| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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| (Unaudited) |
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| Three Months Ended |
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| December 29,
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| September 29,
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| December 30,
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| (in thousands) |
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| Cash flows from operating activities: |
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| Net income (loss) | $ | 131,892 |
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| $ | 197,423 |
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| $ | (75,015) |
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| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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|
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| Stock-based compensation | 21,656 |
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| 20,497 |
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| 21,040 |
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| Depreciation and amortization | 26,803 |
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| 31,191 |
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| 35,813 |
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| |||
| Deferred taxes | (5,174) |
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| (3,032) |
|
| (3,188) |
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| |||
| Loss (gain) from disposal of property, plant and equipment | 2,275 |
|
| 621 |
|
| (649) |
|
| |||
| Impairment of investments in privately-held companies | 753 |
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| — |
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| 850 |
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| Other adjustments | — |
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| (117) |
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| — |
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| Changes in assets and liabilities: |
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|
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| Accounts receivable | 43,402 |
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| (23,604) |
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| (2,480) |
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| |||
| Inventories | (3,505) |
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| 7,002 |
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| (14,125) |
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| Other current assets | 6,038 |
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| (12,625) |
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| 31,459 |
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| Accounts payable | 7,664 |
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| (5,263) |
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| 13,643 |
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| Income taxes payable | (482) |
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| 33,743 |
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| 234,264 |
|
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| Deferred margin on shipments to distributors | — |
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| — |
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| (16,994) |
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| Accrued salary and related expenses | (375) |
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| (45,408) |
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| 10,523 |
|
| |||
| All other accrued liabilities | (6,697) |
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| 6,757 |
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| (5,266) |
|
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| Net cash provided by (used in) operating activities | 224,250 |
|
| 207,185 |
|
| 229,875 |
|
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| Cash flows from investing activities: |
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|
|
|
|
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| Purchase of property, plant and equipment | (12,597) |
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| (18,316) |
|
| (22,413) |
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| Proceeds from sales of property, plant and equipment | 1 |
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| 1 |
|
| 1,444 |
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| |||
| Proceeds from sale of available-for-sale securities | 18,815 |
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| 8,438 |
|
| 21,895 |
|
| |||
| Proceeds from maturity of available-for-sale securities | 416,720 |
|
| 301,834 |
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| 118,211 |
|
| |||
| Payment in connection with business acquisition, net of cash acquired | — |
|
| (2,949) |
|
| — |
|
| |||
| Purchases of available-for-sale securities | (23,707) |
|
| (190,880) |
|
| (137,166) |
|
| |||
| Purchases of privately-held companies' securities | (156) |
|
| (750) |
|
| (1,500) |
|
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| Net cash provided by (used in) investing activities | 399,076 |
|
| 97,378 |
|
| (19,529) |
|
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| Cash flows from financing activities: |
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|
|
|
|
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| Repayment of debt | (500,000) |
|
| — |
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| — |
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| Contingent consideration paid | — |
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| (8,000) |
|
| — |
|
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| Net issuance of restricted stock units | (5,916) |
|
| (7,528) |
|
| (6,104) |
|
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| Proceeds from stock options exercised | 7,235 |
|
| 6,608 |
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| 13,507 |
|
| |||
| Issuance of common stock under employee stock purchase program | 17,689 |
|
| — |
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| 14,975 |
|
| |||
| Repurchase of common stock | (207,558) |
|
| (112,498) |
|
| (76,953) |
|
| |||
| Dividends paid | (126,808) |
|
| (127,857) |
|
| (101,421) |
|
| |||
| Net cash provided by (used in) financing activities | (815,358) |
|
| (249,275) |
|
| (155,996) |
|
| |||
| Net increase (decrease) in cash and cash equivalents | (192,032) |
|
| 55,288 |
|
| 54,350 |
|
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| Cash and cash equivalents: |
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|
|
|
|
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| Beginning of period | $ | 1,598,772 |
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| $ | 1,543,484 |
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| $ | 1,577,160 |
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|
| End of period | $ | 1,406,740 |
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| $ | 1,598,772 |
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| $ | 1,631,510 |
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|
| Total cash, cash equivalents, and short-term investments | $ | 1,960,641 |
|
| $ | 2,563,415 |
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| $ | 2,823,275 |
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