Cash flow from operating activities in 2013 was $590.2 million. Altera repurchased 4.4 million shares of its common stock during the quarter at a cost of $140.8 million.
Altera's board of directors has declared a quarterly cash dividend of $0.15 per share, to be paid on March 3, 2014 to stockholders of record on February 10, 2014.
"Sales growth exceeded our expectations as a diverse blend of end markets grew sequentially. Once again, our new products were the quarter's growth drivers, with double digit growth, led by our 28 nm FPGAs," said John Daane, president, chief executive officer, and chairman of the board. "In the first quarter we will begin shipping our 20 nm mid-range Arria 10 devices, which deliver performance that exceeds that of our 28 nm high-end devices and can deliver up to 40 percent lower power consumption than our previous mid-range FPGA. With the fourth quarter release of Quartus II software Arria 10 edition, we became the first and today remain the only major FPGA vendor with fully available development software for a 20 nm FPGA family."
Several recent accomplishments mark the company's continuing progress:
- With release of Altera's Quartus II Software Arria® 10 Edition, Altera became the first FPGA supplier to offer full publicly available software support for a 20 nm FPGA. This release supports Arria 10 mid-range FPGAs and provides customers access to dramatic improvements in performance, power and system cost. Based on TSMC 20 nm process technology, Arria 10 FPGAs and SoCs effectively reinvent the mid-range FPGA and SoC category by simultaneously delivering a 15 percent performance gain over current high-end FPGAs and up to 40 percent lower power than previous mid-range devices. Customers can start developing Arria 10 FPGA- and SoC-based systems today using the familiar and proven Quartus II design environment with the fastest compile times in the industry. Arria 10 FPGAs and SoCs are optimized for systems that require high-performance features while being constrained by strict cost and power budgets. These mid-range devices leverage an advanced 20 nm process and include features tailored to address the requirements of a variety of end markets, including communications, broadcast, and computer and storage.
- Altera received the Huawei 2013 Excellent Core Partner Award for outstanding support, high-quality standards and FPGA product innovation. The Huawei Excellent Core Partner Award is a distinguished recognition for companies that consistently deliver the highest performance and quality products that meet Huawei's highly specialized requirements. Altera was the only major programmable logic company to win an Excellent Core Partner Award at Huawei's 2013 Core Partner Convention, which was held in November. During 2013, Huawei delivered multiple wireline, wireless and enterprise infrastructure solutions to its customers based on Altera's 28 nm portfolio of products, ranging from the high-end Stratix® V to the low-cost Cyclone® V families of FPGAs. Telecommunications providers worldwide deploy Huawei's communications infrastructure offerings to upgrade their network architectures for the performance and capacity needed to handle the bandwidth expansion driven by the proliferation of internet-connected devices.
- As the recipient of the Best Technical Support Award from ZTE, Altera has been recognized as a ZTE technical supplier who delivered the best technical support in 2013. ZTE holds an annual event in Shenzhen, China, to affirm and recognize the key role its suppliers play in growing the company's position as one of the world's leading innovators in the telecommunications equipment and networking industry. Altera's technologies, including FPGAs, CPLDs and power products, are used in ZTE's wireless, wireline and cloud computing offerings. ZTE's telecommunications equipment is used by the world's largest service providers.
|
SELECTED FOURTH QUARTER REVENUE AND RELATED RESULTS | ||
|
| ||
|
Key New Product Devices |
|
Sequential Comparisons |
|
Stratix V |
|
36% |
|
Stratix IV |
|
4% |
|
Arria II |
|
0% |
|
Arria V |
|
5% |
|
Cyclone IV |
|
17% |
|
Cyclone V |
|
89% |
|
HardCopy IV |
|
23% |
|
Enpirion PowerSoCs |
|
(8)% |
|
|
|
|
|
| ||
|
($ in thousands) |
|
|
|
| ||
|
Key Ratios & Information |
|
December 31, 2013 |
|
September 27, 2013 | ||
|
Current Ratio |
|
6:1 |
|
6:1 | ||
|
Liabilities/Equity |
|
2:3 |
|
1:2 | ||
|
Quarterly Operating Cash Flows |
|
$ |
130,759 |
|
$ |
245,406 |
|
TTM Return on Equity |
|
13% |
|
14% | ||
|
Quarterly Depreciation Expense |
|
$ |
11,321 |
|
$ |
10,772 |
|
Quarterly Capital Expenditures |
|
$ |
14,253 |
|
$ |
8,633 |
|
Inventory MSOH (1): Altera |
|
3.4 |
|
3.4 | ||
|
Inventory MSOH (1): Distribution |
|
0.7 |
|
0.6 | ||
|
TTM Cash Conversion Cycle (Days) |
|
160 |
|
158 | ||
|
Turns |
|
45% |
|
39% | ||
|
Book to Bill |
|
1.0 |
|
<1.0 | ||
|
|
|
|
|
| ||
|
Note (1): MSOH: Months Supply On Hand | ||||||
|
ALTERA CORPORATION NET SALES SUMMARY (Unaudited) | |||||||||||||||
|
| |||||||||||||||
|
|
Three Months Ended |
|
Quarterly Growth Rate |
|
Years Ended | ||||||||||
|
|
December 31, 2013 |
|
September 27, 2013 |
|
December 31, 2012 |
|
Sequential Change |
|
Year- Over-Year Change |
|
December 31, 2013 |
|
December 31, 2012 |
|
Annual Growth |
|
Geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
19% |
|
18% |
|
19% |
|
5% |
|
1% |
|
18% |
|
18% |
|
(1)% |
|
Asia Pacific |
41% |
|
39% |
|
39% |
|
5% |
|
8% |
|
40% |
|
43% |
|
(10)% |
|
EMEA |
24% |
|
28% |
|
28% |
|
(11)% |
|
(10)% |
|
26% |
|
25% |
|
4% |
|
Japan |
16% |
|
15% |
|
14% |
|
13% |
|
20% |
|
16% |
|
14% |
|
5% |
|
Net Sales |
100% |
|
100% |
|
100% |
|
2% |
|
3% |
|
100% |
|
100% |
|
(3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product Category |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New |
47% |
|
44% |
|
39% |
|
10% |
|
26% |
|
43% |
|
32% |
|
31% |
|
Mainstream |
24% |
|
26% |
|
28% |
|
(8)% |
|
(13)% |
|
27% |
|
30% |
|
(14)% |
|
Mature and Other |
29% |
|
30% |
|
33% |
|
(1)% |
|
(9)% |
|
30% |
|
38% |
|
(22)% |
|
Net Sales |
100% |
|
100% |
|
100% |
|
2% |
|
3% |
|
100% |
|
100% |
|
(3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vertical Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecom & Wireless |
40% |
|
41% |
|
44% |
|
0% |
|
(6)% |
|
41% |
|
44% |
|
(9)% |
|
Industrial Automation, Military & Automotive |
22% |
|
23% |
|
21% |
|
(1)% |
|
10% |
|
22% |
|
21% |
|
4% |
|
Networking, Computer & Storage |
19% |
|
19% |
|
17% |
|
3% |
|
17% |
|
19% |
|
17% |
|
6% |
|
Other |
19% |
|
17% |
|
18% |
|
9% |
|
7% |
|
18% |
|
18% |
|
(3)% |
|
Net Sales |
100% |
|
100% |
|
100% |
|
2% |
|
3% |
|
100% |
|
100% |
|
(3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPGAs and CPLDs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPGA |
83% |
|
82% |
|
84% |
|
3% |
|
1% |
|
83% |
|
84% |
|
(4)% |
|
CPLD |
9% |
|
9% |
|
9% |
|
(2)% |
|
8% |
|
9% |
|
9% |
|
(4)% |
|
Other Products |
8% |
|
9% |
|
7% |
|
(4)% |
|
25% |
|
8% |
|
7% |
|
9% |
|
Net Sales |
100% |
|
100% |
|
100% |
|
2% |
|
3% |
|
100% |
|
100% |
|
(3)% |
Product Category Description
- New Products include the Stratix® V, Stratix IV, Arria® V, Arria II, Cyclone® V, Cyclone IV, MAX® V, HardCopy® IV devices and Enpirion PowerSoCs.
- Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices.
- Mature and Other Products include the Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, Classic™, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX® series, APEX™ series, Mercury™, Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools.
|
Business Outlook for the First Quarter 2014
Sales and Income Statement | |
|
|
|
|
Sequential Sales Growth |
- 2% to - 6% |
|
Gross Margin |
68% +/- .5% |
|
Research and Development |
$100 - $102 million |
|
SG&A |
$75 - $77 million |
|
Other Income/Expense, Net (1) |
Net expense of approximately $4 million |
|
Tax Rate |
12% - 13% |
|
Diluted Share Count |
Less than 322 million |
|
Turns |
Mid 40's |
|
Inventory MSOH |
Low 4's |
|
| |
|
Note (1): Other Income/ Expense, Net includes Interest income and other and Interest expense in our consolidated statements of comprehensive income. |
|
Vertical Market | |
|
|
|
|
Telecom & Wireless |
Up |
|
Industrial Automation, Military & Automotive |
Flat |
|
Networking, Computer & Storage |
Down |
|
Other |
Down |
Fourth Quarter Earnings Conference Call
A conference call will be held today at 1:45 p.m. Pacific Time to discuss the quarter's results and management's current business outlook. The web cast and subsequent replay will be available in the Investor Relations section of the company's website at www.altera.com. A telephonic replay of the call may be accessed later in the day by calling (719) 457-0820 and referencing confirmation code 258712. The telephonic replay will be available for two weeks following the live call.
Forward-Looking Statements
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include, but are not limited to, statements regarding product performance parameters, the Arria 10 shipping date, and any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section or elsewhere in this press release. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, customer business environment, customer inventory levels, vertical market mix, market acceptance of the company's products, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® V, Arria II, Stratix® V, Stratix IV FPGAs, MAX® V CPLDs, HardCopy® IV device families and Enpirion PowerSoCs, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
About Altera
Altera® programmable solutions enable designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGAs, SoCs, CPLDs, ASICs and complementary technologies, such as power management, to provide high-value solutions to customers worldwide. Follow Altera via Facebook, Twitter, LinkedIn, Google+ and RSS, and
ALTERA, ARRIA, CYCLONE, HARDCOPY, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.
|
INVESTOR CONTACT |
|
MEDIA CONTACT |
|
Scott Wylie - Vice President |
|
Sue Martenson - Senior Manager |
|
Investor Relations |
|
Public Relations |
|
(408) 544-6996 |
|
(408) 544-8158 |
|
|
|
ALTERA CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | |||||||||||||||
|
| |||||||||||||||
|
|
|
Three Months Ended |
|
Years Ended | |||||||||||
|
(In thousands, except per share amounts) |
|
December 31, 2013 |
|
September 27, 2013 |
|
December 31, 2012 |
|
December 31, 2013 |
|
December 31, 2012 | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net sales |
|
$ |
454,367 |
|
$ |
445,945 |
|
$ |
439,440 |
|
$ |
1,732,572 |
|
$ |
1,783,035 |
|
Cost of sales |
|
144,024 |
|
141,525 |
|
133,367 |
|
546,736 |
|
541,523 | |||||
|
Gross margin |
|
310,343 |
|
304,420 |
|
306,073 |
|
1,185,836 |
|
1,241,512 | |||||
|
Operating expense |
|
|
|
|
|
|
|
|
|
| |||||
|
Research and development expense |
|
106,643 |
|
95,336 |
|
93,949 |
|
385,185 |
|
359,568 | |||||
|
Selling, general, and administrative expense |
|
84,692 |
|
78,907 |
|
74,030 |
|
320,068 |
|
289,854 | |||||
|
Amortization of acquisition-related intangible assets |
|
1,850 |
|
1,846 |
|
213 |
|
4,824 |
|
853 | |||||
|
Total operating expense |
|
193,185 |
|
176,089 |
|
168,192 |
|
710,077 |
|
650,275 | |||||
|
Operating margin (1) |
|
117,158 |
|
128,331 |
|
137,881 |
|
475,759 |
|
591,237 | |||||
|
Compensation expense - deferred compensation plan |
|
3,881 |
|
3,462 |
|
358 |
|
10,605 |
|
7,055 | |||||
|
Gain on deferred compensation plan securities |
|
(3,881) |
|
(3,462) |
|
(358) |
|
(10,605) |
|
(7,055) | |||||
|
Interest income and other |
|
(4,902) |
|
(2,214) |
|
(2,390) |
|
(11,553) |
|
(8,388) | |||||
|
Gain reclassified from other comprehensive income |
|
(24) |
|
(33) |
|
(205) |
|
(153) |
|
(268) | |||||
|
Interest expense |
|
8,272 |
|
2,511 |
|
2,589 |
|
16,637 |
|
7,976 | |||||
|
Income before income taxes |
|
113,812 |
|
128,067 |
|
137,887 |
|
470,828 |
|
591,917 | |||||
|
Income tax expense |
|
14,878 |
|
8,635 |
|
17,082 |
|
30,763 |
|
35,110 | |||||
|
Net income |
|
$ |
98,934 |
|
$ |
119,432 |
|
$ |
120,805 |
|
$ |
440,065 |
|
$ |
556,807 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Other comprehensive (loss)/ income: |
|
|
|
|
|
|
|
|
|
| |||||
|
Unrealized (loss)/gain on investments: |
|
|
|
|
|
|
|
|
|
| |||||
|
Unrealized holding (loss)/gain on investments arising during period, net of tax of ($11), $30, ($11), ($1) and $114 |
|
(26,811) |
|
2,419 |
|
(889) |
|
(33,424) |
|
5,839 | |||||
|
Less: Reclassification adjustments for gain on investments included in net income, net of tax of $2, $11, $24, $23 and $25 |
|
(22) |
|
(22) |
|
(44) |
|
(130) |
|
(114) | |||||
|
|
|
(26,833) |
|
2,397 |
|
(933) |
|
(33,554) |
|
5,725 | |||||
|
Unrealized gain on derivatives: |
|
|
|
|
|
|
|
|
|
| |||||
|
Unrealized gain on derivatives arising during period, net of tax of $9 and $45 |
|
— |
|
— |
|
17 |
|
— |
|
84 | |||||
|
Less: Reclassification adjustments for gain on derivatives included in net income, net of tax of $48 and $45 |
|
— |
|
— |
|
(89) |
|
— |
|
(84) | |||||
|
|
|
— |
|
— |
|
(72) |
|
— |
|
— | |||||
|
Other comprehensive (loss)/ income: |
|
(26,833) |
|
2,397 |
|
(1,005) |
|
(33,554) |
|
5,725 | |||||
|
Comprehensive income |
|
$ |
72,101 |
|
$ |
121,829 |
|
$ |
119,800 |
|
$ |
406,511 |
|
$ |
562,532 |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net income per share: |
|
|
|
|
|
|
|
|
|
| |||||
|
Basic |
|
$ |
0.31 |
|
$ |
0.37 |
|
$ |
0.38 |
|
$ |
1.37 |
|
$ |
1.74 |
|
Diluted |
|
$ |
0.31 |
|
$ |
0.37 |
|
$ |
0.37 |
|
$ |
1.36 |
|
$ |
1.72 |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Shares used in computing per share amounts: |
|
|
|
|
|
|
|
|
|
| |||||
|
Basic |
|
319,993 |
|
320,445 |
|
319,765 |
|
320,195 |
|
320,830 | |||||
|
Diluted |
|
322,018 |
|
323,505 |
|
322,209 |
|
323,018 |
|
324,497 | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Dividends per common share |
|
$ |
0.15 |
|
$ |
0.15 |
|
$ |
0.10 |
|
$ |
0.50 |
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Tax rate |
|
13.1% |
|
6.7% |
|
12.4% |
|
6.5% |
|
5.9% | |||||
|
% of Net sales: |
|
|
|
|
|
|
|
|
|
| |||||
|
Gross margin |
|
68.3% |
|
68.3% |
|
69.7% |
|
68.4% |
|
69.6% | |||||
|
Research and development |
|
23.5% |
|
21.4% |
|
21.4% |
|
22.2% |
|
20.2% | |||||
|
Selling, general, and administrative |
|
18.6% |
|
17.7% |
|
16.8% |
|
18.5% |
|
16.3% | |||||
|
Operating margin(1) |
|
25.8% |
|
28.8% |
|
31.4% |
|
27.5% |
|
33.2% | |||||
|
Net income |
|
21.8% |
|
26.8% |
|
27.5% |
|
25.4% |
|
31.2% | |||||
|
| ||||||||||||||||||||
|
Notes: | ||||||||||||||||||||
|
| ||||||||||||||||||||
|
(1) We define operating margin as gross margin less research and development and selling, general and administrative expenses and amortization of acquisition-related intangible assets, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by gains and losses from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows: | ||||||||||||||||||||
|
|
|
|
|
Three Months Ended |
|
Years Ended | |||||||||||
|
(In thousands) |
|
December 31, 2013 |
|
September 27, 2013 |
|
December 31, 2012 |
|
December 31, 2013 |
|
December 31, 2012 | |||||
|
Operating margin (non-GAAP) |
|
$ |
117,158 |
|
$ |
128,331 |
|
$ |
137,881 |
|
$ |
475,759 |
|
$ |
591,237 |
|
Compensation expense — deferred compensation plan |
|
3,881 |
|
3,462 |
|
358 |
|
10,605 |
|
7,055 | |||||
|
Income from operations (GAAP) |
|
$ |
113,277 |
|
$ |
124,869 |
|
$ |
137,523 |
|
$ |
465,154 |
|
$ |
584,182 |
|
ALTERA CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||
|
| ||||||
|
(In thousands, except par value amount) |
|
December 31, 2013 |
|
December 31, 2012 | ||
|
|
|
|
|
| ||
|
Assets |
|
|
|
| ||
|
Current assets: |
|
|
|
| ||
|
Cash and cash equivalents |
|
$ |
2,869,158 |
|
$ |
2,876,627 |
|
Short-term investments |
|
141,487 |
|
140,958 | ||
|
Total cash, cash equivalents, and short-term investments |
|
3,010,645 |
|
3,017,585 | ||
|
Accounts receivable, net |
|
483,032 |
|
323,708 | ||
|
Inventories |
|
163,880 |
|
152,721 | ||
|
Deferred income taxes - current |
|
63,228 |
|
59,049 | ||
|
Deferred compensation plan - marketable securities |
|
66,455 |
|
60,321 | ||
|
Deferred compensation plan - restricted cash equivalents |
|
16,699 |
|
17,116 | ||
|
Other current assets |
|
48,901 |
|
49,852 | ||
|
Total current assets |
|
3,852,840 |
|
3,680,352 | ||
|
Property and equipment, net |
|
204,142 |
|
206,148 | ||
|
Long-term investments |
|
1,695,066 |
|
704,758 | ||
|
Deferred income taxes - non-current |
|
25,005 |
|
17,082 | ||
|
Goodwill |
|
73,968 |
|
2,329 | ||
|
Acquisition-related intangible assets, net |
|
82,150 |
|
4,874 | ||
|
Other assets, net |
|
76,676 |
|
42,285 | ||
|
Total assets |
|
$ |
6,009,847 |
|
$ |
4,657,828 |
|
|
|
|
|
| ||
|
Liabilities and stockholders' equity |
|
|
|
| ||
|
Current liabilities: |
|
|
|
| ||
|
Accounts payable |
|
$ |
44,163 |
|
$ |
50,036 |
|
Accrued liabilities |
|
41,218 |
|
29,005 | ||
|
Accrued compensation and related liabilities |
|
51,105 |
|
40,606 | ||
|
Deferred compensation plan obligations |
|
83,154 |
|
77,437 | ||
|
Deferred income and allowances on sales to distributors |
|
487,746 |
|
345,993 | ||
|
Total current liabilities |
|
707,386 |
|
543,077 | ||
|
Income taxes payable - non-current |
|
290,525 |
|
272,000 | ||
|
Long-term debt |
|
1,491,466 |
|
500,000 | ||
|
Other non-current liabilities |
|
8,403 |
|
9,304 | ||
|
Total liabilities |
|
2,497,780 |
|
1,324,381 | ||
|
|
|
|
|
| ||
|
Stockholders' equity: |
|
|
|
| ||
|
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 317,769 at December 31, 2013 and 319,564 shares at December 31, 2012 |
|
318 |
|
320 | ||
|
Capital in excess of par value |
|
1,216,826 |
|
1,122,555 | ||
|
Retained earnings |
|
2,322,885 |
|
2,204,980 | ||
|
Accumulated other comprehensive (loss)/ income |
|
(27,962) |
|
5,592 | ||
|
Total stockholders' equity |
|
3,512,067 |
|
3,333,447 | ||
|
Total liabilities and stockholders' equity |
|
$ |
6,009,847 |
|
$ |
4,657,828 |
|
|
|
|
|
| ||
|
ALTERA CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||||||
|
| |||||||||||
|
|
|
YEARS ENDED | |||||||||
|
(In thousands) |
|
December 31, 2013 |
|
December 31, 2012 |
|
December 31, 2011 | |||||
|
Cash Flows from Operating Activities: |
|
|
|
|
|
| |||||
|
Net income |
|
$ |
440,065 |
|
$ |
556,807 |
|
$ |
770,711 | ||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
| |||||
|
Depreciation and amortization |
|
47,225 |
|
36,009 |
|
30,344 | |||||
|
Amortization of acquisition-related intangible assets |
|
4,824 |
|
853 |
|
1,583 | |||||
|
Amortization of debt discount and debt issuance costs |
|
1,457 |
|
648 |
|
— | |||||
|
Stock-based compensation |
|
96,624 |
|
93,586 |
|
82,750 | |||||
|
Net gain on sale of available-for-sale securities |
|
(153) |
|
— |
|
— | |||||
|
Amortization of investment discount/premium |
|
3,407 |
|
— |
|
— | |||||
|
Deferred income tax expense |
|
3,581 |
|
8,824 |
|
15,657 | |||||
|
Tax effect of employee stock plans |
|
7,009 |
|
9,811 |
|
16,162 | |||||
|
Excess tax benefit from employee stock plans |
|
(4,716) |
|
(16,278) |
|
(17,307) | |||||
|
Changes in assets and liabilities, net of the effects of acquisitions: |
|
|
|
|
|
| |||||
|
Accounts receivable, net |
|
(157,842) |
|
(91,435) |
|
131,341 | |||||
|
Inventories |
|
(7,933) |
|
(30,442) |
|
24,245 | |||||
|
Other assets |
|
(1,309) |
|
(3,698) |
|
54,661 | |||||
|
Accounts payable and other liabilities |
|
9,414 |
|
(50,566) |
|
(32,534) | |||||
|
Deferred income and allowances on sales to distributors |
|
139,002 |
|
66,117 |
|
(148,836) | |||||
|
Income taxes payable |
|
14,440 |
|
8,576 |
|
31,116 | |||||
|
Deferred compensation plan obligations |
|
(4,887) |
|
(1,598) |
|
(293) | |||||
|
Net cash provided by operating activities |
|
590,208 |
|
587,214 |
|
959,600 | |||||
|
Cash Flows from Investing Activities: |
|
|
|
|
|
| |||||
|
Purchases of property and equipment |
|
(42,558) |
|
(60,913) |
|
(31,812) | |||||
|
Proceeds from sales of deferred compensation plan securities, net |
|
4,887 |
|
1,598 |
|
293 | |||||
|
Purchases of available-for-sale securities |
|
(1,347,626) |
|
(921,430) |
|
(164,408) | |||||
|
Proceeds from sale of available-for-sale securities |
|
136,791 |
|
105,411 |
|
11,903 | |||||
|
Proceeds from maturity of available-for-sale securities |
|
178,221 |
|
115,373 |
|
13,100 | |||||
|
Acquisitions, net of cash acquired |
|
(145,321) |
|
— |
|
— | |||||
|
Purchases of intangible assets |
|
(13,465) |
|
(2,280) |
|
— | |||||
|
Purchase of other investments |
|
(7,441) |
|
(4,935) |
|
— | |||||
|
Net cash used in investing activities |
|
(1,236,512) |
|
(767,176) |
|
(170,924) | |||||
|
Cash Flows from Financing Activities: |
|
|
|
|
|
| |||||
|
Proceeds from issuance of common stock through stock plans |
|
58,220 |
|
49,665 |
|
119,989 | |||||
|
Shares withheld for employee taxes |
|
(28,272) |
|
(31,472) |
|
(32,152) | |||||
|
Payment of dividends to stockholders |
|
(160,377) |
|
(115,514) |
|
(90,060) | |||||
|
Payment of debt assumed in acquisitions |
|
(22,000) |
|
— |
|
— | |||||
|
Proceeds from issuance of long-term debt |
|
991,786 |
|
500,000 |
|
— | |||||
|
Repayment of credit facility |
|
— |
|
(500,000) |
|
— | |||||
|
Long-term debt and credit facility issuance costs |
|
(4,143) |
|
(5,244) |
|
— | |||||
|
Repurchases of common stock |
|
(201,095) |
|
(229,057) |
|
(197,023) | |||||
|
Excess tax benefit from employee stock plans |
|
4,716 |
|
16,278 |
|
17,307 | |||||
|
Net cash provided by (used in) financing activities |
|
638,835 |
|
(315,344) |
|
(181,939) | |||||
|
Net (decrease) increase in cash and cash equivalents |
|
(7,469) |
|
(495,306) |
|
606,737 | |||||
|
Cash and cash equivalents at beginning of period |
|
2,876,627 |
|
3,371,933 |
|
2,765,196 | |||||
|
Cash and cash equivalents at end of period |
|
$ |
2,869,158 |
|
$ |
2,876,627 |
|
$ |
3,371,933 | ||
|
Supplemental cash flow information: |
|
|
|
|
|
| |||||
|
Income taxes paid, net |
|
$ |
16,299 |
|
$ |
9,797 |
|
$ |
9,856 | ||
|
Interest paid |
|
$ |
10,865 |
|
$ |
6,898 |
|
$ |
3,704 | ||
SOURCE Altera Corporation
| Contact: |
| Altera Corporation
Web: http://www.altera.com |