Year-to-date cash flow from operating activities was $460.5 million. Altera repurchased 1.6 million shares of its common stock during the quarter at a cost of $50.0 million. Altera ended the quarter with $3.7 billion in cash and investments.
Altera's board of directors has declared a quarterly cash dividend of $0.10 per share, to be paid on December 3, 2012 to stockholders of record on November 13, 2012.
"Despite uneven global economic conditions, Altera experienced relatively broad vertical market sequential growth with both our new and mainstream product categories performing well," said John Daane, president, chief executive officer, and chairman of the board. "Our 28 nm opportunity pipeline exceeds that of any prior process node as FPGAs continue to displace ASICs. Altera is the only 28 nm FPGA supplier to offer production-qualified devices across our entire range of product families, which gives us clear advantage as we compete for design wins. Altera is the design-win value leader at 28 nm."
Several recent accomplishments mark the company's continuing progress:
- Production-qualified devices are now available across Altera's entire 28 nm portfolio of high-end, midrange, and low-cost FPGAs. As the first FPGA supplier to reach this 28 nm industry milestone, Altera's technology leadership, with its unique tailored architecture approach, is successfully delivering a range of products optimized for cost, performance and low power. At the high end, Stratix® V FPGAs are the industry's only production monolithic devices with 28 Gbps integrated transceivers. In the midrange, Arria® V FPGAs use the lowest power while providing optimized performance for a variety of applications including remote radio units, Long-Term Evolution (LTE) wireless communications equipment, in-studio mixers and 10G/40G line cards. Developed on TSMC's 28 nm Low Power (28LP) process, the Cyclone® V FPGA family provides customers the lowest power and lowest cost at optimal performance levels needed for today's high-volume, cost-sensitive applications.
- Altera has unveiled several key innovations planned for its next generation of 20 nm products. Extending the promise of silicon convergence, Altera is offering customers the ultimate system-integration platform, combining the hardware programmability of FPGAs with the software flexibility of digital signal processors and microprocessors along with the efficiencies of application-specific hard intellectual property. The architectural, software and process innovations Altera is making at 20 nm enable the development of an enhanced mixed-system fabric that delivers new levels of performance, bandwidth, integration and power efficiency. Altera's 20 nm mixed-system fabric includes the integration of 40 Gbps transceiver technology, a next-generation variable-precision digital signal processing (DSP) block architecture that delivers over 5 TFLOPs of IEEE 754 floating-point performance, and heterogeneous 3D integrated circuits that integrate FPGAs with a user-customizable HardCopy® ASIC or a variety of other technologies, including memory, third-party ASICs and optical interfaces.
- For the second consecutive year, Altera has been selected as one of the 100 most innovative companies in the world, according to a study just published by Forbes Magazine. The Forbes ranking is based on "Innovation Premium," an indication of the premium the stock market gives a company because investors expect it to launch new offerings and enter new markets. The algorithm was developed by Hal Gregersen, Jeff Dyer, and Clayton Christensen, and is described in their book, The Innovator's DNA (Harvard Business Press, 2011).
SELECTED THIRD QUARTER REVENUE AND RELATED RESULTS
|
Key New Product Devices |
|
Sequential Comparisons | |
|
Stratix V |
|
124 |
% |
|
Stratix IV |
|
1 |
% |
|
Arria II |
|
(9) |
% |
|
Cyclone IV |
|
27 |
% |
|
HardCopy IV |
|
(10) |
% |
|
Vertical Markets |
|
Sequential Comparisons |
|
Comments |
|
Telecom & Wireless |
|
7% |
|
Telecom and Wireless both up |
|
Industrial Automation, Military & Automotive |
|
11% |
|
Industrial, Military, and Automotive all up |
|
Networking, Computer & Storage |
|
5% |
|
Networking up and Computer and Storage slightly down |
|
Other |
|
3% |
|
|
|
($ in thousands)
|
|
September 28, 2012 |
|
June 29, 2012 | ||||
|
Current Ratio |
|
6:1 |
|
6:1 | ||||
|
Liabilities/Equity |
|
1:2 |
|
1:2 | ||||
|
Quarterly Operating Cash Flows |
|
$ 285,203 |
|
$ 85,539 | ||||
|
TTM Return on Equity |
|
19% |
|
20% | ||||
|
Quarterly Depreciation Expense |
|
$ 9,677 |
|
$ 7,688 | ||||
|
Quarterly Capital Expenditures |
|
$ 17,749 |
|
$ 7,409 | ||||
|
Inventory MSOH (1): Altera |
|
3.1 |
|
3.1 | ||||
|
Inventory MSOH (1): Distribution |
|
0.6 |
|
0.6 | ||||
|
Cash Conversion Cycle (Days) |
|
140 |
|
130 | ||||
|
Turns |
|
37% |
|
38% | ||||
|
Book to Bill |
|
<1.0 |
|
<1.0 | ||||
|
|
|
|
|
| ||||
|
Note (1): MSOH: Months Supply On Hand | ||||||||
|
ALTERA CORPORATION | ||||||||||||||
|
NET SALES SUMMARY | ||||||||||||||
|
(Unaudited) | ||||||||||||||
|
|
|
|
|
|
| |||||||||
|
|
Three Months Ended |
|
|
Quarterly Growth Rate | ||||||||||
|
|
September 28, 2012 |
|
June 29, 2012 |
|
September 30, 2011 |
|
Sequential Change |
|
Year- Over-Year Change | |||||
|
Geography |
|
|
|
|
|
|
|
|
| |||||
|
Americas |
19 |
% |
|
17 |
% |
|
16 |
% |
|
15 |
% |
|
6 |
% |
|
Asia Pacific |
43 |
% |
|
46 |
% |
|
44 |
% |
|
1 |
% |
|
(6) |
% |
|
EMEA |
25 |
% |
|
23 |
% |
|
25 |
% |
|
18 |
% |
|
(5) |
% |
|
Japan |
13 |
% |
|
14 |
% |
|
15 |
% |
|
(4) |
% |
|
(16) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
6 |
% |
|
(5) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Category |
|
|
|
|
|
|
|
|
| |||||
|
New |
31 |
% |
|
31 |
% |
|
27 |
% |
|
8 |
% |
|
8 |
% |
|
Mainstream |
32 |
% |
|
30 |
% |
|
32 |
% |
|
13 |
% |
|
(8) |
% |
|
Mature and Other |
37 |
% |
|
39 |
% |
|
41 |
% |
|
1 |
% |
|
(12) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
6 |
% |
|
(5) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vertical Market |
|
|
|
|
|
|
|
|
| |||||
|
Telecom & Wireless |
45 |
% |
|
45 |
% |
|
42 |
% |
|
7 |
% |
|
2 |
% |
|
Industrial Automation, Military & Automotive |
20 |
% |
|
19 |
% |
|
22 |
% |
|
11 |
% |
|
(11) |
% |
|
Networking, Computer & Storage |
17 |
% |
|
18 |
% |
|
20 |
% |
|
5 |
% |
|
(21) |
% |
|
Other |
18 |
% |
|
18 |
% |
|
16 |
% |
|
3 |
% |
|
3 |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
6 |
% |
|
(5) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPGAs and CPLDs |
|
|
|
|
|
|
|
|
| |||||
|
FPGA |
82 |
% |
|
85 |
% |
|
82 |
% |
|
4 |
% |
|
(5) |
% |
|
CPLD |
9 |
% |
|
9 |
% |
|
9 |
% |
|
4 |
% |
|
(9) |
% |
|
Other Products |
9 |
% |
|
6 |
% |
|
9 |
% |
|
45 |
% |
|
(6) |
% |
|
Net Sales |
100 |
% |
|
100 |
% |
|
100 |
% |
|
6 |
% |
|
(5) |
% |
Product Category Description
- New Products include the Stratix® V (including GS, GT and GX), Stratix IV (including E, GX and GT), Arria® V, Arria II (including GX and GZ), Cyclone® V, Cyclone IV (including E and GX), MAX® V and HardCopy® IV devices.
- Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices.
- Mature and Other Products include the Stratix II (and GX), Stratix (and GX), Arria GX, Cyclone II, Cyclone, Classic™, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX® series, APEX™ series, Mercury™, Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools.
Business Outlook for the Fourth Quarter 2012
|
Sales and Income Statement | |
|
|
|
|
Sequential Sales |
Down 6% to 10% |
|
Gross Margin |
69% - 70% |
|
Research and Development |
$93 to 95 million |
|
SG&A |
$74 to 75 million |
|
Tax Rate |
13% +/- .5% |
|
Diluted Share Count |
Approximately 324 million |
|
Turns |
Low-40's |
|
MSOH |
High 3's |
|
Vertical Market | |
|
|
|
|
Telecom & Wireless |
Telecom and Wireless both down |
|
Industrial Automation, Military & Automotive |
Down slightly overall with all vertical markets weak |
|
Networking, Computer & Storage |
Networking, Computer and Storage all down |
|
Other |
Down |
Third Quarter Earnings Conference Call
A conference call will be held today at 1:45 p.m. Pacific time to discuss the quarter's results and management's current business outlook. The web cast and subsequent replay will be available in the Investor Relations section of the company's website at www.altera.com. A telephonic replay of the call may be accessed later in the day by calling (719) 457-0820 and referencing confirmation code 258712. The telephonic replay will be available for two weeks following the live call.
Fourth Quarter Update and 2013 Guidance
Altera's fourth quarter business update will be issued in a press release available after the market close on December 4, 2012. The release will also include Altera financial guidance for 2013. A conference call with the investment community will take place at 1:45 PM Pacific time on December 4, 2012, to review and comment on 2013 guidance.
Forward-Looking Statements
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include, but are not limited to, our expectation of expansion in 28 nm FPGA opportunities, our ability to displace ASICs and ASSPs and our competitive position at 28 nm and our product developments at the 20 nm process node and their effect on the magnitude of our market opportunity, as well as any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section or elsewhere in this press release. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, customer business environment, customer inventory levels, vertical market mix, market acceptance of the company's products, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® V, Arria II, Stratix® V, Stratix IV FPGAs, MAX® V CPLDs and HardCopy® IV device families, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
About Altera
Altera programmable solutions enable system and semiconductor companies to rapidly and cost-effectively innovate, differentiate and win in their markets. Find out more about Altera's FPGA, CPLD and ASIC devices at www.altera.com. Follow Altera via Facebook, RSS and Twitter.
ALTERA, ARRIA, CYCLONE, HARDCOPY, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.
|
INVESTOR CONTACT |
|
MEDIA CONTACT |
|
Scott Wylie - Vice President |
|
Sue Martenson - Senior Manager |
|
Investor Relations |
|
Public Relations |
|
(408) 544-6996 |
|
(408) 544-8158 |
|
swylie@altera.com |
|
newsroom@altera.com |
|
ALTERA CORPORATION | ||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||||
|
(Unaudited) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended | ||||||||||||||||
|
|
|
September 28, 2012 |
|
June 29, 2012 |
|
September 30, 2011 |
|
September 28, 2012 |
|
September 30, 2011 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net sales |
|
$ |
495,010 |
|
|
$ |
464,831 |
|
|
$ |
522,474 |
|
|
$ |
1,343,595 |
|
|
$ |
1,606,671 |
|
|
Cost of sales |
|
152,007 |
|
|
141,315 |
|
|
166,938 |
|
|
408,156 |
|
|
473,565 |
| |||||
|
Gross margin |
|
343,003 |
|
|
323,516 |
|
|
355,536 |
|
|
935,439 |
|
|
1,133,106 |
| |||||
|
Operating expense |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Research and development expense |
|
91,606 |
|
|
92,356 |
|
|
80,771 |
|
|
266,259 |
|
|
235,438 |
| |||||
|
Selling, general, and administrative expense |
|
74,243 |
|
|
71,796 |
|
|
69,345 |
|
|
215,824 |
|
|
208,550 |
| |||||
|
Total operating expense |
|
165,849 |
|
|
164,152 |
|
|
150,116 |
|
|
482,083 |
|
|
443,988 |
| |||||
|
Operating margin (1) |
|
177,154 |
|
|
159,364 |
|
|
205,420 |
|
|
453,356 |
|
|
689,118 |
| |||||
|
Compensation expense (gain) — deferred compensation plan |
|
3,274 |
|
|
(2,313) |
|
|
(6,642) |
|
|
6,697 |
|
|
(4,926) |
| |||||
|
(Gain)/loss on deferred compensation plan securities |
|
(3,274) |
|
|
2,313 |
|
|
6,642 |
|
|
(6,697) |
|
|
4,926 |
| |||||
|
Interest income and other |
|
(2,775) |
|
|
(1,415) |
|
|
(663) |
|
|
(5,997) |
|
|
(2,505) |
| |||||
|
Loss/(gain) reclassified from other comprehensive income |
|
108 |
|
|
(69) |
|
|
— |
|
|
(63) |
|
|
— |
| |||||
|
Interest expense |
|
2,333 |
|
|
2,116 |
|
|
806 |
|
|
5,386 |
|
|
2,717 |
| |||||
|
Income before income taxes |
|
177,488 |
|
|
158,732 |
|
|
205,277 |
|
|
454,030 |
|
|
688,906 |
| |||||
|
Income tax expense (benefit) |
|
19,999 |
|
|
(3,947) |
|
|
19,873 |
|
|
18,028 |
|
|
64,806 |
| |||||
|
Net income |
|
157,489 |
|
|
162,679 |
|
|
185,404 |
|
|
436,002 |
|
|
624,100 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Unrealized gain on investments |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Unrealized holding gain on investments arising during period, net of tax of $43, $8 and $108 |
|
3,620 |
|
|
2,799 |
|
|
— |
|
|
6,723 |
|
|
— |
| |||||
|
Less: Reclassification adjustments for gain on investments included in net income, net of tax of $1, $1 and $6 |
|
(41) |
|
|
(3) |
|
|
— |
|
|
(64) |
|
|
— |
| |||||
|
|
|
3,579 |
|
|
2,796 |
|
|
— |
|
|
6,659 |
|
|
— |
| |||||
|
Unrealized gain on derivatives |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Unrealized (loss)/gain on derivatives arising during period, net of tax of $6, $34 and $36 |
|
(10) |
|
|
63 |
|
|
— |
|
|
67 |
|
|
— |
| |||||
|
Less: Reclassification adjustments for loss/(gain) on derivatives included in net income, net of tax of $53, $23 and $2 |
|
97 |
|
|
(42) |
|
|
— |
|
|
5 |
|
|
— |
| |||||
|
|
|
87 |
|
|
21 |
|
|
— |
|
|
72 |
|
|
— |
| |||||
|
Other comprehensive income |
|
3,666 |
|
|
2,817 |
|
|
— |
|
|
6,731 |
|
|
— |
| |||||
|
Comprehensive income |
|
$ |
161,155 |
|
|
$ |
165,496 |
|
|
$ |
185,404 |
|
|
$ |
442,733 |
|
|
$ |
624,100 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Net income per share: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Basic |
|
$ |
0.49 |
|
|
$ |
0.51 |
|
|
$ |
0.58 |
|
|
$ |
1.36 |
|
|
$ |
1.94 |
|
|
Diluted |
|
$ |
0.49 |
|
|
$ |
0.50 |
|
|
$ |
0.57 |
|
|
$ |
1.34 |
|
|
$ |
1.90 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Shares used in computing per share amounts: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Basic |
|
319,870 |
|
|
321,218 |
|
|
321,745 |
|
|
321,200 |
|
|
322,012 |
| |||||
|
Diluted |
|
323,560 |
|
|
325,285 |
|
|
327,044 |
|
|
325,275 |
|
|
328,264 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Cash dividends per common share |
|
$ |
0.10 |
|
|
$ |
0.08 |
|
|
$ |
0.08 |
|
|
$ |
0.26 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Tax rate |
|
11.3 |
% |
|
(2.5) |
% |
|
9.7 |
% |
|
4.0 |
% |
|
9.4 |
% | |||||
|
% of Net sales: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
Gross margin |
|
69.3 |
% |
|
69.6 |
% |
|
68.0 |
% |
|
69.6 |
% |
|
70.5 |
% | |||||
|
Research and development |
|
18.5 |
% |
|
19.9 |
% |
|
15.5 |
% |
|
19.8 |
% |
|
14.7 |
% | |||||
|
Selling, general, and administrative |
|
15.0 |
% |
|
15.4 |
% |
|
13.3 |
% |
|
16.1 |
% |
|
13.0 |
% | |||||
|
Operating margin(1) |
|
35.8 |
% |
|
34.3 |
% |
|
39.3 |
% |
|
33.7 |
% |
|
42.9 |
% | |||||
|
Net income |
|
31.8 |
% |
|
35.0 |
% |
|
35.5 |
% |
|
32.5 |
% |
|
38.8 |
% | |||||
|
Notes: |
|
|
|
|
|
|
|
|
|
| ||||||||||
|
(1) We define operating margin as gross margin less research and development and selling, general and administrative expenses, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by losses/(gains) from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows: | ||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended | ||||||||||||||||
|
(In thousands, except per share amounts) |
|
September 28, 2012 |
|
June 29, 2012 |
|
September 30, 2011 |
|
September 28, 2012 |
|
September 30, 2011 | ||||||||||
|
Operating margin (non-GAAP) |
|
$ |
177,154 |
|
|
$ |
159,364 |
|
|
$ |
205,420 |
|
|
$ |
453,355 |
|
|
$ |
689,118 |
|
|
Compensation (gain) expense — deferred compensation plan |
|
3,274 |
|
|
(2,313) |
|
|
(6,642) |
|
|
6,697 |
|
|
(4,926) |
| |||||
|
Income from operations (GAAP) |
|
$ |
173,880 |
|
|
$ |
161,677 |
|
|
$ |
212,062 |
|
|
$ |
446,658 |
|
|
$ |
694,044 |
|
|
ALTERA CORPORATION | ||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||
|
(Unaudited) | ||||||||
|
|
|
|
|
| ||||
|
(In thousands, except par value amount) |
|
September 28, 2012 |
|
December 31, 2011 | ||||
|
|
|
|
|
| ||||
|
Assets |
|
|
|
| ||||
|
Current assets: |
|
|
|
| ||||
|
Cash and cash equivalents |
|
$ |
2,849,829 |
|
|
$ |
3,371,933 | |
|
Short-term investments |
|
144,195 |
|
|
65,222 | |||
|
Total cash, cash equivalents, and short-term investments |
|
2,994,024 |
|
|
3,437,155 | |||
|
Accounts receivable, net |
|
348,273 |
|
|
232,273 | |||
|
Inventories |
|
157,848 |
|
|
122,279 | |||
|
Deferred income taxes — current |
|
65,223 |
|
|
58,415 | |||
|
Deferred compensation plan — marketable securities |
|
58,151 |
|
|
54,041 | |||
|
Deferred compensation plan — restricted cash equivalents |
|
18,524 |
|
|
17,938 | |||
|
Other current assets |
|
42,134 |
|
|
52,710 | |||
|
Total current assets |
|
3,684,177 |
|
|
3,974,811 | |||
|
Property and equipment, net |
|
200,172 |
|
|
171,721 | |||
|
Long-term investments |
|
685,945 |
|
|
74,033 | |||
|
Deferred income taxes — non-current |
|
23,047 |
|
|
26,629 | |||
|
Other assets, net |
|
49,519 |
|
|
35,074 | |||
|
Total assets |
|
$ |
4,642,860 |
|
|
$ |
4,282,268 | |
|
|
|
|
|
| ||||
|
Liabilities and stockholders' equity |
|
|
|
| ||||
|
Current liabilities: |
|
|
|
| ||||
|
Accounts payable |
|
$ |
45,589 |
|
|
$ |
52,154 | |
|
Accrued liabilities |
|
39,183 |
|
|
34,029 | |||
|
Accrued compensation and related liabilities |
|
43,563 |
|
|
78,181 | |||
|
Deferred compensation plan obligations |
|
76,675 |
|
|
71,979 | |||
|
Deferred income and allowances on sales to distributors |
|
400,351 |
|
|
279,876 | |||
|
Credit facility |
|
— |
|
|
500,000 | |||
|
Total current liabilities |
|
605,361 |
|
|
1,016,219 | |||
|
Income taxes payable — non-current |
|
261,843 |
|
|
263,423 | |||
|
Long-term debt |
|
500,000 |
|
|
— | |||
|
Other non-current liabilities |
|
9,496 |
|
|
8,730 | |||
|
Total liabilities |
|
1,376,700 |
|
|
1,288,372 | |||
|
Stockholders' equity: |
|
|
|
| ||||
|
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 320,563 shares at September 28, 2012 and 322,054 shares at December 31, 2011 |
|
321 |
|
|
322 | |||
|
Capital in excess of par value |
|
1,107,614 |
|
|
1,050,752 | |||
|
Retained earnings |
|
2,151,627 |
|
|
1,942,955 | |||
|
Accumulated other comprehensive income (loss) |
|
6,598 |
|
|
(133) | |||
|
Total stockholders' equity |
|
3,266,160 |
|
|
2,993,896 | |||
|
Total liabilities and stockholders' equity |
|
$ |
4,642,860 |
|
|
$ |
4,282,268 | |
|
|
|
|
|
| ||||
|
ALTERA CORPORATION | |||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
|
(Unaudited, in thousands) | |||||||
|
| |||||||
|
|
Nine Months Ended | ||||||
|
|
September 28, 2012 |
|
September 30, 2011 | ||||
|
|
|
|
| ||||
|
Cash Flows from Operating Activities: |
|
|
| ||||
|
Net income |
$ |
436,002 |
|
|
$ |
624,100 | |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| ||||
|
Depreciation and amortization |
26,426 |
|
|
23,443 | |||
|
Stock-based compensation |
70,790 |
|
|
59,983 | |||
|
Deferred income tax benefit |
(3,367) |
|
|
(9,549) | |||
|
Tax effect of employee stock plans |
14,381 |
|
|
26,077 | |||
|
Excess tax benefit from employee stock plans |
(20,790) |
|
|
(22,959) | |||
|
Changes in assets and liabilities: |
|
|
| ||||
|
Accounts receivable, net |
(116,000) |
|
|
(23,228) | |||
|
Inventories |
(35,569) |
|
|
12,496 | |||
|
Other assets |
5,478 |
|
|
47,986 | |||
|
Accounts payable and other liabilities |
(34,670) |
|
|
(40,004) | |||
|
Deferred income and allowances on sales to distributors |
120,475 |
|
|
11,115 | |||
|
Income taxes payable |
(650) |
|
|
30,122 | |||
|
Deferred compensation plan obligations |
(2,001) |
|
|
(345) | |||
|
Net cash provided by operating activities |
460,505 |
|
|
739,237 | |||
|
Cash Flows from Investing Activities: |
|
|
| ||||
|
Purchases of property and equipment |
(53,712) |
|
|
(23,178) | |||
|
Sales of deferred compensation plan securities, net |
2,001 |
|
|
345 | |||
|
Purchases of available-for-sale securities |
(819,662) |
|
|
(130,146) | |||
|
Proceeds from sale and maturity of available-for-sale securities |
135,650 |
|
|
1,750 | |||
|
Purchases of intangible assets |
(2,280) |
|
|
— | |||
|
Purchases of other investments |
(4,510) |
|
|
— | |||
|
Net cash used in investing activities |
(742,513) |
|
|
(151,229) | |||
|
Cash Flows from Financing Activities: |
|
|
| ||||
|
Proceeds from issuance of common stock through various stock plans |
37,514 |
|
|
93,619 | |||
|
Shares withheld for employee taxes |
(30,529) |
|
|
(31,122) | |||
|
Payment of dividends to stockholders |
(83,570) |
|
|
(64,328) | |||
|
Proceeds from issuance of long-term debt |
500,000 |
|
|
— | |||
|
Repayment of credit facility |
(500,000) |
|
|
— | |||
|
Long-term debt and credit facility issuance costs |
(5,244) |
|
|
— | |||
|
Repurchases of common stock |
(179,057) |
|
|
(197,018) | |||
|
Excess tax benefit from employee stock plans |
20,790 |
|
|
22,959 | |||
|
Net cash used in financing activities |
(240,096) |
|
|
(175,890) | |||
|
Net (decrease) increase in cash and cash equivalents |
(522,104) |
|
|
412,118 | |||
|
Cash and cash equivalents at beginning of period |
3,371,933 |
|
|
2,765,196 | |||
|
Cash and cash equivalents at end of period |
$ |
2,849,829 |
|
|
$ |
3,177,314 | |
SOURCE Altera Corporation
| Contact: |
| Altera Corporation
Web: http://www.altera.com |