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| CONSOLIDATED STATEMENTS OF CASH FLOWS |
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| (Unaudited) |
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|
| Three Months Ended |
| Year Ended |
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|
|
| June 27, 2020 |
| March 28, 2020 |
| June 29, 2019 |
| June 27, 2020 |
| June 29, 2019 |
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| (in thousands, except per share data) |
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| Cash flows from operating activities: |
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|
|
|
|
|
|
|
|
|
|
| Net income | $ 207,298 |
| $ 161,190 |
| $ 367,558 |
| $ 654,694 |
| $ 827,486 |
|
|
| Adjustments to reconcile net income to net cash provided by operating
|
|
|
|
|
|
|
|
|
|
|
|
| Stock-based compensation | 23,290 |
| 23,403 |
| 22,004 |
| 95,431 |
| 86,977 |
|
|
| Depreciation and amortization | 36,384 |
| 24,141 |
| 25,569 |
| 108,533 |
| 110,745 |
|
|
| Deferred taxes | 14,386 |
| (3,161) |
| 26,118 |
| 8,994 |
| 13,957 |
|
|
| Loss from sale or disposal of property, plant and equipment | 557 |
| 145 |
| 643 |
| 1,191 |
| 3,967 |
|
|
| Other adjustments | 2,127 |
| 3,265 |
| (268) |
| 11,353 |
| (3) |
|
|
| Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivable, price adjustment and other revenue reserves | 13,603 |
| (23,933) |
| 15,615 |
| 6,091 |
| 21,090 |
|
|
| Inventories | (34,562) |
| 3,308 |
| 26,383 |
| (8,671) |
| 36,003 |
|
|
| Other assets | (25,769) |
| (4,710) |
| (11,875) |
| (86,299) |
| (14,901) |
|
|
| Accounts payable | 5,405 |
| (2,655) |
| 699 |
| 7,594 |
| (10,272) |
|
|
| Income taxes payable | (45,855) |
| 2,174 |
| (229,776) |
| (74,814) |
| (176,114) |
|
|
| All other accrued liabilities | 15,465 |
| 26,624 |
| (5,203) |
| 76,758 |
| (23,095) |
|
|
| Net cash provided by operating activities | 212,329 |
| 209,791 |
| 237,467 |
| 800,855 |
| 875,840 |
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
| Purchases of property, plant and equipment | (15,680) |
| (17,068) |
| (30,653) |
| (67,049) |
| (82,823) |
|
|
| Proceeds from sales of property, plant and equipment | 124 |
| 97 |
| 306 |
| 392 |
| 340 |
|
|
| Proceeds from sales of available-for-sale securities | 1,290 |
| - |
| - |
| 1,290 |
| 30,192 |
|
|
| Proceeds from maturity of available-for-sale securities | 10,734 |
| 15,485 |
| 103,431 |
| 104,286 |
| 1,130,514 |
|
|
| Payment in connection with business acquisition, net of cash acquired | (69,270) |
| - |
| - |
| (69,270) |
| (2,949) |
|
|
| Purchases of available-for-sale securities | - |
| - |
| - |
| - |
| (214,587) |
|
|
| Purchases of investments in privately-held companies | (1,840) |
| (120) |
| (1,500) |
| (1,960) |
| (3,176) |
|
|
| Proceeds from sale of investments in privately-held companies | 205 |
| 173 |
| - |
| 378 |
| - |
|
|
| Other investing activities | 2 |
| (50) |
| (60) |
| (116) |
| (600) |
|
|
| Net cash provided by (used in) investing activities | (74,435) |
| (1,483) |
| 71,524 |
| (32,049) |
| 856,911 |
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
| Contingent consideration paid | - |
| - |
| - |
| (8,000) |
| (9,052) |
|
|
| Net issuance of restricted stock units | (6,741) |
| (11,570) |
| (6,663) |
| (35,877) |
| (29,689) |
|
|
| Repayment of notes payable | - |
| - |
| - |
| - |
| (500,000) |
|
|
| Proceeds from stock options exercised | 2,240 |
| 7,810 |
| 5,414 |
| 18,870 |
| 24,400 |
|
|
| Issuance of common stock under employee stock purchase program | 23,725 |
| - |
| 22,486 |
| 42,260 |
| 40,175 |
|
|
| Repurchase of common stock | (82,299) |
| (157,003) |
| (102,104) |
| (440,811) |
| (539,151) |
|
|
| Dividends paid | (128,058) |
| (129,072) |
| (125,345) |
| (517,162) |
| (505,576) |
|
|
| Net cash used in financing activities | (191,133) |
| (289,835) |
| (206,212) |
| (940,720) |
| (1,518,893) |
|
|
| Net increase (decrease) in cash, cash equivalents and restricted cash | (53,239) |
| (81,527) |
| 102,779 |
| (171,914) |
| 213,858 |
|
|
| Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
| Beginning of period | $ 1,638,667 |
| $ 1,720,194 |
| $ 1,654,563 |
| $ 1,757,342 |
| $ 1,543,484 |
|
|
| End of period | $ 1,585,428 |
| $ 1,638,667 |
| $ 1,757,342 |
| $ 1,585,428 |
| $ 1,757,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total cash, cash equivalents, and short-term investments | $ 1,614,206 |
| $ 1,685,776 |
| $ 1,898,332 |
| $ 1,614,206 |
| $ 1,898,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash, cash equivalents and restricted cash: |
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents | $ 1,578,670 |
| $ 1,638,667 |
| $ 1,757,342 |
| $ 1,578,670 |
| $ 1,757,342 |
|
|
| Restricted cash in Other assets | 6,758 |
| - |
| - |
| 6,758 |
| - |
|
|
| Total cash, cash equivalents and restricted cash | $ 1,585,428 |
| $ 1,638,667 |
| $ 1,757,342 |
| $ 1,585,428 |
| $ 1,757,342 |
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