MILPITAS, Calif.--(BUSINESS WIRE)--SanDisk Corporation (NASDAQ:SNDK), a global leader in flash memory storage solutions, today announced results for the fourth quarter and fiscal year ended January 1, 2012. Total fourth quarter revenue of $1.58 billion increased 19% on a year-over-year basis and increased 11% on a sequential basis. Total revenue for fiscal 2011 of $5.66 billion increased 17% from $4.83 billion in fiscal 2010.
On a GAAP(1) basis, fourth quarter net income was $281 million, or $1.14 per diluted share, compared to net income of $485 million, or $2.01, per diluted share in the fourth quarter of fiscal 2010 and $233 million, or $0.96 per diluted share, in the third quarter of fiscal 2011. Net income for fiscal 2011 was $987 million, or $4.04 per diluted share.
On a non-GAAP(2) basis, fourth-quarter net income was $317 million, or $1.29 per diluted share, compared to net income of $307 million, or $1.27 per diluted share, in the fourth quarter of fiscal 2010 and net income of $292 million, or $1.20 per diluted share, in the third quarter of fiscal 2011. Net income for fiscal 2011 was $1.14 billion, or $4.65 per diluted share. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.
“We are pleased to deliver record quarterly and annual revenues with robust profitability,” said Sanjay Mehrotra, President and CEO. “The secular demand trends for NAND flash remain vibrant and we are particularly excited about the new growth opportunities for our business in the Enterprise and Client Computing markets.”
FOURTH QUARTER 2011 KEY FINANCIAL METRICS
|
Metric
in millions of US$, except % |
GAAP | Non-GAAP | ||||||||||||||||
| Q411 | Q410 | Q311 | Q411 | Q410 | Q311 | |||||||||||||
| Revenue | $1,577 | $1,327 | $1,416 | $1,577 | $1,327 | $1,416 | ||||||||||||
|
Gross Profit
% of revenue |
$662
42.0% |
$576
43.4% |
$612
43.2% |
$676
42.9% |
$580
43.7% |
$627
44.3% |
||||||||||||
|
Operating Income
% of revenue |
$416
26.4% |
$357
26.9% |
$386
27.3% |
$449
28.5% |
$385
29.0% |
$417
29.4% |
||||||||||||
- Cash flow from operations in the fourth quarter of fiscal 2011 was $210 million and free cash flow(3) was $299 million.
- Total cash and cash equivalents and short and long-term marketable securities at the end of the fourth quarter of fiscal 2011 were $5.62 billion compared to $5.34 billion at the end of the fourth quarter of fiscal 2010 and $5.27 billion at the end of the third quarter of fiscal 2011.
FISCAL 2011 KEY FINANCIAL METRICS
|
Metric
in millions of US$, except % |
GAAP | Non-GAAP | ||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||
| Revenue | $5,662 | $4,827 | $5,662 | $4,827 | ||||||||
|
Gross Profit
% of revenue |
$2,439
43.1% |
$2,262
46.9% |
$2,484
43.9% |
$2,280
47.2% |
||||||||
|
Operating Income
% of revenue |
$1,530
27.0% |
$1,462
30.3% |
$1,637
28.9% |
$1,553
32.2% |
||||||||
- Cash flow from operations in fiscal 2011 was $1.05 billion and free cash flow(3) was $377 million.
CONFERENCE CALL
SanDisk’s fourth quarter of fiscal 2011 conference call is scheduled for 2:00 P.M., Pacific Time, Wednesday, January 25, 2012. The conference call will be webcast and can be accessed live, and throughout the quarter, at SanDisk’s website at http://www.sandisk.com/IR. To participate in the call via telephone, the dial-in number is 719-457-1036 and the dial-in password is 5300014. A copy of this press release will be furnished to the Securities and Exchange Commission on a current report on Form 8-K and will be posted to our website prior to the conference call.
FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking statements, including statements about our business prospects and our expectations regarding our business, demand trends and expected growth, including in the Enterprise and Client Computing markets, that are based on our current expectations and are subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate and may significantly harm our business, financial condition and results of operations. Risks that may cause these forward-looking statements to be inaccurate include among others:
- competitive pricing pressures, resulting in lower average selling prices and lower or negative product gross margins;
- unpredictable or changing demand for our products, particularly for certain form factors, such as embedded flash memory, or capacities, or the mix of X2 and X3 technologies;
- excess captive memory output or capacity which could result in write-downs for excess inventory, lower of cost or market charges, fixed costs associated with under-utilized capacity, or other consequences;
- increased memory component and other costs as a result of currency exchange rate fluctuations to the U.S. dollar, particularly with respect to the Japanese yen;
- lower than anticipated demand, including due to general economic weakness in our markets;
- expansion of industry supply, including low-grade supply useable in limited markets, creating excess supply, causing our average selling prices to decline faster than our costs;
- insufficient supply from captive flash memory sources, inability to obtain non-captive flash memory supply of the right product mix and quality in the time frame necessary to meet demand, or inability to realize a positive margin on non-captive purchases; and
- the other risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our Quarterly Report on Form 10-Q for the fiscal quarter ended October 2, 2011.
(1) GAAP represents U.S. Generally Accepted Accounting Principles.
(2) Non-GAAP represents GAAP excluding the impact of share-based compensation expense, amortization of acquisition-related intangible assets, non-cash economic interest expense associated with the convertible debts, non-cash change in fair value of the liability component of the repurchased portion of the convertible debt, and related tax adjustments.
(3) Free cash flow represents net cash provided by operating activities plus net cash used in investing activities excluding net purchases, sales and maturities of short and long-term marketable securities.
ABOUT SANDISK
SanDisk Corporation is a global leader in flash memory storage solutions, from research and development, product design and manufacturing to branding and distribution for OEM and retail channels. Since 1988, SanDisk’s innovations in flash memory and storage system technologies have provided customers with new and transformational digital experiences. SanDisk’s diverse product portfolio includes flash memory cards and embedded solutions used in smart phones, tablets, digital cameras, camcorders, digital media players and other consumer electronic devices, as well as USB flash drives and solid-state drives (SSD) for the computing market. SanDisk’s products are used by consumers and enterprise customers around the world.
SanDisk is a Silicon Valley-based S&P 500 and Fortune 500 company, with more than half its sales outside the United States. For more information, visit www.sandisk.com.
SanDisk and the SanDisk logo are trademarks of SanDisk Corporation, registered in the United States and other countries. Other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).
| SanDisk Corporation | |||||||||||||||
| Preliminary Condensed Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except per share amounts, unaudited) | |||||||||||||||
| Three months ended | Twelve months ended | ||||||||||||||
| January 1, 2012 | January 2, 2011 | January 1, 2012 | January 2, 2011 | ||||||||||||
| Revenues: | |||||||||||||||
| Product | $ | 1,473,444 | $ | 1,240,827 | $ | 5,287,555 | $ | 4,462,930 | |||||||
| License and royalty | 103,476 | 86,576 | 374,590 | 363,877 | |||||||||||
| Total revenues | 1,576,920 | 1,327,403 | 5,662,145 | 4,826,807 | |||||||||||
| Cost of product revenues | 901,993 | 747,985 | 3,183,257 | 2,552,188 | |||||||||||
| Amortization of acquisition-related intangible assets | 13,186 | 3,133 | 39,742 | 12,529 | |||||||||||
| Total cost of product revenues | 915,179 | 751,118 | 3,222,999 | 2,564,717 | |||||||||||
| Gross profit | 661,741 | 576,285 | 2,439,146 | 2,262,090 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 147,228 | 112,592 | 547,373 | 422,562 | |||||||||||
| Sales and marketing | 55,227 | 58,812 | 199,422 | 209,797 | |||||||||||
| General and administrative | 41,746 | 47,838 | 157,766 | 166,485 | |||||||||||
| Amortization of acquisition-related intangible assets | 1,877 |
- |
4,485 | 1,672 | |||||||||||
| Total operating expenses | 246,078 | 219,242 | 909,046 | 800,516 | |||||||||||
| Operating income | 415,663 | 357,043 | 1,530,100 | 1,461,574 | |||||||||||
| Other income (expense) | 2,871 | (9,935 | ) | (53,346 | ) | (4,141 | ) | ||||||||
| Income before income taxes | 418,534 | 347,108 | 1,476,754 | 1,457,433 | |||||||||||
| Provision for (benefit from) income taxes | 137,311 | (138,357 | ) | 489,764 | 157,291 | ||||||||||
| Net income | $ | 281,223 | $ | 485,465 | $ | 986,990 | $ | 1,300,142 | |||||||
| Net income per share: | |||||||||||||||
| Basic | $ | 1.16 | $ | 2.06 | $ | 4.12 | $ | 5.59 | |||||||
| Diluted | $ | 1.14 | $ | 2.01 | $ | 4.04 | $ | 5.44 | |||||||
| Shares used in computing net income per share: | |||||||||||||||
| Basic | 241,775 | 235,231 | 239,484 | 232,531 | |||||||||||
| Diluted | 246,543 | 241,034 | 244,553 | 238,901 | |||||||||||
| SanDisk Corporation | ||||||||||||||||
| Reconciliation of Preliminary GAAP to Non-GAAP Operating Results (1) | ||||||||||||||||
| (in thousands, except per share data, unaudited) | ||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| January 1, 2012 | January 2, 2011 | January 1, 2012 | January 2, 2011 | |||||||||||||
| SUMMARY RECONCILIATION OF NET INCOME | ||||||||||||||||
| GAAP NET INCOME | $ | 281,223 | $ | 485,465 | $ | 986,990 | $ | 1,300,142 | ||||||||
| Share-based compensation (a) | 18,432 | 24,799 | 63,110 | 77,590 | ||||||||||||
| Amortization of acquisition-related intangible assets (b) | 15,063 | 3,133 | 44,227 | 14,201 | ||||||||||||
| Convertible debt interest (c) (d) | 21,316 | 22,786 | 111,354 | 68,898 | ||||||||||||
| Income tax adjustments (e) | (18,893 | ) | (229,555 | ) | (67,673 | ) | (360,508 | ) | ||||||||
| NON-GAAP NET INCOME | $ | 317,141 | $ | 306,628 | $ | 1,138,008 | $ | 1,100,323 | ||||||||
| GAAP COST OF PRODUCT REVENUES | $ | 915,179 | $ | 751,118 | $ | 3,222,999 | $ | 2,564,717 | ||||||||
| Share-based compensation (a) | (1,358 | ) | (849 | ) | (4,674 | ) | (5,821 | ) | ||||||||
| Amortization of acquisition-related intangible assets (b) | (13,186 | ) | (3,133 | ) | (39,742 | ) | (12,529 | ) | ||||||||
| NON-GAAP COST OF PRODUCT REVENUES | $ | 900,635 | $ | 747,136 | $ | 3,178,583 | $ | 2,546,367 | ||||||||
| GAAP GROSS PROFIT | $ | 661,741 | $ | 576,285 | $ | 2,439,146 | $ | 2,262,090 | ||||||||
| Share-based compensation (a) | 1,358 | 849 | 4,674 | 5,821 | ||||||||||||
| Amortization of acquisition-related intangible assets (b) | 13,186 | 3,133 | 39,742 | 12,529 | ||||||||||||
| NON-GAAP GROSS PROFIT | $ | 676,285 | $ | 580,267 | $ | 2,483,562 | $ | 2,280,440 | ||||||||
| GAAP RESEARCH AND DEVELOPMENT EXPENSES | $ | 147,228 | $ | 112,592 | $ | 547,373 | $ | 422,562 | ||||||||
| Share-based compensation (a) | (10,929 | ) | (6,317 | ) | (34,177 | ) | (26,292 | ) | ||||||||
| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES | $ | 136,299 | $ | 106,275 | $ | 513,196 | $ | 396,270 | ||||||||
| GAAP SALES AND MARKETING EXPENSES | $ | 55,227 | $ | 58,812 | $ | 199,422 | $ | 209,797 | ||||||||
| Share-based compensation (a) | (2,847 | ) | (2,634 | ) | (10,593 | ) | (10,934 | ) | ||||||||
| NON-GAAP SALES AND MARKETING EXPENSES | $ | 52,380 | $ | 56,178 | $ | 188,829 | $ | 198,863 | ||||||||
| GAAP GENERAL AND ADMINISTRATIVE EXPENSES | $ | 41,746 | $ | 47,838 | $ | 157,766 | $ | 166,485 | ||||||||
| Share-based compensation (a) | (3,298 | ) | (14,999 | ) | (13,666 | ) | (34,543 | ) | ||||||||
| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSES | $ | 38,448 | $ | 32,839 | $ | 144,100 | $ | 131,942 | ||||||||
| GAAP TOTAL OPERATING EXPENSES | $ | 246,078 | $ | 219,242 | $ | 909,046 | $ | 800,516 | ||||||||
| Share-based compensation (a) | (17,074 | ) | (23,950 | ) | (58,436 | ) | (71,769 | ) | ||||||||
| Amortization of acquisition-related intangible assets (b) | (1,877 | ) | - | (4,485 | ) | (1,672 | ) | |||||||||
| NON-GAAP TOTAL OPERATING EXPENSES | $ | 227,127 | $ | 195,292 | $ | 846,125 | $ | 727,075 | ||||||||
| GAAP OPERATING INCOME | $ | 415,663 | $ | 357,043 | $ | 1,530,100 | $ | 1,461,574 | ||||||||
| Cost of product revenues adjustments (a) (b) | 14,544 | 3,982 | 44,416 | 18,350 | ||||||||||||
| Operating expense adjustments (a) (b) | 18,951 | 23,950 | 62,921 | 73,441 | ||||||||||||
| NON-GAAP OPERATING INCOME | $ | 449,158 | $ | 384,975 | $ | 1,637,437 | $ | 1,553,365 | ||||||||
| GAAP OTHER INCOME (EXPENSE) | $ | 2,871 | $ | (9,935 | ) | $ | (53,346 | ) | $ | (4,141 | ) | |||||
| Convertible debt interest (c) (d) | 21,316 | 22,786 | 111,354 | 68,898 | ||||||||||||
| NON-GAAP OTHER INCOME (EXPENSE) | $ | 24,187 | $ | 12,851 | $ | 58,008 | $ | 64,757 | ||||||||
| GAAP NET INCOME | $ | 281,223 | $ | 485,465 | $ | 986,990 | $ | 1,300,142 | ||||||||
| Cost of product revenues adjustments (a) (b) | 14,544 | 3,982 | 44,416 | 18,350 | ||||||||||||
| Operating expense adjustments (a) (b) | 18,951 | 23,950 | 62,921 | 73,441 | ||||||||||||
| Convertible debt interest (c) (d) | 21,316 | 22,786 | 111,354 | 68,898 | ||||||||||||
| Income tax adjustments (e) | (18,893 | ) | (229,555 | ) | (67,673 | ) | (360,508 | ) | ||||||||
| NON-GAAP NET INCOME | $ | 317,141 | $ | 306,628 | $ | 1,138,008 | $ | 1,100,323 | ||||||||
| Diluted net income per share: | ||||||||||||||||
| GAAP | $ | 1.14 | $ | 2.01 | $ | 4.04 | $ | 5.44 | ||||||||
| Non-GAAP | $ | 1.29 | $ | 1.27 | $ | 4.65 | $ | 4.60 | ||||||||
| Shares used in computing diluted net income per share: | ||||||||||||||||
| GAAP | 246,543 | 241,034 | 244,553 | 238,901 | ||||||||||||
| Non-GAAP | 246,595 | 241,059 | 244,568 | 239,042 | ||||||||||||
| SanDisk Corporation | ||||
| Reconciliation of Preliminary GAAP to Non-GAAP Operating Results (1) | ||||
| (1) | To supplement our condensed consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), we use non-GAAP measures of operating results, net income and net income per share, which are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-GAAP financial measures are provided to enhance the user's overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because it is consistent with the financial models and estimates published by many analysts who follow the Company. For example, because the non-GAAP results exclude the expenses we recorded for share-based compensation, amortization of acquisition-related intangible assets related to acquisitions of Matrix Semiconductor, Inc. in January 2006, MusicGremlin, Inc. in June 2008 and Pliant Technology, Inc. in May 2011, non-cash economic interest expense associated with the convertible debt, non-cash change in fair value of the liability component of the repurchased portion of the convertible debt, and tax valuation allowances, we believe the inclusion of non-GAAP financial measures provide consistency in our financial reporting. These non-GAAP results are some of the primary indicators management uses for assessing our performance, allocating resources and planning and forecasting future periods. Further, management uses non-GAAP information that excludes certain non-cash charges, such as amortization of purchased intangible assets, share-based compensation, non-cash economic interest expense associated with our convertible debt, non-cash change in fair value of the liability component of the repurchased portion of the convertible debt, and tax valuation allowances, as these non-GAAP charges do not reflect the cash operating results of the business or the ongoing results. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. These non-GAAP measures may be different than the non-GAAP measures used by other companies. | |||
| (a) | Share-based compensation expense. | |||
| (b) | Amortization of acquisition-related intangible assets, primarily core technology, developed technology, customer relationships and trademarks related to the acquisitions of Matrix Semiconductor, Inc. (January 2006), MusicGremlin, Inc. (June 2008) and Pliant Technology, Inc. (May 2011). | |||
| (c) | Incremental interest expense relating to the non-cash economic interest expense associated with the Company's 1% Sr. Convertible Notes due 2013 and 1.5% Sr. Convertible Notes due 2017. | |||
| (d) | Year-to-date fiscal 2011 convertible debt interest includes the non-cash change in fair value of the liability component of the repurchased portion of the 1% Sr. Convertible Notes due 2013. | |||
| (e) | Income taxes associated with certain non-GAAP to GAAP adjustments and valuation allowances on deferred taxes. | |||
| SanDisk Corporation | ||||||||
| Preliminary Condensed Consolidated Balance Sheets | ||||||||
| (in thousands, unaudited) | ||||||||
| January 1, 2012 | January 2, 2011 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,167,496 | $ | 829,149 | ||||
| Short-term marketable securities | 1,681,492 | 2,018,565 | ||||||
| Accounts receivable from product revenues, net | 521,763 | 367,784 | ||||||
| Inventory | 678,382 | 509,585 | ||||||
| Deferred taxes | 100,409 | 104,582 | ||||||
| Other current assets | 206,419 | 203,027 | ||||||
| Total current assets | 4,355,961 | 4,032,692 | ||||||
| Long-term marketable securities | 2,766,263 | 2,494,972 | ||||||
| Property and equipment, net | 344,897 | 266,721 | ||||||
| Notes receivable and investments in flash ventures with Toshiba | 1,943,295 | 1,733,491 | ||||||
| Deferred taxes | 199,027 | 149,486 | ||||||
| Goodwill | 154,899 |
- |
||||||
| Intangible assets, net | 287,691 | 37,404 | ||||||
| Other non-current assets | 122,615 | 61,944 | ||||||
| Total assets | $ | 10,174,648 | $ | 8,776,710 | ||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Accounts payable trade | $ | 258,583 | $ | 173,259 | ||||
| Accounts payable to related parties | 276,275 | 241,744 | ||||||
| Other current accrued liabilities | 337,517 | 284,709 | ||||||
| Deferred income on shipments to distributors and retailers and deferred revenue | 220,999 | 260,395 | ||||||
| Total current liabilities | 1,093,374 | 960,107 | ||||||
| Convertible long-term debt | 1,604,911 | 1,711,032 | ||||||
| Non-current liabilities | 415,524 | 326,176 | ||||||
| Total liabilities | 3,113,809 | 2,997,315 | ||||||
| EQUITY | ||||||||
| Stockholders' equity: | ||||||||
| Common stock | 4,934,808 | 4,709,743 | ||||||
| Retained earnings | 1,796,849 | 812,653 | ||||||
| Accumulated other comprehensive income | 332,701 | 260,228 | ||||||
| Total stockholders' equity | 7,064,358 | 5,782,624 | ||||||
| Non-controlling interests | (3,519 | ) | (3,229 | ) | ||||
| Total equity | 7,060,839 | 5,779,395 | ||||||
| Total liabilities and equity | $ | 10,174,648 | $ | 8,776,710 | ||||
| SanDisk Corporation | ||||||||||||||||
| Preliminary Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
| (in thousands, unaudited) | ||||||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| January 1, 2012 | January 2, 2011 | January 1, 2012 | January 2, 2011 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income | $ | 281,223 | $ | 485,465 | $ | 986,990 | $ | 1,300,142 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Deferred taxes | 3,013 | (76,478 | ) | (74,829 | ) | (172,327 | ) | |||||||||
| Depreciation | 30,025 | 30,743 | 114,984 | 132,818 | ||||||||||||
| Amortization | 43,895 | 28,612 | 161,930 | 93,961 | ||||||||||||
| Provision for doubtful accounts | 453 | 229 | (1,476 | ) | (2,575 | ) | ||||||||||
| Share-based compensation expense | 18,432 | 24,799 | 63,110 | 77,590 | ||||||||||||
| Excess tax benefit from share-based compensation | (9,075 | ) | (9,666 | ) | (24,895 | ) | (29,626 | ) | ||||||||
| Impairments, restructuring and other | (24,320 | ) | (13,918 | ) | (49,438 | ) | (41,505 | ) | ||||||||
| Other non-operating | 22,889 | 15,346 | 86,660 | 41,054 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable from product revenues | (57,569 | ) | (28,207 | ) | (146,726 | ) | (132,479 | ) | ||||||||
| Inventory | 6,264 | 17,340 | (158,534 | ) | 84,314 | |||||||||||
| Other assets | (43,134 | ) | (129,278 | ) | (112,577 | ) | (127,629 | ) | ||||||||
| Accounts payable trade | 35,343 | 21,598 | 73,711 | 38,957 | ||||||||||||
| Accounts payable to related parties | 17,454 | 77,837 | 34,531 | 59,653 | ||||||||||||
| Other liabilities | (115,341 | ) | (85,025 | ) | 100,331 | 129,544 | ||||||||||
| Total adjustments | (71,671 | ) | (126,068 | ) | 66,782 | 151,750 | ||||||||||
| Net cash provided by operating activities | 209,552 | 359,397 | 1,053,772 | 1,451,892 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchases of short and long-term marketable securities | (973,002 | ) | (1,571,485 | ) | (3,473,915 | ) | (5,803,438 | ) | ||||||||
| Proceeds from sale of short and long-term marketable securities | 572,876 | 1,135,291 | 2,849,232 | 2,771,840 | ||||||||||||
| Proceeds from maturities of short and long-term marketable securities | 128,470 | 89,196 | 634,390 | 407,001 | ||||||||||||
| Acquisition of property and equipment | (78,609 | ) | (48,414 | ) | (192,876 | ) | (108,142 | ) | ||||||||
| Investment in Flash Ventures |
- |
- |
(83,316 | ) |
- |
|||||||||||
| Distribution from FlashVision Ltd. |
- |
- |
- |
122 | ||||||||||||
| Notes receivable issuance to Flash Ventures |
- |
(59,880 | ) | (399,281 | ) | (59,880 | ) | |||||||||
| Notes receivable proceeds from Flash Ventures | 167,872 |
- |
416,388 | 59,664 | ||||||||||||
| Proceeds from sale of assets |
- |
- |
- |
17,767 | ||||||||||||
| Purchased technology and other assets |
- |
2,455 | (100,000 | ) | 473 | |||||||||||
| Acquisition of Pliant Technology, Inc., net of cash acquired |
- |
- |
(317,649 | ) |
- |
|||||||||||
| Net cash used in investing activities | (182,393 | ) | (452,837 | ) | (667,027 | ) | (2,714,593 | ) | ||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from issuance of convertible senior notes, net of issuance costs |
- |
- |
- |
982,500 | ||||||||||||
| Proceeds from sale (purchase) of convertible bond hedge |
- |
- |
1,494 | (292,900 | ) | |||||||||||
| Proceeds from sale (purchase) of warrants |
- |
- |
(1,158 | ) | 188,100 | |||||||||||
| Repayment of debt financing |
- |
- |
(211,441 | ) | (75,000 | ) | ||||||||||
| Proceeds from employee stock programs | 61,349 | 44,872 | 143,140 | 152,843 | ||||||||||||
| Excess tax benefit from share-based compensation | 9,075 | 9,666 | 24,895 | 29,626 | ||||||||||||
| Share repurchase program | (4,039 | ) |
- |
(4,039 | ) |
- |
||||||||||
| Net cash provided by (used in) financing activities | 66,385 | 54,538 | (47,109 | ) | 985,169 | |||||||||||
| Effect of changes in foreign currency exchange rates on cash | (898 | ) | 2,663 | (1,289 | ) | 6,317 | ||||||||||
| Net increase (decrease) in cash and cash equivalents | 92,646 | (36,239 | ) | 338,347 | (271,215 | ) | ||||||||||
| Cash and cash equivalents at beginning of period | 1,074,850 | 865,388 | 829,149 | 1,100,364 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 1,167,496 | $ | 829,149 | $ | 1,167,496 | $ | 829,149 | ||||||||