EX-99.1
Published on August 28, 2008
Exhibit 99.1
|
For further information, contact: |
|
|
|
Jeff Palmer |
|
Louise Kehoe |
|
Investor Relations |
|
Ogilvy PR/ Marvell |
|
408-222-8373 |
|
650-544-5070 |
|
jpalmer@marvell.com |
|
louise.kehoe@ogilvypr.com |
Marvell Technology Reports Fiscal Second Quarter Results
· F2Q09 Revenue: $843 Million, up 28% Year-on-Year
· F2Q09 Net Income: $71 Million (GAAP), $154 Million (non-GAAP)
· F2Q09 EPS: $0.11 (GAAP), $0.24 (non-GAAP)
· F2Q09 Free Cash Flow: $167 Million
Santa Clara, California (August 28, 2008) Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in storage, communications and consumer silicon solutions, today reported financial results for the second quarter of fiscal year 2009, ended August 2, 2008.
Net revenue for the second quarter of fiscal 2009 was $842.6 million, an increase of 28 percent over $656.7 million in the second quarter of fiscal 2008, ended July 28, 2007, and a 4.8 percent sequential increase from $804 million in the first quarter of fiscal 2009, ended May 3, 2008.
The results for our second quarter were better than we had anticipated. We demonstrated significant year over year revenue growth, sustained profitability and excellent free cash flow generation, said Dr. Sehat Sutardja, Marvell Chairman and Chief Executive Officer. We also continued to realize recurring benefits from our improved efficiency which combined with our revenue performance enabled us to achieve increased sequential growth in gross and operating margins.
Marvell reports net income (loss), basic and diluted net income (loss) per share in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis as outlined below. Reconciliations of GAAP net income (loss) to non-GAAP net income for the three and six months ended August 2, 2008 and July 28, 2007 appear in the financial statements below. Non-GAAP net income, where applicable, excludes the effect of stock-based compensation, amortization and write-offs of acquired intangible assets and restructuring costs.
GAAP net income was $71.4 million, or $0.11 per share (diluted), for the second quarter of fiscal 2009, compared with a GAAP net loss of $56.5 million, or a loss of $0.10 per share for the second quarter of fiscal 2008. In the first quarter of fiscal 2009 GAAP net income was $69.9 million, or $0.11 per share (diluted).
Non-GAAP net income increased to $154 million, or $0.24 per share (diluted) for the second quarter of fiscal 2009, a 288 percent increase compared with non-GAAP net income of $39.7 million, or $0.06 per share (diluted) for the second quarter of fiscal 2008 and an increase of 2 percent from non-GAAP net income of $150.4 million, or $0.24 per share (diluted) for the first quarter of fiscal 2009. Results for the first fiscal quarter of 2009 included one time benefits of $14.5 million, or approximately $0.02 per share.
Non-GAAP gross margin for the second quarter of fiscal 2009 was 52.3 percent, compared to non-GAAP gross margin of 52.0 percent for the first quarter of fiscal 2009 and non-GAAP gross margin of 49.4 percent for the second quarter of fiscal 2008.
Shares used to compute GAAP net income per share, for the second quarter of fiscal 2009 were 638 million shares (diluted), compared with 588 million shares in the second quarter of fiscal 2008 and 624 million shares (diluted) in the first quarter of fiscal 2009. Shares used to compute non-GAAP net income per diluted share for the second quarter of fiscal 2009 were 640 million shares compared with 630 million shares for the second quarter of fiscal 2008 and 624 million shares for the first quarter of fiscal 2009.
Cash flow from operations for the second quarter of fiscal 2009 was $183 million, up 40% sequentially from the $130 million reported in the first quarter of fiscal 2009. Free cash, defined as cash flow from operations, less investments in property, plant and equipment, was $167 million, up 67% sequentially from the $100 million reported in the first quarter of fiscal 2009.
Conference Call
Marvell will be conducting a conference call on August 28, 2008 at 1:45 p.m. PDT to discuss its second quarter of fiscal 2009 financial performance. The call is being webcast by Thomson/CCBN and can be accessed at Marvells web site at www.marvell.com. The conference call will also be available via the web at www.marvell.com. Please visit Marvells website, under the Investor Events section of the Investor Relations page. Replay on the Internet will be available until September 4, 2009.
2
Discussion of Non-GAAP Financial Measures
Non-GAAP net income consists of net income 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 Marvells core operating performance. Non-GAAP earnings per share is calculated by dividing non-GAAP net income by non-GAAP weighted average shares outstanding (diluted). For purposes of calculating non-GAAP earnings per share, the GAAP weighted average shares outstanding (diluted) is adjusted to exclude the potential benefits of compensation costs expected to be incurred in future periods, but not yet recognized in the financial statements. The expected compensation costs are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method and also include 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 Marvells Current Report on Form 8-K filed today with the SEC. The Form 8-K is available on the SECs website at www.sec.gov as well as on the Marvell website in the Investor Relations section at www.marvell.com.
3
About Marvell
Marvell Technology (NASDAQ: MRVL) is a leader in the development of storage, communications and consumer silicon solutions. Marvells 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. For more information visit www.marvell.com
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties concerning the Companys use of non-GAAP net income and net income per share as important supplemental information. Actual events or results may differ materially from those described in this document due to a number of risks and uncertainties. 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, including the Companys reliance on major customers and suppliers; market acceptance of new products; and other risks detailed in Marvells SEC filings. When Marvell files its Form 10-Q for the second quarter of fiscal 2009, 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 SEC and other factors detailed from time to time in Marvells filings with the SEC. Marvell undertakes no obligation to revise or update publicly any forward-looking statements.
4
Marvell Technology Group Ltd.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||
|
|
|
August 2, |
|
May 3, |
|
July 28, |
|
August 2, |
|
July 28, |
|
|||||
|
|
|
2008 |
|
2008 |
|
2007 |
|
2008 |
|
2007 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net revenue |
|
$ |
842,575 |
|
$ |
804,075 |
|
$ |
656,711 |
|
$ |
1,646,650 |
|
$ |
1,291,761 |
|
|
Cost of goods sold |
|
405,913 |
|
388,842 |
|
335,530 |
|
794,755 |
|
662,947 |
|
|||||
|
Gross profit |
|
436,662 |
|
415,233 |
|
321,181 |
|
851,895 |
|
628,814 |
|
|||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Research and development and other |
|
249,714 |
|
238,475 |
|
236,194 |
|
488,189 |
|
470,327 |
|
|||||
|
Selling and marketing |
|
41,834 |
|
46,088 |
|
53,942 |
|
87,922 |
|
104,334 |
|
|||||
|
General and administrative |
|
30,989 |
|
12,951 |
|
33,775 |
|
43,940 |
|
57,763 |
|
|||||
|
Amortization of acquired intangible assets |
|
34,988 |
|
35,247 |
|
37,293 |
|
70,235 |
|
74,613 |
|
|||||
|
Total operating expenses |
|
357,525 |
|
332,761 |
|
361,204 |
|
690,286 |
|
707,037 |
|
|||||
|
Operating income (loss) |
|
79,137 |
|
82,472 |
|
(40,023 |
) |
161,609 |
|
(78,223 |
) |
|||||
|
Interest and other income (expense), net |
|
(2,690 |
) |
(3,959 |
) |
(6,814 |
) |
(6,649 |
) |
(15,470 |
) |
|||||
|
Income (loss) before income taxes |
|
76,447 |
|
78,513 |
|
(46,837 |
) |
154,960 |
|
(93,693 |
) |
|||||
|
Provision for income taxes |
|
5,080 |
|
8,574 |
|
9,619 |
|
13,654 |
|
15,591 |
|
|||||
|
Net income (loss) |
|
$ |
71,367 |
|
$ |
69,939 |
|
$ |
(56,456 |
) |
141,306 |
|
(109,284 |
) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Basic net income (loss) per share |
|
$ |
0.12 |
|
$ |
0.12 |
|
$ |
(0.10 |
) |
$ |
0.23 |
|
$ |
(0.19 |
) |
|
Diluted net income (loss) per share |
|
$ |
0.11 |
|
$ |
0.11 |
|
$ |
(0.10 |
) |
$ |
0.22 |
|
$ |
(0.19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Shares used in computing basic earnings per share |
|
606,860 |
|
601,222 |
|
587,534 |
|
604,041 |
|
587,480 |
|
|||||
|
Shares used in computing diluted earnings per share |
|
637,832 |
|
624,351 |
|
587,534 |
|
631,091 |
|
587,480 |
|
|||||
5
Marvell Technology Group Ltd.
Reconciliation of Non-GAAP Adjustments
(Unaudited)
(In thousands, except per share amounts)
|
|
|
Three Months Ended |
|
Three Months Ended |
|
||||||||||||||
|
|
|
August 2, 2008 |
|
July 28, 2007 |
|
||||||||||||||
|
|
|
GAAP |
|
Adjustments |
|
Non-GAAP |
|
GAAP |
|
Adjustments |
|
Non-GAAP |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net revenue |
|
$ |
842,575 |
|
$ |
|
|
$ |
842,575 |
|
$ |
656,711 |
|
$ |
|
|
$ |
656,711 |
|
|
Cost of goods sold |
|
405,913 |
|
3,755 |
(a) |
402,158 |
|
335,530 |
|
3,275 |
(a) |
332,255 |
|
||||||
|
Gross profit |
|
436,662 |
|
3,755 |
|
440,417 |
|
321,181 |
|
3,275 |
|
324,456 |
|
||||||
|
Gross margin |
|
51.8 |
% |
|
|
52.3 |
% |
48.9 |
% |
|
|
49.4 |
% |
||||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Research and development and other |
|
249,714 |
|
32,998 |
(a) |
216,716 |
|
236,194 |
|
34,591 |
(a) |
201,603 |
|
||||||
|
Selling and marketing |
|
41,834 |
|
6,159 |
(a) |
35,675 |
|
53,942 |
|
10,977 |
(a) |
42,965 |
|
||||||
|
General and administrative |
|
30,989 |
|
4,715 |
(a) |
26,274 |
|
33,775 |
|
10,033 |
(a) |
23,742 |
|
||||||
|
Amortization of acquired intangible assets |
|
34,988 |
|
34,988 |
(b) |
|
|
37,293 |
|
37,293 |
(b) |
|
|
||||||
|
Total operating expenses |
|
357,525 |
|
78,860 |
|
278,665 |
|
361,204 |
|
92,894 |
|
268,310 |
|
||||||
|
Operating income (loss) |
|
79,137 |
|
82,615 |
|
161,752 |
|
(40,023 |
) |
96,169 |
|
56,146 |
|
||||||
|
Interest and other income (expense), net |
|
(2,690 |
) |
|
|
(2,690 |
) |
(6,814 |
) |
|
|
(6,814 |
) |
||||||
|
Income (loss) before income taxes |
|
76,447 |
|
82,615 |
|
159,062 |
|
(46,837 |
) |
96,169 |
|
49,332 |
|
||||||
|
Provision for income taxes |
|
5,080 |
|
|
|
5,080 |
|
9,619 |
|
|
|
9,619 |
|
||||||
|
Net income (loss) |
|
$ |
71,367 |
|
$ |
82,615 |
|
$ |
153,982 |
|
$ |
(56,456 |
) |
$ |
96,169 |
|
$ |
39,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Basic net income (loss) per share |
|
$ |
0.12 |
|
|
|
$ |
0.25 |
|
$ |
(0.10 |
) |
|
|
$ |
0.07 |
|
||
|
Diluted net income (loss) per share |
|
$ |
0.11 |
|
|
|
$ |
0.24 |
|
$ |
(0.10 |
) |
|
|
$ |
0.06 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Shares used in computing basic earnings per share |
|
606,860 |
|
|
|
606,860 |
|
587,534 |
|
|
|
587,534 |
|
||||||
|
Shares used in computing diluted earnings per share |
|
637,832 |
|
|
|
640,147 |
|
587,534 |
|
|
|
630,258 |
|
||||||
|
(a) Consists of |
|
|
||||
|
|
|
For three months ending August 2, 2008, employee stock-based compensation expense of $3,755 cost of goods sold, |
||||
|
|
|
$32,998 research and development, $6,159 selling and marketing and $4,715 general and administrative |
||||
|
|
|
|
||||
|
|
|
For three months ending July 28, 2007, employee stock-based compensation expense of $3,275 cost of goods sold, |
||||
|
|
|
$34,591 research and development, $10,977 selling and marketing and $10,033 general and administrative |
||||
|
|
|
|
||||
|
(b) Consists of |
|
|
||||
|
|
|
For three months ending August 2, 2008, amortization of intangible assets of $34,988 resulting from prior acquisitions |
||||
|
|
|
For three months ending July 28, 2007, amortization of intangible assets of $37,293 resulting from prior acquisitions |
||||
6
Marvell Technology Group Ltd.
Reconciliation of Non-GAAP Adjustments
(Unaudited)
(In thousands, except per share amounts)
|
|
|
Six Months Ended |
|
Six Months Ended |
|
|||||||||||||||
|
|
|
August 2, 2008 |
|
July 28, 2007 |
|
|||||||||||||||
|
|
|
GAAP |
|
Adjustments |
|
Non-GAAP |
|
GAAP |
|
Adjustments |
|
Non-GAAP |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Net revenue |
|
$ |
1,646,650 |
|
$ |
|
|
$ |
1,646,650 |
|
$ |
1,291,761 |
|
$ |
|
|
$ |
1,291,761 |
|
|
|
Cost of goods sold |
|
794,755 |
|
6,828 |
(a) |
787,927 |
|
662,947 |
|
6,293 |
|
656,654 |
|
|||||||
|
Gross profit |
|
851,895 |
|
6,828 |
|
858,723 |
|
628,814 |
|
6,293 |
|
635,107 |
|
|||||||
|
Gross margin |
|
51.7 |
% |
|
|
52.1 |
% |
48.7 |
% |
|
|
49.2 |
% |
|||||||
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Research and development and other |
|
488,189 |
|
62,930 |
(a) |
425,259 |
|
470,327 |
|
66,633 |
(a) |
403,694 |
|
|||||||
|
Selling and marketing |
|
87,922 |
|
13,507 |
(a) |
74,415 |
|
104,334 |
|
18,148 |
(a) |
86,186 |
|
|||||||
|
General and administrative |
|
43,940 |
|
9,588 |
(a) |
34,352 |
|
57,763 |
|
14,590 |
(a) |
43,173 |
|
|||||||
|
Amortization of acquired intangible assets |
|
70,235 |
|
70,235 |
(b) |
|
|
74,613 |
|
74,613 |
(b) |
|
|
|||||||
|
Total operating expenses |
|
690,286 |
|
156,260 |
|
534,026 |
|
707,037 |
|
173,984 |
|
533,053 |
|
|||||||
|
Operating income (loss) |
|
161,609 |
|
163,088 |
|
324,697 |
|
(78,223 |
) |
180,277 |
|
102,054 |
|
|||||||
|
Interest and other income (expense), net |
|
(6,649 |
) |
|
|
(6,649 |
) |
(15,470 |
) |
|
|
(15,470 |
) |
|||||||
|
Income (loss) before income taxes |
|
154,960 |
|
163,088 |
|
318,048 |
|
(93,693 |
) |
180,277 |
|
86,584 |
|
|||||||
|
Provision for income taxes |
|
13,654 |
|
|
|
13,654 |
|
15,591 |
|
|
|
15,591 |
|
|||||||
|
Net income (loss) |
|
$ |
141,306 |
|
$ |
163,088 |
|
$ |
304,394 |
|
$ |
(109,284 |
) |
$ |
180,277 |
|
$ |
70,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Basic net income (loss) per share |
|
$ |
0.23 |
|
|
|
$ |
0.50 |
|
$ |
(0.19 |
) |
|
|
$ |
0.12 |
|
|||
|
Diluted net income (loss) per share |
|
$ |
0.22 |
|
|
|
$ |
0.48 |
|
$ |
(0.19 |
) |
|
|
$ |
0.11 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Shares used in computing basic earnings per share |
|
604,041 |
|
|
|
604,041 |
|
587,480 |
|
|
|
587,480 |
|
|||||||
|
Shares used in computing diluted earnings per share |
|
631,091 |
|
|
|
632,294 |
|
587,480 |
|
|
|
632,010 |
|
|||||||
|
(a) Consists of |
|
|
||||
|
|
|
For six months ending August 2, 2008, employee stock-based compensation expense of $6,828 cost of goods sold, |
||||
|
|
|
$62,930 research and development, $13,507 selling and marketing and $9,588 general and administrative |
||||
|
|
|
|
||||
|
|
|
For six months ending July 28, 2007, employee stock-based compensation expense of $6,293 cost of goods sold, |
||||
|
|
|
$66,633 research and development, $18,148 selling and marketing and $14,590 general and administrative |
||||
|
|
|
|
||||
|
(b) Consists of |
|
|
||||
|
|
|
For six months ending August 2, 2008, amortization of intangible assets of $70,235 resulting from prior acquisitions |
||||
|
|
|
For six months ending July 28, 2007, amortization of intangible assets of $74,613 resulting from prior acquisitions |
||||
7
Marvell Technology Group Ltd.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
|
|
|
August 2, |
|
February 2, |
|
||
|
|
|
2008 |
|
2008 |
|
||
|
Assets |
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
||
|
Cash, cash equivalents and short-term investments |
|
$ |
888,898 |
|
$ |
630,903 |
|
|
Accounts receivable, net |
|
470,646 |
|
332,020 |
|
||
|
Inventory |
|
326,924 |
|
419,493 |
|
||
|
Prepaid expenses and other current assets |
|
94,103 |
|
121,325 |
|
||
|
Total current assets |
|
1,780,571 |
|
1,503,741 |
|
||
|
Property and equipment, net |
|
412,988 |
|
416,241 |
|
||
|
Long-term investments |
|
40,293 |
|
45,628 |
|
||
|
Goodwill and acquired intangible assets |
|
2,357,606 |
|
2,427,877 |
|
||
|
Other non-current assets |
|
132,627 |
|
157,107 |
|
||
|
Total assets |
|
$ |
4,724,085 |
|
$ |
4,550,594 |
|
|
|
|
|
|
|
|
||
|
Liabilities and Shareholders Equity |
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
||
|
Accounts payable |
|
$ |
237,039 |
|
$ |
231,135 |
|
|
Accrued liabilities |
|
217,629 |
|
241,062 |
|
||
|
Income taxes payable |
|
37,008 |
|
39,132 |
|
||
|
Deferred income |
|
62,005 |
|
69,420 |
|
||
|
Current portion of capital lease obligations |
|
1,933 |
|
2,463 |
|
||
|
Total current liabilities |
|
555,614 |
|
583,212 |
|
||
|
Capital lease obligations |
|
3,363 |
|
4,238 |
|
||
|
Term loan obligations |
|
288,750 |
|
390,750 |
|
||
|
Other long-term liabilities |
|
169,666 |
|
160,875 |
|
||
|
Total liabilities |
|
1,017,393 |
|
1,139,075 |
|
||
|
|
|
|
|
|
|
||
|
Shareholders equity: |
|
|
|
|
|
||
|
Common stock |
|
1,221 |
|
1,200 |
|
||
|
Additional paid-in capital |
|
4,256,384 |
|
4,100,659 |
|
||
|
Accumulated other comprehensive income (loss) |
|
(1,264 |
) |
615 |
|
||
|
Accumulated deficit |
|
(549,649 |
) |
(690,955 |
) |
||
|
Total shareholders equity |
|
3,706,692 |
|
3,411,519 |
|
||
|
Total liabilities and shareholders equity |
|
$ |
4,724,085 |
|
$ |
4,550,594 |
|
8
Marvell Technology Group Ltd.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
|
|
|
Six Months Ended |
|
||||
|
|
|
August 2, |
|
July 28, |
|
||
|
|
|
2008 |
|
2007 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
||
|
Net income (loss) |
|
$ |
141,306 |
|
$ |
(109,284 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
||
|
Depreciation and amortization |
|
56,650 |
|
52,420 |
|
||
|
Stock-based compensation |
|
92,853 |
|
105,664 |
|
||
|
Amortization of acquired intangible assets |
|
70,235 |
|
74,613 |
|
||
|
Loss from disposal of assets |
|
|
|
(5,122 |
) |
||
|
Fair market value adjustment to Intel inventory sold |
|
(10,757 |
) |
(77,641 |
) |
||
|
Interest expense related to supply contract |
|
|
|
3,023 |
|
||
|
Excess tax benefits from stock-based compensation |
|
(494 |
) |
(235 |
) |
||
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
|
||
|
Restricted cash |
|
(24,500 |
) |
|
|
||
|
Accounts receivable |
|
(138,626 |
) |
(28,702 |
) |
||
|
Inventories |
|
103,327 |
|
(88,748 |
) |
||
|
Prepaid expenses and other assets |
|
42,810 |
|
53,992 |
|
||
|
Accounts payable |
|
5,878 |
|
22,334 |
|
||
|
Accrued liabilities and other |
|
(33,999 |
) |
(26,199 |
) |
||
|
Accrued employee compensation |
|
9,995 |
|
855 |
|
||
|
Income taxes payable |
|
5,814 |
|
3,928 |
|
||
|
Deferred income |
|
(7,415 |
) |
8,318 |
|
||
|
Net cash provided by (used in) operating activities |
|
313,077 |
|
(10,784 |
) |
||
|
Cash flows from investing activities: |
|
|
|
|
|
||
|
Cash paid in acquisitions, net |
|
|
|
(7,141 |
) |
||
|
Purchases of short-term and long-term investments |
|
(10,172 |
) |
(113,651 |
) |
||
|
Sales and maturities of short-term and long-term investments |
|
23,793 |
|
50,021 |
|
||
|
Acquisition costs |
|
|
|
(1,138 |
) |
||
|
Purchases of property and equipment |
|
(46,532 |
) |
(64,513 |
) |
||
|
Purchases of technology licenses |
|
(1,250 |
) |
(16,850 |
) |
||
|
Proceeds from sale of assets under construction |
|
|
|
5,122 |
|
||
|
Net cash used in investing activities |
|
(34,161 |
) |
(148,150 |
) |
||
|
Cash flows from financing activities: |
|
|
|
|
|
||
|
Proceeds from the issuance of common stock and other |
|
67,656 |
|
2,681 |
|
||
|
Principal payments on capital lease and debt obligations |
|
(103,405 |
) |
(7,811 |
) |
||
|
Excess tax benefits from stock-based compensation |
|
494 |
|
235 |
|
||
|
Net cash used in financing activities |
|
(35,255 |
) |
(4,895 |
) |
||
|
Net increase (decrease) in cash and cash equivalents |
|
243,661 |
|
(163,829 |
) |
||
|
Cash and cash equivalents at beginning of period |
|
615,648 |
|
568,008 |
|
||
|
Cash and cash equivalents at end of period |
|
$ |
859,309 |
|
$ |
404,179 |
|
9