MILPITAS, Calif.--(BUSINESS WIRE)--SanDisk Corporation (NASDAQ: SNDK), a global leader in flash storage solutions, today announced results for the third quarter ended September 29, 2013. Third quarter revenue of $1.63 billion increased 28 percent on a year-over-year basis and increased 10 percent sequentially.
On a GAAP(1) basis, third quarter net income was $277 million, or $1.18 per diluted share, compared to net income of $77 million, or $0.31 per diluted share, in the third quarter of fiscal 2012 and $262 million, or $1.06 per diluted share, in the second quarter of fiscal 2013.
On a non-GAAP(2)(3) basis, third quarter net income was $371 million, or $1.59 per diluted share, compared to net income of $118 million, or $0.48 per diluted share, in the third quarter of fiscal 2012 and net income of $299 million, or $1.22 per diluted share, in the second quarter of fiscal 2013.
Third quarter GAAP results include an $83 million partial impairment of acquisition-related intangible assets stemming from the 2011 acquisition of Pliant Technologies, Inc. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.
“We delivered outstanding third quarter results driven by our strategy to shift to higher value solutions across our portfolio,” said Sanjay Mehrotra, president and chief executive officer of SanDisk. “Our client and enterprise SSD products continue to gain momentum and our acquisition of SMART Storage Systems expands our presence in enterprise SSDs. With our solid execution, we also delivered strong year over year growth in retail and embedded products.”
|
THIRD QUARTER 2013 KEY FINANCIAL METRICS |
||||||||||||
| Metric | GAAP | Non-GAAP | ||||||||||
| in millions, except percentages and per share amounts | Q313 | Q312 | Q213 | Q313 | Q312 | Q213 | ||||||
| Revenue | $1,625 | $1,273 | $1,476 | $1,625 | $1,273 | $1,476 | ||||||
| Gross Profit | $802 | $383 | $677 | $815 | $395 | $689 | ||||||
| percent of revenue | 49.3% | 30.1% | 45.8% | 50.1% | 31.0% | 46.7% | ||||||
| Operating Income | $408 | $132 | $393 | $533 | $164 | $429 | ||||||
| percent of revenue | 25.1% | 10.4% | 26.6% | 32.8% | 12.9% | 29.0% | ||||||
| Diluted EPS(3) | $1.18 | $0.31 | $1.06 | $1.59 | $0.48 | $1.22 | ||||||
At the end of the third quarter of fiscal 2013, SanDisk’s cash and short and long-term marketable investments totaled $4.3 billion. Cash flow from operations in the third quarter of fiscal 2013 totaled $382 million.
OTHER KEY DEVELOPMENTS
- SanDisk established its first ever dividend program on July 31, 2013 with the first quarterly payment made in the third fiscal quarter.
- SanDisk announced today its fourth-quarter dividend of $0.225 per share of common stock, payable on November 25, 2013 to shareholders of record as of the close of business on November 4, 2013.
- SanDisk spent a total of $1.07 billion on stock repurchases in the third fiscal quarter, including a previously announced $1.0 billion accelerated stock repurchase program.
- SanDisk completed the acquisition of SMART Storage Systems.
CONFERENCE CALL
SanDisk’s third quarter of fiscal 2013 conference call is scheduled for 2:00 P.M., Pacific Time, Wednesday, October 16, 2013. The conference call will be webcast and can be accessed live, and throughout the quarter, at SanDisk’s website at www.sandisk.com/IR. To participate in the call via telephone, the dial-in number is 785-830-7989 and the dial-in password is 9223060. 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.
ABOUT SANDISK
SanDisk Corporation (NASDAQ: SNDK), a Fortune 500 and S&P 500 company, is a global leader in flash storage solutions. For more than 25 years, SanDisk has expanded the possibilities of storage, providing trusted and innovative products that have transformed the electronics industry. Today, SanDisk’s quality, state-of-the-art solutions are at the heart of many of the world's largest data centers, and embedded in advanced smart phones, tablets and PCs. SanDisk’s consumer products are available at hundreds of thousands of retail stores worldwide. For more information, visit www.sandisk.com.
© 2013 SanDisk Corporation. All rights reserved. SanDisk is a trademark of SanDisk Corporation, registered in the United States and other countries.
This press release contains certain forward-looking statements, including statements about our business
prospects, our strategy to shift to higher value solutions across our product portfolio, our anticipated momentum for client and enterprise SSD products, the expected benefits of our acquisition of SMART Storage Systems and our growth in the enterprise SSD space, that are based on our current expectations and subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate and significantly harm our business, financial condition and results of operations. We undertake no obligation to update the information contained in this press release. 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 revenues;
- inability to continue to penetrate the client and enterprise SSD markets, the failure of existing markets for flash memory to grow, or failure to maintain or improve our position in any of these markets;
- potential delays in product development or lack of customer acceptance of our solutions, particularly OEM products such as our embedded flash storage solutions, and client and enterprise SSD solutions;
- delays in the successful integration of SMART Storage Systems and our inability to achieve the expected benefits from the acquisition in a timely manner, or at all;
- inability to enhance current products or develop new products on a timely basis or in advance of our competitors; 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 second fiscal quarter ended June 30, 2013.
| (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, impairment of acquisition-related intangible assets, non-cash economic interest expense associated with our convertible debt and related tax adjustments. |
| (3) | Non-GAAP diluted shares include the impact of the outstanding call option which is expected to provide an offset to dilutive shares from the Company’s 1.5% Sr. Convertible Notes due 2017. Non-GAAP diluted EPS for Q2’13 has been revised from the previously reported $1.21 to $1.22 to include the expected impact of the outstanding call option, which reduces the non-GAAP diluted shares by 1.6 million shares. |
|
SanDisk Corporation Preliminary Condensed Consolidated Statements of Operations (in thousands, except per share amounts, unaudited) |
||||||||||||||||
| Three months ended | Nine months ended | |||||||||||||||
| September 29, 2013 | September 30, 2012 | September 29, 2013 | September 30, 2012 | |||||||||||||
| Revenues | $ | 1,625,153 | $ | 1,273,190 | $ | 4,442,145 | $ | 3,511,006 | ||||||||
| Cost of revenues | 812,904 | 880,469 | 2,401,901 | 2,398,086 | ||||||||||||
| Amortization of acquisition-related intangible assets | 10,256 | 9,800 | 29,916 | 32,712 | ||||||||||||
| Total cost of revenues | 823,160 | 890,269 | 2,431,817 | 2,430,798 | ||||||||||||
| Gross profit | 801,993 | 382,921 | 2,010,328 | 1,080,208 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 183,821 | 150,336 | 526,987 | 443,690 | ||||||||||||
| Sales and marketing | 72,237 | 57,938 | 194,965 | 159,234 | ||||||||||||
| General and administrative | 49,171 | 40,205 | 141,152 | 110,488 | ||||||||||||
| Amortization of acquisition-related intangible assets | 5,088 | 2,369 | 9,199 | 6,676 | ||||||||||||
| Impairment of acquisition-related intangible assets | 83,228 | - | 83,228 | - | ||||||||||||
| Total operating expenses | 393,545 | 250,848 | 955,531 | 720,088 | ||||||||||||
| Operating income | 408,448 | 132,073 | 1,054,797 | 360,120 | ||||||||||||
| Other income (expense), net | (4,892 | ) | (13,695 | ) | (33,890 | ) | (56,208 | ) | ||||||||
| Income before income taxes | 403,556 | 118,378 | 1,020,907 | 303,912 | ||||||||||||
| Provision for income taxes | 126,697 | 41,871 | 316,030 | 100,051 | ||||||||||||
| Net income | $ | 276,859 | $ | 76,507 | $ | 704,877 | $ | 203,861 | ||||||||
| Net income per share: | ||||||||||||||||
| Basic | $ | 1.20 | $ | 0.32 | $ | 2.96 | $ | 0.84 | ||||||||
| Diluted | $ | 1.18 | $ | 0.31 | $ | 2.91 | $ | 0.83 | ||||||||
| Shares used in computing net income per share: | ||||||||||||||||
| Basic | 230,253 | 241,694 | 238,097 | 242,284 | ||||||||||||
| Diluted | 235,032 | 244,221 | 242,270 | 245,502 | ||||||||||||
|
SanDisk Corporation Reconciliation of Preliminary GAAP to Non-GAAP Operating Results (1) (in thousands, except per share data, unaudited) |
||||||||||||||||
| Three months ended | Nine months ended | |||||||||||||||
| September 29, 2013 | September 30, 2012 | September 29, 2013 | September 30, 2012 | |||||||||||||
| SUMMARY RECONCILIATION OF NET INCOME | ||||||||||||||||
| GAAP NET INCOME | $ | 276,859 | $ | 76,507 | $ | 704,877 | $ | 203,861 | ||||||||
| Share-based compensation (a) | 25,930 | 19,950 | 72,325 | 59,283 | ||||||||||||
| Amortization of acquisition-related intangible assets (b) | 15,344 | 12,169 | 39,115 | 39,388 | ||||||||||||
| Impairment of acquisition-related intangible assets (c) | 83,228 | - | 83,228 | - | ||||||||||||
| Convertible debt interest (d) | 9,859 | 22,685 | 50,202 | 66,927 | ||||||||||||
| Income tax adjustments (e) | (40,473 | ) | (13,547 | ) | (73,131 | ) | (44,266 | ) | ||||||||
| NON-GAAP NET INCOME | $ | 370,747 | $ | 117,764 | $ | 876,616 | $ | 325,193 | ||||||||
| GAAP COST OF REVENUES | $ | 823,160 | $ | 890,269 | $ | 2,431,817 | $ | 2,430,798 | ||||||||
| Share-based compensation (a) | (2,716 | ) | (1,929 | ) | (6,880 | ) | (5,389 | ) | ||||||||
| Amortization of acquisition-related intangible assets (b) | (10,256 | ) | (9,800 | ) | (29,916 | ) | (32,712 | ) | ||||||||
| NON-GAAP COST OF REVENUES | $ | 810,188 | $ | 878,540 | $ | 2,395,021 | $ | 2,392,697 | ||||||||
| GAAP GROSS PROFIT | $ | 801,993 | $ | 382,921 | $ | 2,010,328 | $ | 1,080,208 | ||||||||
| Share-based compensation (a) | 2,716 | 1,929 | 6,880 | 5,389 | ||||||||||||
| Amortization of acquisition-related intangible assets (b) | 10,256 | 9,800 | 29,916 | 32,712 | ||||||||||||
| NON-GAAP GROSS PROFIT | $ | 814,965 | $ | 394,650 | $ | 2,047,124 | $ | 1,118,309 | ||||||||
| GAAP RESEARCH AND DEVELOPMENT EXPENSES | $ | 183,821 | $ | 150,336 | $ | 526,987 | $ | 443,690 | ||||||||
| Share-based compensation (a) | (13,142 | ) | (10,379 | ) | (37,486 | ) | (31,029 | ) | ||||||||
| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES | $ | 170,679 | $ | 139,957 | $ | 489,501 | $ | 412,661 | ||||||||
| GAAP SALES AND MARKETING EXPENSES | $ | 72,237 | $ | 57,938 | $ | 194,965 | $ | 159,234 | ||||||||
| Share-based compensation (a) | (5,241 | ) | (3,794 | ) | (13,813 | ) | (11,057 | ) | ||||||||
| NON-GAAP SALES AND MARKETING EXPENSES | $ | 66,996 | $ | 54,144 | $ | 181,152 | $ | 148,177 | ||||||||
| GAAP GENERAL AND ADMINISTRATIVE EXPENSES | $ | 49,171 | $ | 40,205 | $ | 141,152 | $ | 110,488 | ||||||||
| Share-based compensation (a) | (4,831 | ) | (3,848 | ) | (14,146 | ) | (11,808 | ) | ||||||||
| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSES | $ | 44,340 | $ | 36,357 | $ | 127,006 | $ | 98,680 | ||||||||
| GAAP TOTAL OPERATING EXPENSES | $ | 393,545 | $ | 250,848 | $ | 955,531 | $ | 720,088 | ||||||||
| Share-based compensation (a) | (23,214 | ) | (18,021 | ) | (65,445 | ) | (53,894 | ) | ||||||||
| Amortization of acquisition-related intangible assets (b) | (5,088 | ) | (2,369 | ) | (9,199 | ) | (6,676 | ) | ||||||||
| Impairment of acquisition-related intangible assets (c) | (83,228 | ) | - | (83,228 | ) | - | ||||||||||
| NON-GAAP TOTAL OPERATING EXPENSES | $ | 282,015 | $ | 230,458 | $ | 797,659 | $ | 659,518 | ||||||||
| GAAP OPERATING INCOME | $ | 408,448 | $ | 132,073 | $ | 1,054,797 | $ | 360,120 | ||||||||
| Cost of revenues adjustments (a) (b) | 12,972 | 11,729 | 36,796 | 38,101 | ||||||||||||
| Operating expense adjustments (a) (b) (c) | 111,530 | 20,390 | 157,872 | 60,570 | ||||||||||||
| NON-GAAP OPERATING INCOME | $ | 532,950 | $ | 164,192 | $ | 1,249,465 | $ | 458,791 | ||||||||
| GAAP OTHER INCOME (EXPENSE), NET | $ | (4,892 | ) | $ | (13,695 | ) | $ | (33,890 | ) | $ | (56,208 | ) | ||||
| Convertible debt interest (d) | 9,859 | 22,685 | 50,202 | 66,927 | ||||||||||||
| NON-GAAP OTHER INCOME (EXPENSE), NET | $ | 4,967 | $ | 8,990 | $ | 16,312 | $ | 10,719 | ||||||||
| GAAP NET INCOME | $ | 276,859 | $ | 76,507 | $ | 704,877 | $ | 203,861 | ||||||||
| Cost of revenues adjustments (a) (b) | 12,972 | 11,729 | 36,796 | 38,101 | ||||||||||||
| Operating expense adjustments (a) (b) (c) | 111,530 | 20,390 | 157,872 | 60,570 | ||||||||||||
| Convertible debt interest (d) | 9,859 | 22,685 | 50,202 | 66,927 | ||||||||||||
| Income tax adjustments (e) | (40,473 | ) | (13,547 | ) | (73,131 | ) | (44,266 | ) | ||||||||
| NON-GAAP NET INCOME | $ | 370,747 | $ | 117,764 | $ | 876,616 | $ | 325,193 | ||||||||
| Diluted net income per share: | ||||||||||||||||
| GAAP | $ | 1.18 | $ | 0.31 | $ | 2.91 | $ | 0.83 | ||||||||
| Non-GAAP | $ | 1.59 | $ | 0.48 | $ | 3.63 | $ | 1.32 | ||||||||
| Shares used in computing diluted net income per share: | ||||||||||||||||
| GAAP | 235,032 | 244,221 | 242,270 | 245,502 | ||||||||||||
| Non-GAAP (f) | 233,256 | 244,287 | 241,408 | 245,472 | ||||||||||||
|
SanDisk Corporation Reconciliation of Preliminary GAAP to Non-GAAP Operating Results (1) (in thousands, unaudited) |
|||||||||||
| Three months ended | Nine months ended | ||||||||||
| September 29, 2013 | September 30, 2012 | September 29, 2013 | September 30, 2012 | ||||||||
| SUMMARY RECONCILIATION OF DILUTED SHARES | |||||||||||
| Shares used in computing diluted net income per share: | |||||||||||
| GAAP | 235,032 | 244,221 | 242,270 | 245,502 | |||||||
| Adjustments for share-based compensation | 363 | 66 | 248 | (30 | ) | ||||||
| Offsetting shares from call option | (2,139 | ) | - | (1,110 | ) | - | |||||
| Non-GAAP (f) | 233,256 | 244,287 | 241,408 | 245,472 | |||||||
| (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 they are 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, Pliant Technology, Inc. in May 2011, FlashSoft Corporation in February 2012, Schooner Information Technology, Inc. in June 2012 and SMART Storage Systems in August 2013, impairment of acquisition-related intangible assets, non-cash economic interest expense associated with the convertible debt and related tax adjustments, we believe the inclusion of non-GAAP financial measures provides consistency in our financial reporting. In addition, the Company's non-GAAP diluted shares include the impact of the Company's outstanding call option which, when exercised, will offset the issuance of dilutive shares from the Company's 1.5% Sr. Convertible Notes due 2017, while the Company's GAAP diluted shares excludes the anti-dilutive impact of this call option. 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 acquisition-related intangible assets, impairment of acquisition-related intangible assets, share-based compensation, non-cash economic interest expense associated with the convertible debt and related tax adjustments, 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), Pliant Technology, Inc. (May 2011), FlashSoft Corporation (February 2012), Schooner Information Technology, Inc. (June 2012) and SMART Storage Systems (August 2013). |
| (c) | Impairment of acquisition-related intangible assets and in-process research and development related to the Pliant Technology, Inc. acquisition. |
| (d) | Incremental interest expense relating to the non-cash economic interest expense associated with the Company's 1% Sr. Convertible Notes due 2013, which matured in May 2013, and 1.5% Sr. Convertible Notes due 2017. |
| (e) | Income taxes associated with certain non-GAAP to GAAP adjustments. |
| (f) |
Non-GAAP diluted shares includes the impact of offsetting shares from the call option related to the Company's 1.5% Sr. Convertible Notes due 2017 and the impact of share based compensation. |
|
SanDisk Corporation Preliminary Condensed Consolidated Balance Sheets (in thousands, unaudited) |
||||||||
| September 29, 2013 | December 30, 2012 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 902,765 | $ | 995,470 | ||||
| Short-term marketable securities | 1,142,616 | 1,880,034 | ||||||
| Accounts receivable, net | 685,103 | 626,025 | ||||||
| Inventory | 776,224 | 750,075 | ||||||
| Deferred taxes | 101,020 | 93,877 | ||||||
| Other current assets | 340,177 | 260,879 | ||||||
| Total current assets | 3,947,905 | 4,606,360 | ||||||
| Long-term marketable securities | 2,243,700 | 2,835,931 | ||||||
| Property and equipment, net | 673,219 | 665,542 | ||||||
| Notes receivable and investments in Flash Ventures | 1,214,943 | 1,460,112 | ||||||
| Deferred taxes | 121,090 | 168,718 | ||||||
| Goodwill | 318,111 | 201,735 | ||||||
| Intangible assets, net | 275,141 | 246,919 | ||||||
| Other non-current assets | 150,422 | 153,810 | ||||||
| Total assets | $ | 8,944,531 | $ | 10,339,127 | ||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Accounts payable trade | $ | 348,399 | $ | 254,459 | ||||
| Accounts payable to related parties | 163,831 | 214,806 | ||||||
| Convertible short-term debt | - | 906,708 | ||||||
| Other current accrued liabilities | 389,098 | 257,539 | ||||||
| Deferred income on shipments to distributors and retailers and deferred revenue | 291,318 | 248,155 | ||||||
| Total current liabilities | 1,192,646 | 1,881,667 | ||||||
| Convertible long-term debt | 819,681 | 789,913 | ||||||
| Non-current liabilities | 329,743 | 407,947 | ||||||
| Total liabilities | 2,342,070 | 3,079,527 | ||||||
| EQUITY | ||||||||
| Stockholders' equity: | ||||||||
| Common stock | 4,752,172 | 5,027,512 | ||||||
| Retained earnings | 1,833,713 | 2,071,268 | ||||||
| Accumulated other comprehensive income | 19,650 | 165,121 | ||||||
| Total stockholders' equity | 6,605,535 | 7,263,901 | ||||||
| Non-controlling interests | (3,074 | ) | (4,301 | ) | ||||
| Total equity | 6,602,461 | 7,259,600 | ||||||
| Total liabilities and equity | $ | 8,944,531 | $ | 10,339,127 | ||||
|
SanDisk Corporation Preliminary Condensed Consolidated Statements of Cash Flows (in thousands, unaudited) |
||||||||||||||||
| Three months ended | Nine months ended | |||||||||||||||
| September 29, 2013 | September 30, 2012 | September 29, 2013 | September 30, 2012 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income | $ | 276,859 | $ | 76,507 | $ | 704,877 | $ | 203,861 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Deferred taxes | (12,240 | ) | 3,591 | 53,254 | 9,554 | |||||||||||
| Depreciation | 57,650 | 42,768 | 165,862 | 112,471 | ||||||||||||
| Amortization | 50,710 | 57,799 | 171,956 | 190,079 | ||||||||||||
| Provision for doubtful accounts | (644 | ) | 1,794 | 498 | 70 | |||||||||||
| Share-based compensation expense | 25,930 | 19,950 | 72,325 | 59,283 | ||||||||||||
| Excess tax benefit from share-based plans | (4,238 | ) | (3,095 | ) | (19,899 | ) | (14,116 | ) | ||||||||
| Impairment and other | 81,774 | (4,385 | ) | 76,258 | (14,256 | ) | ||||||||||
| Other non-operating | 1,134 | (544 | ) | 774 | 8,896 | |||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable, net | (40,539 | ) | (138,428 | ) | (51,749 | ) | 56,081 | |||||||||
| Inventory | (23,411 | ) | 9,921 | 4,096 | (173,794 | ) | ||||||||||
| Other assets | (44,666 | ) | (24,887 | ) | (23,093 | ) | 35,387 | |||||||||
| Accounts payable trade | 66,824 | 63,174 | 82,194 | 59,764 | ||||||||||||
| Accounts payable to related parties | (4,188 | ) | (8,707 | ) | (50,975 | ) | (50,139 | ) | ||||||||
| Other liabilities | (48,542 | ) | 32,481 | 60,479 | (268,913 | ) | ||||||||||
| Total adjustments | 105,554 | 51,432 | 541,980 | 10,367 | ||||||||||||
| Net cash provided by operating activities | 382,413 | 127,939 | 1,246,857 | 214,228 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchases of short and long-term marketable securities | (507,392 | ) | (588,098 | ) | (2,504,479 | ) | (1,950,164 | ) | ||||||||
| Proceeds from sales of short and long-term marketable securities | 1,277,691 | 410,323 | 3,125,350 | 1,583,503 | ||||||||||||
| Proceeds from maturities of short and long-term marketable securities | 127,695 | 71,045 | 634,600 | 478,475 | ||||||||||||
| Acquisition of property and equipment, net | (50,866 | ) | (142,338 | ) | (170,715 | ) | (382,632 | ) | ||||||||
| Investment in Flash Ventures | ― | ― | ― | (50,439 | ) | |||||||||||
| Notes receivable issuances to Flash Ventures | ― | ― | ― | (142,316 | ) | |||||||||||
| Notes receivable proceeds from Flash Ventures | ― | 146,090 | 73,388 | 357,876 | ||||||||||||
| Purchased technology and other assets | (5,353 | ) | (23 | ) | (9,261 | ) | (245 | ) | ||||||||
| Acquisitions, net of cash acquired | (304,178 | ) | (213 | ) | (304,320 | ) | (69,417 | ) | ||||||||
| Net cash provided by (used in) investing activities | 537,597 | (103,214 | ) | 844,563 | (175,359 | ) | ||||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Repayment of debt financing | ― | ― | (928,061 | ) | ― | |||||||||||
| Distribution to non-controlling interests | ― | ― | (87 | ) | ― | |||||||||||
| Proceeds from employee stock programs | 43,036 | 27,098 | 206,052 | 77,770 | ||||||||||||
| Excess tax benefit from share-based plans | 4,238 | 3,095 | 19,899 | 14,116 | ||||||||||||
| Dividends paid | (50,638 | ) | ― | (50,638 | ) |
― |
|
|||||||||
| Share repurchase program | (1,069,545 | ) | (37,429 | ) | (1,439,539 | ) | (191,504 | ) | ||||||||
| Net cash received for share repurchase contracts | ― | 21,533 | ― | 2,675 | ||||||||||||
| Net cash provided by (used in) financing activities | (1,072,909 | ) | 14,297 | (2,192,374 | ) | (96,943 | ) | |||||||||
| Effect of changes in foreign currency exchange rates on cash | 1,533 | 1,009 | 8,249 | 1,063 | ||||||||||||
| Net increase (decrease) in cash and cash equivalents | (151,366 | ) | 40,031 | (92,705 | ) | (57,011 | ) | |||||||||
| Cash and cash equivalents at beginning of period | 1,054,131 | 1,070,454 | 995,470 | 1,167,496 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 902,765 | $ | 1,110,485 | $ | 902,765 | $ | 1,110,485 | ||||||||