Cash flow from operating activities in 2012 was $587.2 million. Altera repurchased 1.6 million shares of its common stock during the quarter at a cost of $50.0 million. Altera ended the quarter with $3.7 billion in cash and investments.
Altera's board of directors has declared a quarterly cash dividend of $0.10 per share payable on March 1, 2013 to stockholders of record on February 11, 2013.
"While our new products had a double-digit sequential growth quarter, sales of our older products were soft—the result of a sluggish global economy," said John Daane, president, chief executive officer, and chairman of the board. "Sales of 40 nm devices, our largest selling process node, and where we are the market leader, are likely to strengthen further as we progress through 2013. At the most advanced process node, 28 nm, Altera remains the design-win value leader, giving us a substantial growth opportunity as these customer designs transition into production."
Several recent accomplishments mark the company's continuing progress:
- Huawei Technologies, a leading global information and communications technology solutions provider, has presented Altera with its 2012 Excellent Core Partner Award. In making this award, Huawei specifically recognized Altera for its excellence in terms of quality, delivery of leading-edge technologies and services. The Excellent Core Partner Award is the highest recognition Huawei gives to its suppliers. Altera is among an elite set of suppliers to earn this award for outstanding contribution toward Huawei's business success throughout 2012. In 2012, Huawei realized the performance advantage offered by Altera's 28 nm Stratix® V FPGAs and selected the high-end product family for use in the company's 400G high-capacity OTN system. By using the industry's first high-end 28 nm production FPGAs, Huawei enabled the evolution of communications infrastructure such as 400G systems and other high-performance systems in a variety of markets throughout the world.
- Altera also received the 2012 Global Excellent Partnership Award from ZTE Corporation, a leading provider of telecommunications equipment and network solutions. The award recognizes Altera for overall performance in delivering best-in-class products and services to ZTE during the past year. According to ZTE, innovative programmable solutions and technical support from Altera played a critical role in supporting product development for the company's existing and next-generation communication products. ZTE presents its Global Excellent Partnership Award each year to suppliers meeting rigorous performance criteria. Winners are chosen based on partner satisfaction surveys among company staff, including development and material engineers and purchasing employees. Suppliers are evaluated on cost efficiencies, on-time delivery, quality standards and service records. Altera scored the highest marks in all categories.
- Altera is now shipping the first of its 28 nm SoC devices, which combine a dual-core ARM® Cortex™-A9 processor system with FPGA logic on a single device. The initial devices to ship are the low-power, low-cost Cyclone® V SoCs. Altera SoCs include several distinctive features that enable developers in the wireless communications, industrial, video surveillance, automotive and medical equipment markets to create custom SoC variants optimized for system power, board space, performance and cost requirements. In addition, Altera is the only FPGA vendor today shipping SoCs that offer 32-bit error correction code (ECC) support which helps ensure data integrity throughout the embedded system. ECC support is a requirement for customers who must have high-performance and reliable systems. With silicon now available, customers who used Altera's SoC Virtual Target to develop their application software can now quickly port their application software into the SoC, saving months of development time. Further strengthening the SoC device tools ecosystem support, Altera and ARM have jointly developed the ARM Development Studio 5™ Altera Edition (DS-5™) toolkit with FPGA-adaptive debugging, which exclusively supports Altera SoC devices. The DS-5 toolkit is designed to remove the debugging barrier between the integrated dual-core CPU subsystem and the FPGA fabric in Altera SoC devices, providing embedded software developers an unprecedented level of full-chip visibility and control.
- Altera has developed the FPGA industry's first Software Development Kit (SDK) for OpenCL™ (Open Computing Language) which combines the massively parallel architecture of an FPGA with the OpenCL parallel programming model. OpenCL is an open, royalty-free standard for cross-platform, parallel programming of hardware accelerators, including CPUs, GPGPUs and FPGAs. The semiconductor industry's approach for boosting system performance has evolved from increasing frequency in single-core CPUs, to using multi-core CPUs, to using parallel processor arrays. Today, system designers are turning to FPGAs, which are fine-grained, massively parallel digital logic arrays architected to execute computations in parallel to create higher performance levels at a fraction of the power compared to other hardware alternatives. By allowing system developers and programmers familiar with C to quickly and easily develop high-performance, power-efficient FPGA-based applications in a high-level language, Altera's SDK for OpenCL enables customers to easily adopt FPGAs and leverage the performance and power benefits the devices provide. This unified, high-level design flow for hardware and software development automates the time-consuming tasks required in typical hardware-design language flows, and the resulting FPGA-based solution can deliver more than 5X performance/watt compared to alternative hardware implementations.
SELECTED FOURTH QUARTER REVENUE AND RELATED RESULTS
|
Key New Product Devices |
|
Sequential Comparisons | |
|
Stratix V |
|
(9)% | |
|
Arria V |
|
152% | |
|
Stratix IV |
|
19% | |
|
Arria II |
|
(6)% | |
|
Cyclone IV |
|
21% | |
|
HardCopy IV |
|
(15)% | |
|
Vertical Markets |
|
Sequential Comparisons |
|
Comments |
|
Telecom & Wireless |
|
(12)% |
|
Both Telecom and Wireless down |
|
Industrial Automation, Military & Automotive |
|
(9)% |
|
Broadly down |
|
Networking, Computer & Storage |
|
(12)% |
|
Networking down and Computer and Storage up |
|
Other |
|
(10)% |
|
– |
|
($ in thousands)
|
|
December 31, 2012 |
|
September 30, 2012 | ||||
|
Current Ratio |
|
7:1 |
|
|
6:1 |
| ||
|
Liabilities/Equity |
|
1:3 |
|
|
1:2 |
| ||
|
Quarterly Operating Cash Flows |
|
$ |
126,709 |
|
|
$ |
285,203 |
|
|
TTM Return on Equity |
|
18% |
|
|
19% |
| ||
|
Quarterly Depreciation Expense |
|
$ |
9,170 |
|
|
$ |
9,677 |
|
|
Quarterly Capital Expenditures |
|
$ |
7,201 |
|
|
$ |
17,749 |
|
|
Inventory MSOH (1): Altera |
|
3.4 |
|
|
3.1 |
| ||
|
Inventory MSOH (1): Distribution |
|
0.6 |
|
|
0.6 |
| ||
|
TTM Cash Conversion Cycle (Days) |
|
117 |
|
|
140 |
| ||
|
Turns |
|
40% |
|
|
37% |
| ||
|
Book to Bill |
|
<1.0 |
|
|
<1.0 |
| ||
|
|
|
|
|
| ||||
|
Note (1): MSOH: Months Supply On Hand |
|
|
|
| ||||
|
ALTERA CORPORATION | |||||||||||||||||||||||
|
NET SALES SUMMARY | |||||||||||||||||||||||
|
(Unaudited) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
|
|
Three Months Ended |
|
|
Quarterly Growth Rate |
|
|
Years Ended |
|
|
| |||||||||||||
|
|
December 31, 2012 |
|
September 28, 2012 |
|
December 31, 2011 |
|
Sequential Change |
|
Year- Over-Year Change |
|
December 31, 2012 |
|
December 31, 2011 |
|
Annual Growth | ||||||||
|
Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
Americas |
19 |
% |
|
19 |
% |
|
21 |
% |
|
(8) |
% |
|
(12) |
% |
|
18 |
% |
|
19 |
% |
|
(18) |
% |
|
Asia Pacific |
39 |
% |
|
43 |
% |
|
40 |
% |
|
(21) |
% |
|
(7) |
% |
|
43 |
% |
|
41 |
% |
|
(9) |
% |
|
EMEA |
28 |
% |
|
25 |
% |
|
22 |
% |
|
(2) |
% |
|
20 |
% |
|
25 |
% |
|
25 |
% |
|
(15) |
% |
|
Japan |
14 |
% |
|
13 |
% |
|
17 |
% |
|
(4) |
% |
|
(19) |
% |
|
14 |
% |
|
15 |
% |
|
(18) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
(11) |
% |
|
(4) |
% |
|
100 |
% |
|
100 |
% |
|
(14) |
% |
|
Product Category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New |
39 |
% |
|
31 |
% |
|
27 |
% |
|
11 |
% |
|
39 |
% |
|
32 |
% |
|
22 |
% |
|
22 |
% |
|
Mainstream |
28 |
% |
|
32 |
% |
|
33 |
% |
|
(20) |
% |
|
(18) |
% |
|
30 |
% |
|
34 |
% |
|
(22) |
% |
|
Mature and Other |
33 |
% |
|
37 |
% |
|
40 |
% |
|
(22) |
% |
|
(21) |
% |
|
38 |
% |
|
44 |
% |
|
(26) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
(11) |
% |
|
(4) |
% |
|
100 |
% |
|
100 |
% |
|
(14) |
% |
|
Vertical Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecom & Wireless |
44 |
% |
|
45 |
% |
|
43 |
% |
|
(12) |
% |
|
0 |
% |
|
44 |
% |
|
43 |
% |
|
(12) |
% |
|
Industrial Automation, Military & Automotive |
21 |
% |
|
20 |
% |
|
24 |
% |
|
(9) |
% |
|
(17) |
% |
|
21 |
% |
|
23 |
% |
|
(22) |
% |
|
Networking, Computer & Storage |
17 |
% |
|
17 |
% |
|
16 |
% |
|
(12) |
% |
|
0 |
% |
|
17 |
% |
|
17 |
% |
|
(11) |
% |
|
Other |
18 |
% |
|
18 |
% |
|
17 |
% |
|
(10) |
% |
|
1 |
% |
|
18 |
% |
|
17 |
% |
|
(10) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
(11) |
% |
|
(4) |
% |
|
100 |
% |
|
100 |
% |
|
(14) |
% |
|
FPGAs and CPLDs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPGA |
84 |
% |
|
82 |
% |
|
82 |
% |
|
(9) |
% |
|
(2) |
% |
|
84 |
% |
|
81 |
% |
|
(11) |
% |
|
CPLD |
9 |
% |
|
9 |
% |
|
9 |
% |
|
(12) |
% |
|
(12) |
% |
|
9 |
% |
|
10 |
% |
|
(22) |
% |
|
Other Products |
7 |
% |
|
9 |
% |
|
9 |
% |
|
(29) |
% |
|
(19) |
% |
|
7 |
% |
|
9 |
% |
|
(27) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
(11) |
% |
|
(4) |
% |
|
100 |
% |
|
100 |
% |
|
(14) |
% |
Product Category Description
- New Products include the Stratix® V, Stratix IV, Arria® V, Arria II, Cyclone® V, Cyclone IV, MAX® V and HardCopy® IV devices.
- Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices.
- Mature and Other Products include the Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, Classic™, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX® series, APEX™ series, Mercury™, Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools.
Business Outlook for the First Quarter 2013
|
Sales and Income Statement | |
|
|
|
|
Sequential Sales Growth |
Down 4% to 8% |
|
Gross Margin |
69% to 70% |
|
Research and Development |
$99 to 101 million |
|
SG&A |
$77 to 78 million |
|
Tax Rate |
4% to 5% |
|
Diluted Share Count |
Approximately 323 million |
|
Turns |
Mid-40's |
|
Inventory MSOH |
Approximately 4.0 |
|
Vertical Market | |
|
|
|
|
Telecom & Wireless |
Wireless down |
|
Industrial Automation, Military & Automotive |
Up slightly |
|
Networking, Computer & Storage |
Down slightly |
|
Other |
Up slightly |
Fourth Quarter Earnings Conference Call
A conference call will be held today at 1:45 p.m. Pacific Time to discuss the quarter's results and management's current business outlook. The web cast and subsequent replay will be available in the Investor Relations section of the company's website at www.altera.com. A telephonic replay of the call may be accessed later in the day by calling (719) 457-0820 and referencing confirmation code 258712. The telephonic replay will be available for two weeks following the live call.
Forward-Looking Statements
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include, but are not limited to, statements regarding our competitive position at 40 nm, our expectation of stronger sales at 40 nm in 2013, our expectation of expansion in 28 nm FPGA opportunities, and our competitive position at 28 nm, as well as any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section or elsewhere in this press release. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, customer business environment, customer inventory levels, vertical market mix, market acceptance of the company's products, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® V, Arria II, Stratix® V, Stratix IV FPGAs, MAX® V CPLDs and HardCopy® IV device families, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
About Altera
Altera programmable solutions enable system and semiconductor companies to rapidly and cost-effectively innovate, differentiate and win in their markets. Find out more about Altera's FPGA, CPLD and ASIC devices at www.altera.com. Follow Altera via Facebook, RSS and Twitter.
ALTERA, ARRIA, CYCLONE, HARDCOPY, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.
|
INVESTOR CONTACT |
|
MEDIA CONTACT |
|
Scott Wylie - Vice President |
|
Sue Martenson - Senior Manager |
|
Investor Relations |
|
Public Relations |
|
(408) 544-6996 |
|
(408) 544-8158 |
|
|
|
ALTERA CORPORATION | ||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
|
(Unaudited) | ||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
|
|
Three Months Ended |
|
Years Ended | ||||||||||||||||
|
(In thousands, except per share amounts) |
|
December 31, 2012 |
|
September 28, 2012 |
|
December 31, 2011 |
|
December 31,
|
|
December 31,
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net sales |
|
$ |
439,440 |
|
|
$ |
495,010 |
|
|
$ |
457,804 |
|
|
$ |
1,783,035 |
|
|
$ |
2,064,475 |
|
|
Cost of sales |
|
133,367 |
|
|
152,007 |
|
|
136,764 |
|
|
541,523 |
|
|
610,329 |
| |||||
|
Gross margin |
|
306,073 |
|
|
343,003 |
|
|
321,040 |
|
|
1,241,512 |
|
|
1,454,146 |
| |||||
|
Operating expense |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Research and development expense |
|
94,162 |
|
|
91,606 |
|
|
90,295 |
|
|
360,421 |
|
|
325,733 |
| |||||
|
Selling, general, and administrative expense |
|
74,030 |
|
|
74,243 |
|
|
70,667 |
|
|
289,854 |
|
|
279,217 |
| |||||
|
Total operating expense |
|
168,192 |
|
|
165,849 |
|
|
160,962 |
|
|
650,275 |
|
|
604,950 |
| |||||
|
Operating margin (1) |
|
137,881 |
|
|
177,154 |
|
|
160,078 |
|
|
591,237 |
|
|
849,196 |
| |||||
|
Compensation expense (benefit) - deferred compensation plan |
|
358 |
|
|
3,274 |
|
|
2,962 |
|
|
7,055 |
|
|
(1,964) |
| |||||
|
(Gain) loss on deferred compensation plan securities |
|
(358) |
|
|
(3,274) |
|
|
(2,962) |
|
|
(7,055) |
|
|
1,964 |
| |||||
|
Interest income and other |
|
(2,390) |
|
|
(2,775) |
|
|
(1,039) |
|
|
(8,388) |
|
|
(3,544) |
| |||||
|
(Gain)/loss reclassified from other comprehensive income |
|
(205) |
|
|
108 |
|
|
18 |
|
|
(268) |
|
|
18 |
| |||||
|
Interest expense |
|
2,589 |
|
|
2,333 |
|
|
1,013 |
|
|
7,976 |
|
|
3,730 |
| |||||
|
Income before income taxes |
|
137,887 |
|
|
177,488 |
|
|
160,086 |
|
|
591,917 |
|
|
848,992 |
| |||||
|
Income tax expense |
|
17,082 |
|
|
19,999 |
|
|
13,475 |
|
|
35,110 |
|
|
78,281 |
| |||||
|
Net income |
|
$ |
120,805 |
|
|
$ |
157,489 |
|
|
$ |
146,611 |
|
|
$ |
556,807 |
|
|
$ |
770,711 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Unrealized (loss)/gain on investments: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Unrealized holding (loss)/gain on investments arising during period, net of tax of ($11), $43, $8, $114 and ($17) |
|
(889) |
|
|
3,620 |
|
|
41 |
|
|
5,839 |
|
|
(149) |
| |||||
|
Less: Reclassification adjustments for (gain)/loss on investments included in net income, net of tax of $24, $1, ($2), $25 and ($2) |
|
(44) |
|
|
(41) |
|
|
16 |
|
|
(114) |
|
|
16 |
| |||||
|
|
|
(933) |
|
|
3,579 |
|
|
57 |
|
|
5,725 |
|
|
(133) |
| |||||
|
Unrealized (loss)/gain on derivatives: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Unrealized gain/(loss) on derivatives arising during period, net of tax of $9, ($6) and $45 |
|
17 |
|
|
(10) |
|
|
— |
|
|
84 |
|
|
— |
| |||||
|
Less: Reclassification adjustments for (gain)/loss on derivatives included in net income, net of tax of $48, ($53) and $45 |
|
(89) |
|
|
97 |
|
|
— |
|
|
(84) |
|
|
— |
| |||||
|
|
|
(72) |
|
|
87 |
|
|
— |
|
|
— |
|
|
— |
| |||||
|
Other comprehensive (loss) income: |
|
(1,005) |
|
|
3,666 |
|
|
57 |
|
|
5,725 |
|
|
(133) |
| |||||
|
Comprehensive income |
|
$ |
119,800 |
|
|
$ |
161,155 |
|
|
$ |
146,668 |
|
|
$ |
562,532 |
|
|
$ |
770,578 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net income per share: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Basic |
|
$ |
0.38 |
|
|
$ |
0.49 |
|
|
$ |
0.46 |
|
|
$ |
1.74 |
|
|
$ |
2.39 |
|
|
Diluted |
|
$ |
0.37 |
|
|
$ |
0.49 |
|
|
$ |
0.45 |
|
|
$ |
1.72 |
|
|
$ |
2.35 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Shares used in computing per share amounts: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Basic |
|
319,765 |
|
|
319,870 |
|
|
321,553 |
|
|
320,830 |
|
|
321,892 |
| |||||
|
Diluted |
|
322,209 |
|
|
323,560 |
|
|
325,653 |
|
|
324,497 |
|
|
327,606 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Cash dividends per common share |
|
$ |
0.10 |
|
|
$ |
0.10 |
|
|
$ |
0.08 |
|
|
$ |
0.36 |
|
|
$ |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Tax rate |
|
12.4 |
% |
|
11.3 |
% |
|
8.4 |
% |
|
5.9 |
% |
|
9.2 |
% | |||||
|
% of Net sales: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Gross margin |
|
69.7 |
% |
|
69.3 |
% |
|
70.1 |
% |
|
69.6 |
% |
|
70.4 |
% | |||||
|
Research and development |
|
21.4 |
% |
|
18.5 |
% |
|
19.7 |
% |
|
20.2 |
% |
|
15.8 |
% | |||||
|
Selling, general, and administrative |
|
16.8 |
% |
|
15.0 |
% |
|
15.4 |
% |
|
16.3 |
% |
|
13.5 |
% | |||||
|
Operating margin(1) |
|
31.4 |
% |
|
35.8 |
% |
|
35.0 |
% |
|
33.2 |
% |
|
41.1 |
% | |||||
|
Net income |
|
27.5 |
% |
|
31.8 |
% |
|
32.0 |
% |
|
31.2 |
% |
|
37.3 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Notes: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
(1)We define operating margin as gross margin less research and development and selling, general and administrative expenses, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by gains and losses from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows: | ||||||||||||||||||||
|
|
|
Three Months Ended |
|
Years Ended | ||||||||||||||||
|
(In thousands) |
|
December 31, 2012 |
|
September 30, 2012 |
|
December 31, 2011 |
|
December 31, 2012 |
|
December 31, 2011 | ||||||||||
|
Operating margin (non-GAAP) |
|
$ |
137,881 |
|
|
$ |
177,154 |
|
|
$ |
160,078 |
|
|
$ |
591,237 |
|
|
$ |
849,196 |
|
|
Compensation expense (benefit) — deferred compensation plan |
|
358 |
|
|
3,274 |
|
|
2,962 |
|
|
7,055 |
|
|
(1,964) |
| |||||
|
Income from operations (GAAP) |
|
$ |
137,523 |
|
|
$ |
173,880 |
|
|
$ |
157,116 |
|
|
$ |
584,182 |
|
|
$ |
851,160 |
|
|
ALTERA CORPORATION | ||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||
|
(Unaudited) | ||||||||
|
|
|
|
|
| ||||
|
(In thousands, except par value amount) |
|
December 31, 2012 |
|
December 31, 2011 | ||||
|
|
|
|
|
| ||||
|
Assets |
|
|
|
| ||||
|
Current assets: |
|
|
|
| ||||
|
Cash and cash equivalents |
|
$ |
2,876,627 |
|
|
$ |
3,371,933 |
|
|
Short-term investments |
|
140,958 |
|
|
65,222 |
| ||
|
Total cash, cash equivalents, and short-term investments |
|
3,017,585 |
|
|
3,437,155 |
| ||
|
Accounts receivable, net |
|
323,708 |
|
|
232,273 |
| ||
|
Inventories |
|
152,721 |
|
|
122,279 |
| ||
|
Deferred income taxes - current |
|
59,049 |
|
|
58,415 |
| ||
|
Deferred compensation plan - marketable securities |
|
60,321 |
|
|
54,041 |
| ||
|
Deferred compensation plan - restricted cash equivalents |
|
17,116 |
|
|
17,938 |
| ||
|
Other current assets |
|
49,852 |
|
|
52,710 |
| ||
|
Total current assets |
|
3,680,352 |
|
|
3,974,811 |
| ||
|
Property and equipment, net |
|
206,148 |
|
|
171,721 |
| ||
|
Long-term investments |
|
704,758 |
|
|
74,033 |
| ||
|
Deferred income taxes - non-current |
|
17,082 |
|
|
26,629 |
| ||
|
Other assets, net |
|
49,488 |
|
|
35,074 |
| ||
|
Total assets |
|
$ |
4,657,828 |
|
|
$ |
4,282,268 |
|
|
|
|
|
|
| ||||
|
Liabilities and stockholders' equity |
|
|
|
| ||||
|
Current liabilities: |
|
|
|
| ||||
|
Accounts payable |
|
$ |
50,036 |
|
|
$ |
52,154 |
|
|
Accrued liabilities |
|
29,005 |
|
|
34,029 |
| ||
|
Accrued compensation and related liabilities |
|
40,606 |
|
|
78,181 |
| ||
|
Deferred compensation plan obligations |
|
77,437 |
|
|
71,979 |
| ||
|
Deferred income and allowances on sales to distributors |
|
345,993 |
|
|
279,876 |
| ||
|
Credit facility |
|
— |
|
|
500,000 |
| ||
|
Total current liabilities |
|
543,077 |
|
|
1,016,219 |
| ||
|
Income taxes payable - non-current |
|
272,000 |
|
|
263,423 |
| ||
|
Long-term debt |
|
500,000 |
|
|
— |
| ||
|
Other non-current liabilities |
|
9,304 |
|
|
8,730 |
| ||
|
Total liabilities |
|
1,324,381 |
|
|
1,288,372 |
| ||
|
Commitments and contingencies |
|
|
|
| ||||
|
Stockholders' equity: |
|
|
|
| ||||
|
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 319,564 at December 31, 2012 and 322,054 shares at December 31, 2011 |
|
320 |
|
|
322 |
| ||
|
Capital in excess of par value |
|
1,122,555 |
|
|
1,050,752 |
| ||
|
Accumulated other comprehensive income (loss) |
|
5,592 |
|
|
(133) |
| ||
|
Retained earnings |
|
2,204,980 |
|
|
1,942,955 |
| ||
|
Total stockholders' equity |
|
3,333,447 |
|
|
2,993,896 |
| ||
|
Total liabilities and stockholders' equity |
|
$ |
4,657,828 |
|
|
$ |
4,282,268 |
|
|
|
|
|
|
| ||||
|
ALTERA CORPORATION | ||||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
|
(Unaudited) | ||||||||||||
|
|
|
| ||||||||||
|
|
|
YEARS ENDED | ||||||||||
|
(In thousands) |
|
December 31, 2012 |
|
December 31, 2011 |
|
December 31, 2010 | ||||||
|
Cash Flows from Operating Activities: |
|
|
|
|
|
| ||||||
|
Net income |
|
$ |
556,807 |
|
|
$ |
770,711 |
|
|
$ |
782,884 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
| ||||||
|
Depreciation and amortization |
|
36,862 |
|
|
31,927 |
|
|
27,535 |
| |||
|
Stock-based compensation |
|
93,586 |
|
|
82,750 |
|
|
62,118 |
| |||
|
Deferred income tax expense |
|
8,824 |
|
|
15,657 |
|
|
34,256 |
| |||
|
Tax effect of employee stock plans |
|
9,811 |
|
|
16,162 |
|
|
27,444 |
| |||
|
Excess tax benefit from employee stock plans |
|
(16,278) |
|
|
(17,307) |
|
|
(21,866) |
| |||
|
Changes in assets and liabilities, net of the effects of acquisition: |
|
|
|
|
|
| ||||||
|
Accounts receivable, net |
|
(91,435) |
|
|
131,341 |
|
|
(145,330) |
| |||
|
Inventories |
|
(30,442) |
|
|
24,245 |
|
|
(76,819) |
| |||
|
Other assets |
|
(3,050) |
|
|
54,661 |
|
|
(52,805) |
| |||
|
Accounts payable and other liabilities |
|
(50,566) |
|
|
(32,534) |
|
|
59,200 |
| |||
|
Deferred income and allowances on sales to distributors |
|
66,117 |
|
|
(148,836) |
|
|
146,826 |
| |||
|
Income taxes payable |
|
8,576 |
|
|
31,116 |
|
|
15,746 |
| |||
|
Deferred compensation plan obligations |
|
(1,598) |
|
|
(293) |
|
|
(2,494) |
| |||
|
Net cash provided by operating activities |
|
587,214 |
|
|
959,600 |
|
|
856,695 |
| |||
|
Cash Flows from Investing Activities: |
|
|
|
|
|
| ||||||
|
Purchases of property and equipment |
|
(60,913) |
|
|
(31,812) |
|
|
(12,442) |
| |||
|
Proceeds from sales of deferred compensation plan securities, net |
|
1,598 |
|
|
293 |
|
|
2,494 |
| |||
|
Purchases of available-for-sale securities |
|
(921,430) |
|
|
(164,408) |
|
|
— |
| |||
|
Proceeds from sale and maturity of available-for-sale securities |
|
220,784 |
|
|
25,003 |
|
|
— |
| |||
|
Acquisition related payments, net of cash acquired |
|
— |
|
|
— |
|
|
(8,004) |
| |||
|
Purchases of intangible assets |
|
(2,280) |
|
|
— |
|
|
(5,000) |
| |||
|
Purchase of other investments |
|
(4,935) |
|
|
— |
|
|
— |
| |||
|
Net cash used in investing activities |
|
(767,176) |
|
|
(170,924) |
|
|
(22,952) |
| |||
|
Cash Flows from Financing Activities: |
|
|
|
|
|
| ||||||
|
Proceeds from issuance of common stock through various stock plans |
|
49,665 |
|
|
119,989 |
|
|
453,719 |
| |||
|
Shares withheld for employee taxes |
|
(31,472) |
|
|
(32,152) |
|
|
(20,164) |
| |||
|
Payment of dividends to stockholders |
|
(115,514) |
|
|
(90,060) |
|
|
(67,774) |
| |||
|
Proceeds from issuance of long-term debt |
|
500,000 |
|
|
— |
|
|
— |
| |||
|
Repayment of credit facility |
|
(500,000) |
|
|
— |
|
|
— |
| |||
|
Long-term debt and credit facility issuance costs |
|
(5,244) |
|
|
— |
|
|
— |
| |||
|
Repurchases of common stock |
|
(229,057) |
|
|
(197,023) |
|
|
— |
| |||
|
Excess tax benefit from employee stock plans |
|
16,278 |
|
|
17,307 |
|
|
21,866 |
| |||
|
Principal payments on capital lease obligation |
|
— |
|
|
— |
|
|
(2,866) |
| |||
|
Net cash (used in) provided by financing activities |
|
(315,344) |
|
|
(181,939) |
|
|
384,781 |
| |||
|
Net (decrease) increase in cash and cash equivalents |
|
(495,306) |
|
|
606,737 |
|
|
1,218,524 |
| |||
|
Cash and cash equivalents at beginning of period |
|
3,371,933 |
|
|
2,765,196 |
|
|
1,546,672 |
| |||
|
Cash and cash equivalents at end of period |
|
$ |
2,876,627 |
|
|
$ |
3,371,933 |
|
|
$ |
2,765,196 |
|
|
Supplemental cash flow information: |
|
|
|
|
|
| ||||||
|
Income taxes paid, net |
|
$ |
9,797 |
|
|
$ |
9,856 |
|
|
$ |
29,887 |
|
|
Interest paid |
|
$ |
6,898 |
|
|
$ |
3,704 |
|
|
$ |
3,395 |
|
SOURCE Altera Corporation
| Contact: |
| Altera Corporation
Web: http://www.altera.com |