(1) Includes $3,007, $2,553, and $2,719 related to stock-based compensation in 2Q17, 1Q17, and 2Q16, respectively.

Analog Devices, Second Quarter, Fiscal 2017
Schedule C
Cash Flow Statement (Unaudited)
(In thousands)
			Three Months Ended
			2Q 17					1Q 17					2Q 16
			April 29, 2017					Jan. 28, 2017					April 30, 2016
Cash flows from operating activities:
Net Income			$	93,564				$	217,129				$	170,573
Adjustments to reconcile net income
to net cash provided by operations:
Depreciation			48,772					34,379					33,483
Amortization of intangibles			88,770					19,947					18,440
Stock-based compensation expense			22,486					16,529					15,959
Cost of goods sold for inventory acquired			121,113					—					—
Other non-cash activity			11,078					13,071					500
Excess tax benefit - stock options			(17,851		)			(8,102		)			(3,212		)
Deferred income taxes			(79,980		)			(7,055		)			539
Changes in operating assets and liabilities			233,512					28,594					83,921
Total adjustments			427,900					97,363					149,630
Net cash provided by operating activities			521,464					314,492					320,203
Percent of revenue			45.4		%			31.9		%			41.1		%
Cash flows from investing activities:
Purchases of short-term available-for-sale investments			(378,540		)			(326,908		)			(1,939,750		)
Maturities of short-term available-for-sale investments			1,247,493					1,844,380					1,522,688
Sales of short-term available-for-sale investments			69,787					287,601					102,316
Additions to property, plant and equipment			(46,929		)			(28,337		)			(25,517		)
Payments for acquisitions, net of cash acquired			(9,686,497		)			(1,036		)			(2,203		)
Change in other assets			(6,117		)			(5,946		)			(2,746		)
Net cash (used for) provided by investing activities			(8,800,803		)			1,769,754					(345,212		)
Cash flows from financing activities:
Proceeds from derivative instruments			—					3,904					—
Proceeds from debt			9,083,858					2,072,306					—
Payments for deferred financing fees			—					(5,625		)			—
Dividend payments to shareholders			(139,314		)			(129,683		)			(129,925		)
Repurchase of common stock			(23,874		)			(3,106		)			(213,650		)
Proceeds from employee stock plans			52,841					34,432					16,480
Excess tax benefit - stock options			17,851					8,102					3,212
Change in other financing activities			(2,237		)			2,221					(2,786		)
Net cash provided by (used for) financing activities			8,989,125					1,982,551					(326,669		)
Effect of exchange rate changes on cash			694					(666		)			898
Net increase (decrease) in cash and cash equivalents			710,480					4,066,131					(350,780		)
Cash and cash equivalents at beginning of period			4,987,263					921,132					1,470,442
Cash and cash equivalents at end of period			$	5,697,743				$	4,987,263				$	1,119,662

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