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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Unaudited) |
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Three Months Ended |
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|
December 27, |
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September 27, |
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December 28, |
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|
2014 |
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2014 |
|
2013 |
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|
(in thousands) |
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Cash flows from operating activities: |
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|
|
|
|
|
|
|
Net income (loss) |
$ (72,034) |
|
$ 99,980 |
|
$ 44,353 |
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Stock-based compensation |
20,776 |
|
22,420 |
|
22,869 |
|
|
|
Depreciation and amortization |
71,625 |
|
63,693 |
|
64,404 |
|
|
|
Deferred taxes |
(30,849) |
|
6,207 |
|
(11,705) |
|
|
|
Loss (gain) from sale of property, plant and equipment |
1,844 |
|
244 |
|
265 |
|
|
|
Tax benefit (shortfall) related to stock-based compensation |
(229) |
|
1,610 |
|
(726) |
|
|
|
Impairment of long-lived assets |
50,745 |
|
10,226 |
|
5,197 |
|
|
|
Impairment of goodwill and intangible assets |
93,010 |
|
- |
|
- |
|
|
|
Excess tax benefit from stock-based compensation |
(1,931) |
|
(2,249) |
|
(2,459) |
|
|
|
Changes in assets and liabilities: |
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|
|
|
|
|
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|
Accounts receivable |
23,426 |
|
13,896 |
|
33,056 |
|
|
|
Inventories |
(1,486) |
|
(15,650) |
|
14,030 |
|
|
|
Other current assets |
1,009 |
|
(24,974) |
|
30,330 |
|
|
|
Accounts payable |
(12,007) |
|
4,455 |
|
(3,252) |
|
|
|
Income taxes payable |
12,835 |
|
(12,289) |
|
19,002 |
|
|
|
Deferred revenue on shipments to distributors |
282 |
|
1,087 |
|
(1,637) |
|
|
|
All other accrued liabilities |
15,839 |
|
(51,659) |
|
20,704 |
|
|
|
Net cash provided by (used in) operating activities |
172,855 |
|
116,997 |
|
234,431 |
|
|
|
|
|
|
|
|
|
|
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Cash flows from investing activities: |
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|
|
|
|
|
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|
Purchase of property, plant and equipment |
(18,585) |
|
(31,686) |
|
(46,133) |
|
|
|
Proceeds from sales of property, plant and equipment |
24,467 |
|
212 |
|
- |
|
|
|
Payments in connection with business acquisition, net of cash acquired |
- |
|
- |
|
(453,506) |
|
|
|
Purchases of available-for-sale securities |
- |
|
(25,142) |
|
- |
|
|
|
Proceeds from maturity of available-for-sale securities |
- |
|
- |
|
27,000 |
|
|
|
Net cash provided by (used in) investing activities |
5,882 |
|
(56,616) |
|
(472,639) |
|
|
|
|
|
|
|
|
|
|
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Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Excess tax benefit from stock-based compensation |
1,931 |
|
2,249 |
|
2,459 |
|
|
|
Contingent consideration paid |
- |
|
- |
|
(4,601) |
|
|
|
Repayment of notes payable |
- |
|
(437) |
|
(1,839) |
|
|
|
Issuance of debt |
- |
|
- |
|
497,795 |
|
|
|
Debt issuance cost |
- |
|
- |
|
(3,431) |
|
|
|
Net issuance of restricted stock units |
(6,822) |
|
(8,038) |
|
(7,106) |
|
|
|
Proceeds from stock options exercised |
8,323 |
|
9,704 |
|
8,622 |
|
|
|
Issuance of ESPP shares under employee stock purchase program |
18,653 |
|
- |
|
19,096 |
|
|
|
Repurchase of common stock |
(59,666) |
|
(62,685) |
|
(59,101) |
|
|
|
Dividends paid |
(79,169) |
|
(79,763) |
|
(73,324) |
|
|
|
Net cash provided by (used in) financing activities |
(116,750) |
|
(138,970) |
|
378,570 |
|
|
|
Net increase (decrease) in cash and cash equivalents |
61,987 |
|
(78,589) |
|
140,362 |
|
|
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
Beginning of period |
1,243,883 |
|
1,322,472 |
|
1,009,547 |
|
|
|
End of period |
$1,305,870 |
|
$ 1,243,883 |
|
$1,149,909 |
|
|
|
|
|
|
|
|
|
|
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|
Total cash, cash equivalents and short-term investments |
$1,380,882 |
|
$ 1,318,977 |
|
$1,149,909 |
|
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