CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

September 29,

June 30, 

September 23,

2018

2018

2017

(in thousands)

Cash flows from operating activities:

Net income (loss)

$        197,423

$    194,172

$        154,533

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

Stock-based compensation

20,497

19,753

17,287

Depreciation and amortization

31,191

36,083

36,754

Deferred taxes

(3,032)

21,458

12,115

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

621

423

61

Other adjustments

(117)

—

42

Changes in assets and liabilities:

Accounts receivable

(23,604)

40,480

23,239

Inventories

7,002

(9,450)

1,835

Other current assets

(12,625)

(212)

1,488

Accounts payable

(5,263)

6,131

(9,979)

Income taxes payable

33,743

(163,010)

16,333

Deferred margin on shipments to distributors

—

—

2,020

Accrued salary and related expenses

(45,408)

3,911

(42,105)

All other accrued liabilities

6,757

(3,080)

6,082

Net cash provided by (used in) operating activities

207,185

146,659

219,705

Cash flows from investing activities:

Purchase of property, plant and equipment

(18,316)

(12,118)

(14,321)

Proceeds from sales of property, plant and equipment

1

62

1,473

Proceeds from sale of available-for-sale securities

8,438

7,287

18,101

Proceeds from maturity of available-for-sale securities

301,834

330,749

—

Payment in connection with business acquisition, net of cash acquired

(2,949)

—

—

Purchases of available-for-sale securities

(190,880)

(325,063)

(716,304)

Purchases of privately-held companies' securities

(750)

(2,164)

(606)

Net cash provided by (used in) investing activities

97,378

(1,247)

(711,657)

Cash flows from financing activities:

Contingent consideration paid

(8,000)

—

—

Net issuance of restricted stock units

(7,528)

(9,148)

(5,416)

Proceeds from stock options exercised

6,608

1,626

5,160

Issuance of common stock under employee stock purchase program

—

21,346

—

Repurchase of common stock

(112,498)

(128,024)

(75,291)

Dividends paid

(127,857)

(117,321)

(101,462)

Net cash provided by (used in) financing activities

(249,275)

(231,521)

(177,009)

Net increase (decrease) in cash and cash equivalents

55,288

(86,109)

(668,961)

Cash and cash equivalents:

Beginning of period

$     1,543,484

$ 1,629,593

$     2,246,121

End of period

$     1,598,772

$ 1,543,484

$     1,577,160

Total cash, cash equivalents, and short-term investments

$     2,563,415

$ 2,626,399

$     2,773,987