EX-99.1
Published on March 6, 2008
Exhibit 99.1
Marvell Technology Group Ltd. Reports Fourth Quarter and
Fiscal 2008 Results
Marvell Achieves Record Revenues for FY2008, Up 36 Percent on Prior Year
GAAP Net Income of $1.3 Million versus Net Loss of $141 Million in Prior Year
|
For further information, contact: |
|
|
Jeff Palmer |
Diane Vanasse |
|
Investor Relations |
Public Relations |
|
408-222-8373 |
408-242-0027 |
|
jpalmer@marvell.com |
dvanasse@marvell.com |
Santa Clara, California (March 6, 2008) Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, communications, and consumer silicon solutions, today reported financial results for its fourth quarter and fiscal year ended February 2, 2008.
Net revenue for the fourth quarter of fiscal 2008 was a record $845 million, an increase of 36% over net revenue of $622 million for the fourth quarter of fiscal 2007 and an 11% sequential increase from net revenue of $758 million for the third quarter of fiscal 2008. Net income under generally accepted accounting principles (GAAP) was $1.3 million, or $0.00 per share (diluted), for the fourth quarter of fiscal 2008 compared with net loss under GAAP of $140.6 million, or $0.24 per share (diluted), for the fourth quarter of fiscal 2007 and net loss under GAAP of $6.4 million, or $0.01 per share (diluted), for the third quarter of fiscal 2008. Shares used to compute GAAP net income per share (diluted), for the fourth quarter ended February 2, 2008 increased to 627 million shares compared with 587 million shares used to compute GAAP net loss per share (diluted) for the fourth quarter ended January 27, 2007 and 591 million shares used to compute GAAP net loss per share (diluted) for the third quarter ended October 27, 2007.
Marvell has reached a tentative settlement with the plaintiffs in the previously disclosed federal derivative lawsuits related to historical stock option practices. The Company has accrued $16 million in its fourth quarter 2008 financial statements related to anticipated payments pursuant to the tentative settlement. The tentative settlement requires court
approval before it becomes final. Marvell anticipates that the parties will finalize and submit formal settlement documentation to the court in the next few months.
We are pleased with our financial performance this quarter and believe we have turned the corner on improving our profitability, stated Dr. Sehat Sutardja, Marvells President and CEO. Marvell achieved record revenues during fiscal 2008, putting us on track to achieve a better than $3 billion annual run rate. Our improved operating margins and earnings per share on a pro forma basis demonstrate clear focus on controlling operating costs. The better than anticipated sales trends during the fourth fiscal quarter was due to strong demand for our system-on-a-chip products for the storage market, better than expected demand for our enterprise-class communication products and better than seasonal demand for our cellular products. The results demonstrate successful investment in a broad range of technologies and our ability to integrate these technologies into superior products across many markets.
Net revenue for the year ended February 2, 2008 was $2,895 million, an increase of 29% over net revenue of $2,238 million for the year ended January 27, 2007. The increase in net revenue during fiscal 2008 is primarily attributable to sales of cellular and wireless communications products. Net loss under GAAP was $114.4 million or $0.19 per share (diluted) for the year ended February 2, 2008 compared with net loss under GAAP of $12.1 million or $0.02 per share (diluted) for the year ended January 27, 2007.
Marvell reports net income (loss) and basic and diluted net income (loss) per share in accordance with GAAP and additionally on a non-GAAP basis. A discussion of Marvells use of these non-GAAP financial measures is set forth below, and reconciliations of GAAP net income (loss) to non-GAAP net income for the three months ended February 2, 2008, October 27, 2007 and January 27, 2007 and year ended February 2, 2008 and January 27, 2007, respectively, appear in the financial statements portion of this release. Non-GAAP net income, where applicable, excludes the effect of stock-based compensation, amortization of acquired intangible assets, restructuring costs and cumulative effect of change in accounting principle.
2
Non-GAAP net income increased to $122.9 million, or $0.20 per share (diluted) for the fourth quarter of fiscal 2008, a 495% increase as compared with non-GAAP net income of $20.7 million, or $0.03 per share (diluted), for the fourth quarter of fiscal 2007 and an increase of 43% over non-GAAP net income of $86.2 million, or $0.14 per share (diluted) for the third quarter of fiscal 2008. The improvement in non-GAAP net income during the fourth quarter of fiscal 2008 was primarily due to better than anticipated revenue growth of storage and Ethernet connectivity products. Shares used to compute non-GAAP net income per diluted share for the fourth quarter of fiscal 2008 was 627 million shares compared with 634 million shares for the fourth quarter of fiscal 2007 and 631 million shares for the third quarter of fiscal 2008.
Non-GAAP gross margin for the fourth quarter of fiscal 2008 was 48.7% as compared to non-GAAP gross margin of 48.3% for the third quarter of fiscal 2008 and non-GAAP gross margin of 48.2% for the fourth quarter of fiscal 2007.
Non-GAAP net income was $280.1 million, or $0.44 per share (diluted) for the year ended February 2, 2008, compared with non-GAAP net income of $359.0 million, or $0.56 per share (diluted) for the year ended January 27, 2007. The decline in non-GAAP net income during fiscal 2008 versus fiscal 2007 is primarily due to the integration of the Intel Communication-Applications Processor group into the Marvell organization. Shares used in computing non-GAAP net income per share for the year ended February 2, 2008 decreased to 630 million shares compared with 638 million shares for the year ended January 27, 2007.
Non-GAAP gross margin for fiscal 2008 was 48.8% compared to non-GAAP gross margin for fiscal 2007 of 51.3%.
Marvell will be conducting a conference call today at 1:45 p.m. PST to discuss its fourth quarter business. The call is being webcast by Thomson/CCBN and can be accessed at Marvells web site at www.marvell.com. The webcast is also being distributed through Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomsons individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site. The
3
conference call will also be available via the web at www.marvell.com. Please visit the Investor Events section. Replay on the Internet will be available until March 6, 2009.
Discussion of Non-GAAP Financial Measures
Non-GAAP net income consists of net income (loss) excluding stock-based compensation expense as well as charges related to acquisitions and other charges and gains that are driven primarily by discrete events that management does not consider to be directly related to the companys core operating performance. Non-GAAP net income per share is calculated by dividing non-GAAP net income by adjusted GAAP weighted average shares outstanding (diluted). For purposes of calculating non-GAAP net income per share, the calculation of GAAP weighted average shares outstanding (diluted) is adjusted to exclude the benefits of compensation costs attributable to future services and not yet recognized in the financial statements that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method and also includes the dilutive/antidilutive effects of warrants, common stock options and restricted stock.
Marvell believes that the presentation of non-GAAP net income and non-GAAP net income per share provides important supplemental information to management and investors regarding financial and business trends relating to the companys financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. For further information regarding why Marvell believes that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the companys Current Report on Form 8-K filed today with the SEC. The Form 8-K is available on the SECs website
4
at www.sec.gov as well as on the Marvell website in the Investors Relations section at www.marvell.com.
About Marvell
Marvell (NASDAQ: MRVL) is a leader in storage, communications and consumer silicon solutions. The Companys diverse product portfolio includes switching, transceiver, communications controller, wireless, and storage solutions that power the entire communications infrastructure, including enterprise, metro, home, and storage networking. As used in this release, the terms Company and Marvell refer to Marvell Technology Group Ltd. and its subsidiaries, including Marvell Semiconductor, Inc. (MSI), Marvell Asia Pte Ltd (MAPL), Marvell Japan K.K., Marvell Taiwan Ltd., Marvell International Ltd. (MIL), Marvell U.K. Limited, Marvell Semiconductor Israel Ltd. (MSIL), Marvell Software Solutions Israel, Ltd., and Marvell Semiconductor Germany GmbH. MSI is headquartered in Santa Clara, Calif., and designs, develops and markets products on behalf of MIL and MAPL. MSI may be contacted at (408) 222-2500 or at www.marvell.com.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
This release contains forward-looking statements based on projections and assumptions about our products and our markets. Words such as anticipates, expects, intends, plans, believes, seeks, estimates, may, will, should, and their variations identify forward-looking statements. Statements that refer to, or are based on projections, uncertain events or assumptions also identify forward-looking statements. These statements include statements regarding our annual run rate, our ability to monetize our investments, our ability to efficiently integrate technologies, and our anticipated settlement with the plaintiffs in the previously disclosed federal derivative lawsuits related to historical stock option practices. These statements are not guarantees of results and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. When Marvell files its Form 10-K for the fourth quarter of fiscal 2008, the financial statements may differ from the results disclosed in this press release because judgments and estimates that management used in preparing the financial results reported in this press release may need to be updated to the date of the filing. The Companys results also remain subject to review by the Companys independent registered public accounting firm. For other factors that could cause Marvells results to vary from expectations, please see the risk factors identified in the Marvells latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as filed with the Securities and Exchange Commission and other factors detailed from time to time in Marvells filings with the Securities and Exchange Commission. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.
Marvell® and the Marvell logo are trademarks of Marvell.
5
Marvell Technology Group Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
|
|
|
Three Months Ended |
|
Year Ended |
|
|||||||||||
|
|
|
February 2, |
|
October 27, |
|
January 27, |
|
February 2, |
|
January 27, |
|
|||||
|
|
|
2008 |
|
2007 |
|
2007 |
|
2008 |
|
2007 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net revenue |
|
$ |
844,686 |
|
$ |
758,246 |
|
$ |
621,974 |
|
$ |
2,894,693 |
|
$ |
2,237,553 |
|
|
Cost of goods sold |
|
438,640 |
|
396,209 |
|
324,843 |
|
1,497,796 |
|
1,100,241 |
|
|||||
|
Gross profit |
|
406,046 |
|
362,037 |
|
297,131 |
|
1,396,897 |
|
1,137,312 |
|
|||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Research and development and other |
|
266,464 |
|
252,205 |
|
223,399 |
|
988,996 |
|
658,211 |
|
|||||
|
Selling and marketing |
|
60,504 |
|
46,423 |
|
60,099 |
|
211,261 |
|
176,103 |
|
|||||
|
General and administrative |
|
48,340 |
|
32,537 |
|
35,480 |
|
138,640 |
|
114,154 |
|
|||||
|
Amortization and
write-off of acquired |
|
43,810 |
|
37,311 |
|
37,826 |
|
155,734 |
|
109,987 |
|
|||||
|
Acquired in-process research and development |
|
|
|
|
|
77,800 |
|
|
|
77,800 |
|
|||||
|
Restructuring |
|
7,856 |
|
|
|
|
|
7,856 |
|
|
|
|||||
|
Total operating expenses |
|
426,974 |
|
368,476 |
|
434,604 |
|
1,502,487 |
|
1,136,255 |
|
|||||
|
Operating (loss) income |
|
(20,928 |
) |
(6,439 |
) |
(137,473 |
) |
(105,590 |
) |
1,057 |
|
|||||
|
Interest and other income (expense), net (b) |
|
18,864 |
|
(6,048 |
) |
(2,003 |
) |
(2,654 |
) |
13,549 |
|
|||||
|
(Loss) income before income taxes |
|
(2,064 |
) |
(12,487 |
) |
(139,476 |
) |
(108,244 |
) |
14,606 |
|
|||||
|
(Benefit) provision benefit for income taxes |
|
(3,357 |
) |
(6,051 |
) |
1,109 |
|
6,183 |
|
35,547 |
|
|||||
|
Income (loss) before change in accounting principle |
|
1,293 |
|
(6,436 |
) |
(140,585 |
) |
(114,427 |
) |
(20,941 |
) |
|||||
|
Cumulative
effect of change in accounting |
|
|
|
|
|
|
|
|
|
8,846 |
|
|||||
|
Net income (loss) |
|
$ |
1,293 |
|
$ |
(6,436 |
) |
$ |
(140,585 |
) |
$ |
(114,427 |
) |
$ |
(12,095 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Basic net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income (loss)
before change in accounting |
|
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
(0.24 |
) |
$ |
(0.19 |
) |
$ |
(0.04 |
) |
|
Cumulative
effect of change in accounting |
|
|
|
|
|
|
|
|
|
0.02 |
|
|||||
|
Basic net income (loss) per share |
|
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
(0.24 |
) |
$ |
(0.19 |
) |
$ |
(0.02 |
) |
|
Shares used in basic per share computation |
|
595,512 |
|
590,759 |
|
587,424 |
|
590,308 |
|
586,152 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Diluted net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income (loss)
before change in accounting |
|
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
(0.24 |
) |
$ |
(0.19 |
) |
$ |
(0.04 |
) |
|
Cumulative
effect of change in accounting |
|
|
|
|
|
|
|
|
|
0.02 |
|
|||||
|
Diluted net income (loss) per share |
|
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
(0.24 |
) |
$ |
(0.19 |
) |
$ |
(0.02 |
) |
|
Shares used in diluted per share computation |
|
626,699 |
|
590,759 |
|
587,424 |
|
590,308 |
|
586,152 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
(a) Write-off of acquired intangible assets |
|
$ |
7,232 |
|
$ |
|
|
$ |
|
|
$ |
7,232 |
|
$ |
|
|
|
(b) Consists of: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Interest expense on term loan and capital lease |
|
$ |
(8,898 |
) |
$ |
(8,873 |
) |
$ |
(8,253 |
) |
$ |
(34,666 |
) |
$ |
(10,207 |
) |
|
Interest expense on supply agreement |
|
(1,165 |
) |
(1,645 |
) |
|
|
(5,833 |
) |
|
|
|||||
|
Interest income, foreign exchange and other |
|
28,927 |
|
4,470 |
|
6,250 |
|
37,845 |
|
23,756 |
|
|||||
|
|
|
$ |
18,864 |
|
$ |
(6,048 |
) |
$ |
(2,003 |
) |
$ |
(2,654 |
) |
$ |
13,549 |
|
6
Marvell Technology Group Ltd.
Reconciliation of Non-GAAP Adjustments
(Unaudited)
(In thousands, except per share amounts)
Reconciliation of GAAP net income (loss) to non-GAAP net income:
|
|
|
Three Months Ended |
|
Year Ended |
|
|||||||||||
|
|
|
February 2, |
|
October 27, |
|
January 27, |
|
February 2, |
|
January 27, |
|
|||||
|
|
|
2008 |
|
2007 |
|
2007 |
|
2008 |
|
2007 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GAAP net income (loss) |
|
$ |
1,293 |
|
$ |
(6,436 |
) |
$ |
(140,585 |
) |
$ |
(114,427 |
) |
$ |
(12,095 |
) |
|
Stock-based compensation included in: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cost of goods sold |
|
4,911 |
|
4,326 |
|
2,842 |
|
15,530 |
|
11,339 |
|
|||||
|
Research and development and other |
|
45,627 |
|
39,989 |
|
28,478 |
|
152,249 |
|
121,481 |
|
|||||
|
Selling and marketing |
|
13,925 |
|
6,949 |
|
7,254 |
|
39,022 |
|
30,452 |
|
|||||
|
General and administrative |
|
5,497 |
|
4,092 |
|
7,053 |
|
24,179 |
|
28,849 |
|
|||||
|
Amortization and write-off of acquired intangible assets |
|
43,810 |
|
37,311 |
|
37,826 |
|
155,734 |
|
109,987 |
|
|||||
|
Acquired in-process research and development |
|
|
|
|
|
77,800 |
|
|
|
77,800 |
|
|||||
|
Restructuring |
|
7,856 |
|
|
|
|
|
7,856 |
|
|
|
|||||
|
Cumulative effect of change in accounting principle |
|
|
|
|
|
|
|
|
|
(8,846 |
) |
|||||
|
Non-GAAP net income |
|
$ |
122,919 |
|
$ |
86,231 |
|
$ |
20,668 |
|
$ |
280,143 |
|
$ |
358,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GAAP weighted average shares - diluted |
|
626,699 |
|
590,759 |
|
587,424 |
|
590,308 |
|
586,152 |
|
|||||
|
Non-GAAP adjustment |
|
542 |
|
39,854 |
|
46,506 |
|
40,160 |
|
51,507 |
|
|||||
|
Non-GAAP weighted average shares diluted (b) |
|
627,241 |
|
630,613 |
|
633,930 |
|
630,468 |
|
637,659 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GAAP diluted net income (loss) per share |
|
$ |
0.00 |
|
$ |
(0.01 |
) |
$ |
(0.24 |
) |
$ |
(0.19 |
) |
$ |
(0.02 |
) |
|
Non-GAAP diluted net income per share (a) |
|
$ |
0.20 |
|
$ |
0.14 |
|
$ |
0.03 |
|
$ |
0.44 |
|
$ |
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
GAAP gross margin |
|
48.1 |
% |
47.7 |
% |
47.8 |
% |
48.3 |
% |
50.8 |
% |
|||||
|
Non-GAAP gross margin |
|
48.7 |
% |
48.3 |
% |
48.2 |
% |
48.8 |
% |
51.3 |
% |
|||||
(a) Non GAAP net income per share is calculated by dividing non-GAAP net income by non-GAAP weighted average shares diluted.
(b) For purposes of calculating non-GAAP net income per share, the GAAP diluted weighted average shares outstanding is adjusted to exclude the benefits of SFAS 123R compensation costs attributable to future services and not yet recognized in the financial that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury method and also includes the dilutive/antidilutive effects of warrants, common stock options and restricted stock.
7
Marvell Technology Group Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
|
|
|
February 2, |
|
January 27, |
|
||
|
|
|
2008 |
|
2007 |
|
||
|
Assets |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash, cash equivalents and short-term investments |
|
$ |
630,903 |
|
$ |
596,380 |
|
|
Accounts receivable, net |
|
332,020 |
|
328,283 |
|
||
|
Inventory |
|
419,493 |
|
247,403 |
|
||
|
Prepaid expenses and other current assets |
|
121,325 |
|
175,969 |
|
||
|
Total current assets |
|
1,503,741 |
|
1,348,035 |
|
||
|
Property and equipment, net |
|
416,241 |
|
440,943 |
|
||
|
Long-term investments |
|
45,628 |
|
|
|
||
|
Goodwill and acquired intangible assets |
|
2,427,877 |
|
2,558,363 |
|
||
|
Other non current assets |
|
157,107 |
|
180,359 |
|
||
|
Total assets |
|
$ |
4,550,594 |
|
$ |
4,527,700 |
|
|
|
|
|
|
|
|
||
|
Liabilities and Shareholders Equity |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
231,135 |
|
$ |
240,497 |
|
|
Accrued liabilities |
|
241,062 |
|
377,744 |
|
||
|
Income taxes payable |
|
39,132 |
|
29,078 |
|
||
|
Deferred income |
|
69,420 |
|
46,459 |
|
||
|
Current portion of capital lease obligations |
|
2,463 |
|
17,408 |
|
||
|
Total current liabilities |
|
583,212 |
|
711,186 |
|
||
|
Capital lease obligations |
|
4,238 |
|
17,096 |
|
||
|
Term loan obligations |
|
390,750 |
|
394,750 |
|
||
|
Other long-term liabilities |
|
160,875 |
|
177,484 |
|
||
|
Total liabilities |
|
1,139,075 |
|
1,300,516 |
|
||
|
|
|
|
|
|
|
||
|
Shareholders equity: |
|
|
|
|
|
||
|
Common stock |
|
1,200 |
|
1,175 |
|
||
|
Additional paid-in capital |
|
4,100,659 |
|
3,802,509 |
|
||
|
Accumulated other comprehensive income |
|
615 |
|
28 |
|
||
|
Accumulated deficit |
|
(690,955 |
) |
(576,528 |
) |
||
|
Total shareholders equity |
|
3,411,519 |
|
3,227,184 |
|
||
|
Total liabilities and shareholders equity |
|
$ |
4,550,594 |
|
$ |
4,527,700 |
|
8
Marvell Technology Group Ltd.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
|
|
|
Three Months Ended |
|
Year Ended |
|
|||||||||||
|
|
|
February 2, |
|
October 27, |
|
January 27, |
|
February 2, |
|
January 27, |
|
|||||
|
|
|
2008 |
|
2007 |
|
2007 |
|
2008 |
|
2007 |
|
|||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net income (loss) |
|
$ |
1,293 |
|
$ |
(6,436 |
) |
$ |
(140,585 |
) |
$ |
(114,427 |
) |
$ |
(12,095 |
) |
|
Adjustments to
reconcile net income (loss) to net cash provided |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cumulative effect of change in accounting principle, net |
|
|
|
|
|
|
|
|
|
(8,846 |
) |
|||||
|
Depreciation and amortization |
|
27,008 |
|
26,384 |
|
24,641 |
|
105,812 |
|
77,160 |
|
|||||
|
Stock-based compensation |
|
69,960 |
|
55,356 |
|
45,627 |
|
230,980 |
|
192,121 |
|
|||||
|
Amortization and write-off of acquired intangible assets |
|
43,810 |
|
37,311 |
|
37,826 |
|
155,734 |
|
109,987 |
|
|||||
|
Acquired in-process research and development |
|
|
|
|
|
77,800 |
|
|
|
77,800 |
|
|||||
|
Loss (gain) from disposal of assets |
|
3,300 |
|
|
|
|
|
(1,822 |
) |
|
|
|||||
|
Fair market
value adjustment to cost of goods sold from |
|
(5,348 |
) |
(26,273 |
) |
(37,593 |
) |
(109,262 |
) |
(37,593 |
) |
|||||
|
Termination of supply agreement |
|
(22,069 |
) |
|
|
|
|
(22,069 |
) |
|
|
|||||
|
Interest expense related to supply contract |
|
1,165 |
|
1,645 |
|
|
|
5,833 |
|
|
|
|||||
|
Deferred tax provision |
|
(16,778 |
) |
|
|
(2,224 |
) |
(16,778 |
) |
(2,224 |
) |
|||||
|
Excess tax benefits from stock-based compensation |
|
(199 |
) |
(65 |
) |
|
|
(499 |
) |
(889 |
) |
|||||
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Accounts receivable |
|
55,169 |
|
(28,230 |
) |
(34,048 |
) |
(1,763 |
) |
(83,100 |
) |
|||||
|
Inventories |
|
(43,441 |
) |
(70,086 |
) |
(26,214 |
) |
(202,275 |
) |
(15,908 |
) |
|||||
|
Prepaid expenses and other asset |
|
8,798 |
|
45,531 |
|
(61,369 |
) |
108,321 |
|
(113,159 |
) |
|||||
|
Accounts payable |
|
22,920 |
|
(53,441 |
) |
40,820 |
|
(8,187 |
) |
43,891 |
|
|||||
|
Accrued liabilities and other |
|
17,134 |
|
19,945 |
|
16,603 |
|
10,880 |
|
30,375 |
|
|||||
|
Accrued employee compensation |
|
(1,645 |
) |
9,642 |
|
34,251 |
|
8,852 |
|
33,484 |
|
|||||
|
Accrued facilities charge |
|
|
|
|
|
(571 |
) |
|
|
(571 |
) |
|||||
|
Income taxes payable |
|
9,032 |
|
(8,120 |
) |
1,100 |
|
4,840 |
|
30,192 |
|
|||||
|
Deferred income |
|
(6,872 |
) |
21,515 |
|
14,787 |
|
22,961 |
|
16,686 |
|
|||||
|
Net cash provided by (used in) operating activities |
|
163,237 |
|
24,678 |
|
(9,149 |
) |
177,131 |
|
337,311 |
|
|||||
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cash paid in acquisitions, net |
|
(12,846 |
) |
|
|
(609,889 |
) |
(19,987 |
) |
(892,867 |
) |
|||||
|
Purchases of short-term and long-term investments |
|
(96,979 |
) |
(52,256 |
) |
|
|
(262,886 |
) |
(266,938 |
) |
|||||
|
Sales and maturities of short-term and long-term investments |
|
110,390 |
|
70,495 |
|
7,929 |
|
230,906 |
|
812,831 |
|
|||||
|
Acquisition costs |
|
(132 |
) |
(70 |
) |
(4,799 |
) |
(1,340 |
) |
(9,032 |
) |
|||||
|
Purchases of investments |
|
|
|
(323 |
) |
|
|
(323 |
) |
|
|
|||||
|
Purchases of property and equipment |
|
(32,327 |
) |
(16,622 |
) |
(59,284 |
) |
(113,462 |
) |
(180,696 |
) |
|||||
|
Proceeds from sale of asset under construction |
|
|
|
|
|
|
|
5,122 |
|
|
|
|||||
|
Purchases of technology licenses |
|
(3,650 |
) |
(2,675 |
) |
|
|
(23,175 |
) |
(8,029 |
) |
|||||
|
Net cash used in investing activities |
|
(35,544 |
) |
(1,451 |
) |
(666,043 |
) |
(185,145 |
) |
(544,731 |
) |
|||||
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Proceeds from the issuance of common stock and other |
|
33,614 |
|
29,608 |
|
9,609 |
|
65,903 |
|
45,645 |
|
|||||
|
Proceeds from term loan obligations |
|
|
|
|
|
400,000 |
|
|
|
400,000 |
|
|||||
|
Principal payments on capital lease and debt obligations |
|
(1,159 |
) |
(1,778 |
) |
(5,850 |
) |
(10,748 |
) |
(19,537 |
) |
|||||
|
Excess tax benefits from stock-based compensation |
|
199 |
|
65 |
|
|
|
499 |
|
889 |
|
|||||
|
Net cash provided by financing activities |
|
32,654 |
|
27,895 |
|
403,759 |
|
55,654 |
|
426,997 |
|
|||||
|
Net increase (decrease) in cash and cash equivalents |
|
160,347 |
|
51,122 |
|
(271,433 |
) |
47,640 |
|
219,577 |
|
|||||
|
Cash and cash equivalents at beginning of period |
|
455,301 |
|
404,179 |
|
839,441 |
|
568,008 |
|
348,431 |
|
|||||
|
Cash and cash equivalents at end of period |
|
$ |
615,648 |
|
$ |
455,301 |
|
$ |
568,008 |
|
$ |
615,648 |
|
$ |
568,008 |
|
9