)

(1,483)

Cash flows from financing activities:

Contingent consideration paid

(10,000)

-

-

Net issuance of restricted stock units and awards

(15,932)

(18,966)

(11,570)

Proceeds from stock options exercised

76

175

7,810

Issuance of common stock under employee stock purchase program

-

18,498

-

Repurchase of common stock

-

-

(157,003)

Dividends paid

-

-

(129,072)

Net cash used in financing activities

(25,856)

(293)

(289,835)

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

237,012

201,872

(81,527)

Cash, cash equivalents and restricted cash

Beginning of period

$                    1,803,719

$                  1,601,847

$                  1,720,194

End of period

$                    2,040,731

$                  1,803,719

$                  1,638,667

Total cash, cash equivalents, and short-term investments

$                    2,033,973

$                  1,805,840

$                  1,685,776

Cash, cash equivalents and restricted cash:

Cash and cash equivalents

$                    2,033,973

$                  1,796,961

$                  1,638,667

Restricted cash in Other assets

6,758

6,758

-

Total cash, cash equivalents and restricted cash

$                    2,040,731

$                  1,803,719

$                  1,638,667