KLA-Tencor Corporation | ||||||||||
Condensed Consolidated Unaudited Statements of Cash Flows | ||||||||||
|
| |||||||||
|
Three months ended | |||||||||
March 31, | ||||||||||
(In thousands) |
2014 |
|
2013 | |||||||
Cash flows from operating activities: |
|
|
| |||||||
Net income |
$ |
203,581 |
|
$ |
166,382 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| |||||||
Depreciation and amortization |
20,614 |
|
21,168 | |||||||
Non-cash stock-based compensation expense |
12,723 |
|
18,536 | |||||||
Excess tax benefit from equity awards |
(657) |
|
(872) | |||||||
Net gain on sale of marketable securities and other investments |
(281) |
|
(712) | |||||||
Changes in assets and liabilities: |
|
|
| |||||||
Decrease in accounts receivable, net |
16,598 |
|
142,764 | |||||||
Decrease (increase) in inventories |
(14,738) |
|
11,138 | |||||||
Decrease in other assets |
48,463 |
|
2,753 | |||||||
Increase (decrease) in accounts payable |
(20,818) |
|
4,552 | |||||||
Decrease in deferred system profit |
(70,008) |
|
(19,959) | |||||||
Increase in other liabilities |
42,250 |
|
69,033 | |||||||
Net cash provided by operating activities |
237,727 |
|
414,783 | |||||||
Cash flows from investing activities: |
|
|
| |||||||
Acquisition of cost method investment |
(1,345) |
|
— | |||||||
Acquisition of business |
(18,000) |
|
— | |||||||
Capital expenditures, net |
(18,220) |
|
(18,300) | |||||||
Purchase of available-for-sale securities |
(359,299) |
|
(460,124) | |||||||
Proceeds from sale of available-for-sale securities |
202,650 |
|
258,067 | |||||||
Proceeds from maturity of available-for-sale securities |
60,035 |
|
63,671 | |||||||
Purchase of trading securities |
(20,939) |
|
(14,005) | |||||||
Proceeds from sale of trading securities |
22,521 |
|
15,054 | |||||||
Net cash used in investing activities |
(132,597) |
|
(155,637) | |||||||
Cash flows from financing activities: |
|
|
| |||||||
Issuance of common stock |
13,334 |
|
48,685 | |||||||
Tax withholding payments related to vested and released restricted stock units |
(2,347) |
|
(728) | |||||||
Common stock repurchases |
(59,880) |
|
(68,343) | |||||||
Payment of dividends to stockholders |
(74,805) |
|
(66,561) | |||||||
Excess tax benefit from equity awards |
657 |
|
872 | |||||||
Net cash used in financing activities |
(123,041) |
|
(86,075) | |||||||
Effect of exchange rate changes on cash and cash equivalents |
752 |
|
(6,183) | |||||||
Net increase (decrease) in cash and cash equivalents |
(17,159) |
|
166,888 | |||||||
Cash and cash equivalents at beginning of period |
793,382 |
|
767,313 | |||||||
Cash and cash equivalents at end of period |
$ |
776,223 |
|
$ |
934,201 | |||||
Supplemental cash flow disclosures: |
|
|
| |||||||
Income taxes paid, net |
$ |
9,636 |
|
$ |
11,041 | |||||
Interest paid |
$ |
135 |
|
$ |
204 | |||||
Non-cash investing activities: |
|
|
| |||||||
Purchase of land, property and equipment |
$ |
4,103 |
|
$ |
— |