Altera Announces First Quarter Results

 

 

ALTERA CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)






Three Months Ended

 (In thousands)


March 29,

2013


March 30,

2012






Cash Flows from Operating Activities:





Net income


$

120,189


$

115,834

Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation and amortization


11,374


8,160

Stock-based compensation


22,242


22,393

Deferred income tax benefit


(15,606)


(7,055)

Tax effect of employee stock plans


861


10,566

Excess tax benefit from employee stock plans


(741)


(10,044)

Changes in assets and liabilities:





Accounts receivable, net


(42,709)


(39,119)

Inventories


13,439


12,828

Other assets


13,317


6,416

Accounts payable and other liabilities


(9,660)


(28,462)

Deferred income and allowances on sales to distributors


36,649


130

Income taxes payable


6,239


(4,696)

Deferred compensation plan obligations


(6,116)


2,812

Net cash provided by operating activities


149,478


89,763

Cash Flows from Investing Activities:





             Purchases of property and equipment


(14,586)


(23,903)

 Sales (purchases) of deferred compensation plan securities, net


6,116


(2,812)

             Purchases of available-for-sale securities


(121,111)


(47,174)

             Proceeds from sale and maturity of available-for-sale securities


83,394


48,387

             Purchases of other investments


(176)


Net cash used in investing activities


(46,363)


(25,502)

Cash Flows from Financing Activities:





             Proceeds from issuance of common stock through various stock plans


8,442


12,888

             Shares withheld for employee taxes


(3,360)


(4,884)

             Payment of dividends to stockholders


(31,978)


(25,822)

             Repurchases of common stock



(8,238)

             Excess tax benefit from employee stock plans


741


10,044

Net cash used in financing activities


(26,155)


(16,012)

Net increase in cash and cash equivalents


76,960


48,249

Cash and cash equivalents at beginning of period


2,876,627


3,371,933

Cash and cash equivalents at end of period


$

2,953,587


$

3,420,182


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