Maxim Integrated Reports Results For The First Quarter Of Fiscal 2017

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Three Months Ended




September 24, 


June 25, 


September 26, 




2016


2016


2015




(in thousands)



Cash flows from operating activities:








Net income (loss)

$         137,614


$           92,339


$         (72,143)



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








Stock-based compensation

17,120


16,444


16,963



Depreciation and amortization

43,485


46,414


102,053



Deferred taxes

14,895


(13,510)


(53,111)



In-process research and development written-off

-


27,602


-



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

652


5,048


(1,346)



Loss (gain) on sale of business

(26,620)


-


-



Tax benefit (shortfall) related to stock-based compensation 

-


3,657


1,193



Impairment of long-lived assets

6,134


-


157,697



Excess tax benefit from stock-based compensation

-


(1,890)


(2,249)



Changes in assets and liabilities:








Accounts receivable

3,013


21,971


(3,627)



Inventories

2,517


7,657


(2,167)



Other current assets

(12,099)


8,012


4,796



Accounts payable

(858)


5,076


(9,776)



Income taxes payable

110


19,792


34,127



Deferred revenue on shipments to distributors

(3,025)


4,322


4,764



Accrued salary and related expenses

(55,572)


15,287


(60,718)



All other accrued liabilities

(3,964)


(4,150)


883



Net cash provided by (used in) operating activities

123,402


254,071


117,339



Cash flows from investing activities:








Purchase of property, plant and equipment

(14,310)


(22,488)


(15,821)



Proceeds from sales of property, plant and equipment

205


34,691


606



Proceeds from sale of available-for-sale securities

24,540


-


-



Proceeds from maturity of available-for-sale securities

25,000


50,000


-



Proceeds from sale of business

42,199


-


-



Purchases of available-for-sale securities

(75,224)


(25,000)


(25,055)



Purchases of privately-held companies' securities

(2,337)


(1,554)


(1,000)



Net cash provided by (used in) investing activities

73


35,649


(41,270)



Cash flows from financing activities:








Excess tax benefit from stock-based compensation 

-


1,890


2,249



Issuance of debt

-


249,717


-



Net issuance of restricted stock units

(5,206)


(2,687)


(4,822)



Proceeds from stock options exercised

19,911


12,272


8,970



Issuance of common stock under employee stock purchase program

-


19,625


-



Repurchase of common stock

(57,709)


(90,438)


(39,697)



Dividends paid

(93,627)


(85,210)


(85,387)



Net cash provided by (used in) financing activities

(136,631)


105,169


(118,687)



Net increase (decrease) in cash and cash equivalents

(13,156)


394,889


(42,618)



Cash and cash equivalents:








Beginning of period

2,105,229


1,710,340


1,550,965



End of period

$      2,092,073


$      2,105,229


$      1,508,347











Total cash, cash equivalents, and short-term investments

$      2,267,514


$      2,230,668


$      1,608,632



















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