Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2017

 


CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended




March 25, 


December 24, 


March 26, 




2017


2016


2016




(in thousands)



Cash flows from operating activities:








Net income (loss)

$       140,213


$         130,477


$       139,810



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








Stock-based compensation

18,300


18,073


17,875



Depreciation and amortization

40,473


42,140


47,088



Deferred taxes

(16,967)


(7,520)


(333)



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

4,809


3,898


3,098



Loss (gain) on sale of business



(58,944)



Tax benefit (shortfall) related to stock-based compensation 



545



Impairment of long-lived assets


383


506



Impairment of investments in privately-held companies

1,000





Excess tax benefit from stock-based compensation



(1,491)



Changes in assets and liabilities:








Accounts receivable

(33,249)


29,176


(47,322)



Inventories

(5,505)


(12,512)


22,785



Other current assets

16,862


(7,583)


(8,947)



Accounts payable

11,887


(11,999)


8,683



Income taxes payable

20,931


17,138


29,597



Deferred revenue on shipments to distributors

(412)


383


2,390



Accrued salary and related expenses

26,227


(1,651)


22,078



All other accrued liabilities

(3,872)


(7,773)


(9,432)



Net cash provided by (used in) operating activities

220,697


192,630


167,986



Cash flows from investing activities:








Purchase of property, plant and equipment

(8,286)


(15,775)


(17,530)



Proceeds from sales of property, plant and equipment

787


2,224


136



Proceeds from sale of available-for-sale securities


26,454




Proceeds from sale of business



105,000



Purchases of available-for-sale securities

(99,398)


(225,622)


(24,861)



Purchases of privately-held companies' securities

(162)


(326)


(1,921)



Net cash provided by (used in) investing activities

(107,059)


(213,045)


60,824



Cash flows from financing activities:








Excess tax benefit from stock-based compensation 



1,491



Repayment of notes payable


(250,000)




Net issuance of restricted stock units

(8,268)


(4,239)


(8,853)



Proceeds from stock options exercised

17,502


7,155


9,889



Issuance of common stock under employee stock purchase program

(3,194)


17,658




Repurchase of common stock

(56,999)


(61,235)


(83,801)



Dividends paid

(93,387)


(93,562)


(85,714)



Net cash provided by (used in) financing activities

(144,346)


(384,223)


(166,988)



Net increase (decrease) in cash and cash equivalents

(30,708)


(404,638)


61,822



Cash and cash equivalents:








Beginning of period

1,687,435


2,092,073


1,648,518



End of period

$    1,656,727


$      1,687,435


$    1,710,340











Total cash, cash equivalents, and short-term investments

$    2,155,881


$      2,086,896


$    1,860,416



















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