CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

Year Ended

June 26, 2021

March 27, 2021

June 27, 2020

June 26, 2021

June 27, 2020

(in thousands, except per share data)

Cash flows from operating activities:

Net income

$         253,739

$             220,063

$         207,298

$         827,261

$         654,694

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

Stock-based compensation

20,176

20,878

23,290

107,993

95,431

Depreciation and amortization

23,564

24,552

36,384

96,456

108,533

Deferred taxes

(4,047)

1,601

14,386

(5,331)

8,994

In Process Research and Development written-off

-

-

-

1,220

-

Loss from sale or disposal of property, plant and equipment

(611)

124

557

(260)

1,191

Fair value contingent consideration

-

5,835

-

5,835

-

Other adjustments

(95)

2,413

2,127

1,745

11,353

Changes in assets and liabilities:

Accounts receivable

(87,794)

(85,236)

(24,078)

(254,229)

(42,335)

Inventories

4,890

18,950

(34,562)

21,896

(8,671)

Other assets

(6,759)

(4,875)

(25,769)

(17,343)

(86,299)

Accounts payable

17,384

(719)

5,405

22,187

7,594

Price adjustment and other revenue reserves

45,052

34,118

37,681

110,673

48,426

Income taxes payable

(11,900)

8,021

(45,855)

(34,997)

(74,814)

All other accrued liabilities

26,211

25,715

15,465

41,154

76,758

Net cash provided by operating activities

279,810

271,440

212,329

924,260

800,855

Cash flows from investing activities:

Purchases of property, plant and equipment

(19,500)

(16,229)

(15,680)

(64,942)

(67,049)

Proceeds from sales of property, plant and equipment

11

16

124

94

392

Proceeds from sales of available-for-sale securities

-

-

1,290

1,500

1,290

Proceeds from maturity of available-for-sale securities

-

8,876

10,734

33,901

104,286

Payment in connection with business acquisition, net of cash acquired

-

-

(69,270)

-

(69,270)

Purchases of investments in privately-held companies

-

(1,235)

(1,840)

(1,345)

(1,960)

Proceeds from sale of investments in privately-held companies

242

-

205

281

378

Other investing activities

-

-

2

-

(116)

Net cash provided by (used in) investing activities

(19,247)

(8,572)

(74,435)

(30,511)

(32,049)

Cash flows from financing activities:

Contingent consideration paid

-

(10,000)

-

(10,000)

(8,000)

Net issuance of restricted stock units

(9,964)

(15,932)

(6,741)

(61,880)

(35,877)

Proceeds from stock options exercised

82

76

2,240

2,965

18,870

Issuance of common stock under employee stock purchase program

-

-

23,725

18,498

42,260

Repurchase of common stock

-

-

(82,299)

(9,201)

(440,811)

Dividends paid

-

-

(128,058)

(128,147)

(517,162)

Net cash used in financing activities

(9,882)

(25,856)

(191,133)

(187,765)

(940,720)

Net increase (decrease) in cash, cash equivalents and restricted cash 

250,681

237,012

(53,239)

705,984

(171,914)

Cash, cash equivalents and restricted cash 

Beginning of period

$      2,040,731

$          1,803,719

$      1,638,667

$      1,585,428

$      1,757,342

End of period

$      2,291,412

$          2,040,731

$      1,585,428

$      2,291,412

$      1,585,428

Total cash, cash equivalents, and short-term investments

$      2,291,399

$          2,033,973

$      1,614,206

$      2,291,399

$      1,614,206

Cash, cash equivalents and restricted cash:

Cash and cash equivalents

$      2,291,399

$          2,033,973

$      1,578,670

$      2,291,399

$      1,578,670

Restricted cash in Other assets

13

6,758

6,758

13

6,758

Total cash, cash equivalents and restricted cash

$      2,291,412

$          2,040,731

$      1,585,428

$      2,291,412

$      1,585,428