CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited) | |||||
| Three Months Ended | ||||
| March 27, 2021 |
| December 26, 2020 |
| March 28, 2020 |
| (in thousands, except per share data) | ||||
Cash flows from operating activities: |
|
|
|
|
|
Net income | $ 220,063 |
| $ 183,945 |
| $ 161,190 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Stock-based compensation | 20,878 |
| 31,209 |
| 23,403 |
Depreciation and amortization | 24,552 |
| 24,141 |
| 24,141 |
Deferred taxes | 1,601 |
| (1,782) |
| (3,161) |
Loss from disposal of property, plant and equipment | 124 |
| 164 |
| 145 |
Fair value of contingent consideration | 5,835 |
| - |
| - |
Other adjustments | 2,413 |
| (1,220) |
| 3,265 |
Changes in assets and liabilities: |
|
|
|
|
|
Accounts receivable | (85,236) |
| (36,401) |
| (29,931) |
Inventories | 18,950 |
| 4,042 |
| 3,308 |
Other assets | (4,875) |
| (9,868) |
| (4,710) |
Accounts payable | (719) |
| 8,945 |
| (2,655) |
Price adjustment and other revenue reserves | 34,118 |
| 35,964 |
| 5,998 |
Income taxes payable | 8,021 |
| (16,408) |
| 2,174 |
All other accrued liabilities | 25,715 |
| (12,232) |
| 26,624 |
Net cash provided by operating activities | 271,440 |
| 210,499 |
| 209,791 |
Cash flows from investing activities: |
|
|
|
|
|
Purchases of property, plant and equipment | (16,229) |
| (16,485) |
| (17,068) |
Proceeds from sales of property, plant and equipment | 16 |
| 63 |
| 97 |
Proceeds from sales of available-for-sale securities | - |
| 1,500 |
| - |
Proceeds from maturity of available-for-sale securities | 8,876 |
| 6,600 |
| 15,485 |
Purchases of investments in privately-held companies | (1,235) |
| (26) |
| (120) |
Proceeds from sale of investments in privately-held companies | - |
| 14 |
| 173 |
Other investing activities | - |
| - |
| (50) |
Net cash provided by (used in) investing activities | (8,572) |
| (8,334) |
| (1,483) |
Cash flows from financing activities: |
|
|
|
|
|
Contingent consideration paid | (10,000) |
| - |
| - |
Net issuance of restricted stock units and awards | (15,932) |
| (18,966) |
| (11,570) |
Proceeds from stock options exercised | 76 |
| 175 |
| 7,810 |
Issuance of common stock under employee stock purchase program | - |
| 18,498 |
| - |
Repurchase of common stock | - |
| - |
| (157,003) |
Dividends paid | - |
| - |
| (129,072) |
Net cash used in financing activities | (25,856) |
| (293) |
| (289,835) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 237,012 |
| 201,872 |
| (81,527) |
Cash, cash equivalents and restricted cash |
|
|
|
|
|
Beginning of period | $ 1,803,719 |
| $ 1,601,847 |
| $ 1,720,194 |
End of period | $ 2,040,731 |
| $ 1,803,719 |
| $ 1,638,667 |
|
|
|
|
|
|
Total cash, cash equivalents, and short-term investments | $ 2,033,973 |
| $ 1,805,840 |
| $ 1,685,776 |
|
|
|
|
|
|
Cash, cash equivalents and restricted cash: |
|
|
|
|
|
Cash and cash equivalents | $ 2,033,973 |
| $ 1,796,961 |
| $ 1,638,667 |
Restricted cash in Other assets | 6,758 |
| 6,758 |
| - |
Total cash, cash equivalents and restricted cash | $ 2,040,731 |
| $ 1,803,719 |
| $ 1,638,667 |