CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

September 26, 2020

June 27, 2020

September 28, 2019

(in thousands)

Cash flows from operating activities:

Net income

$                       169,514

$                     207,298

$                     140,156

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation

35,730

23,290

24,671

Depreciation and amortization

24,199

36,384

23,921

Deferred taxes

(1,103)

14,386

453

Loss from sale of property, plant and equipment

63

557

376

Other Adjustments

1,867

2,127

27

Changes in assets and liabilities:

Accounts receivable

(44,798)

(24,078)

(10,300)

Inventories

(5,986)

(34,562)

10,578

Other assets

4,159

(25,769)

(52,443)

Accounts payable

(3,423)

5,405

1,242

Price adjustment and other revenue reserves

(4,461)

37,681

(10,284)

Income taxes payable

(14,710)

(45,855)

(25,341)

All other accrued liabilities

1,460

15,465

38,214

Net cash provided by operating activities

162,511

212,329

141,270

Cash flows from investing activities:

Purchases of property, plant and equipment

(12,728)

(15,680)

(20,631)

Proceeds from sales of property, plant and equipment

4

124

43

Proceeds from sales of available-for-sale securities

—

1,290

—

Proceeds from maturity of available-for-sale securities

18,425

10,734

42,921

Payment in connection with business acquisition, net of cash acquired

—

(69,270)

—

Purchases of investments in privately-held companies

(84)

(1,840)

—

Proceeds from sale of investments in privately-held companies

25

205

516

Other investing activities

—

2

(35)

5,642

22,814

Cash flows from financing activities:

Net issuance of restricted stock units and awards

(17,018)

(6,741)

(9,943)

Proceeds from stock options exercised

2,632

2,240

7,482

Issuance of common stock under employee stock purchase program

—

23,725

—

Repurchase of common stock

(9,201)

(82,299)

(93,552)

Dividends paid

(128,147)

(128,058)

(130,222)

Net cash used in financing activities

(191,133)

(226,235)

Net increase (decrease) in cash, cash equivalents and restricted cash

16,419

(53,239)

(62,151)

Cash, cash equivalents and restricted cash

Beginning of period

$                    1,585,428

$                  1,638,667

$                  1,757,342

End of period

$                    1,601,847

$                  1,585,428

$                  1,695,191

Total cash, cash equivalents, and short-term investments

$                    1,612,111

$                  1,614,206

$                  1,793,367

Cash, cash equivalents and restricted cash:

Cash and cash equivalents

$                    1,595,089

$                  1,578,670

$                  1,695,191

Restricted cash in Other assets

6,758

6,758

—

Total cash, cash equivalents and restricted cash

$                    1,601,847

$                  1,585,428

$                  1,695,191