CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

September 28, 2019

June 29, 2019

September 29, 2018

(in thousands)

Cash flows from operating activities:

Net income (loss)

$                    140,156

$         367,558

$                    197,423

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Stock-based compensation

24,671

22,004

20,497

Depreciation and amortization

23,921

25,569

31,191

Deferred taxes

453

26,118

(3,032)

Loss (gain) from disposal of property, plant and equipment

376

643

621

Other adjustments

27

(268)

(117)

Changes in assets and liabilities:

Accounts receivable

(20,584)

15,615

(23,604)

Inventories

10,578

26,383

7,002

Other current assets

(52,443)

(11,875)

(12,625)

Accounts payable

1,242

699

(5,263)

Income taxes payable

(25,341)

(229,776)

33,743

Accrued salary and related expenses

(22,536)

-

(45,408)

All other accrued liabilities

60,750

(5,203)

6,757

Net cash provided by (used in) operating activities

141,270

237,467

207,185

Cash flows from investing activities:

Purchase of property, plant and equipment

(20,631)

(30,653)

(18,316)

Proceeds from sales of property, plant and equipment

43

306

1

Proceeds from sale of available-for-sale securities

-

-

8,438

Proceeds from maturity of available-for-sale securities

42,921

103,431

301,834

Payment in connection with business acquisition, net of cash acquired

-

-

(2,949)

Purchases of available-for-sale securities

-

-

(190,880)

Purchases of private company investments

-

(1,500)

(750)

Proceeds from private company investments

516

-

-

Other investing activities

(35)

(60)

-

Net cash provided by (used in) investing activities

22,814

71,524

97,378

Cash flows from financing activities:

Contingent consideration paid

-

-

(8,000)

Net issuance of restricted stock units

(9,943)

(6,663)

(7,528)

Proceeds from stock options exercised

7,481

5,414

6,608

Issuance of common stock under employee stock purchase program

-

22,486

-

Repurchase of common stock

(93,551)

(102,104)

(112,498)

Dividends paid

(130,222)

(125,345)

(127,857)

Net cash provided by (used in) financing activities

(226,235)

(206,212)

(249,275)

Net increase (decrease) in cash and cash equivalents

(62,151)

102,779

55,288

Cash and cash equivalents:

Beginning of period

$                 1,757,342

$      1,654,563

$                 1,543,484

End of period

$                 1,695,191

$      1,757,342

$                 1,598,772

Total cash, cash equivalents, and short-term investments

$                 1,793,367

$      1,898,332

$                 2,563,415