SanDisk 2013 Annual Report Download - page 174

SANDISK CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal years ended
December 29, December 30, January 1,
2013 2012 2012
(In thousands)
Cash flows from operating activities:
Net income ........................................ $ 1,042,657 $ 417,404 $ 986,990
Adjustments to reconcile net income to net cash provided by operating
activities:
Deferred taxes ..................................... 527 34,368 (74,829)
Depreciation ...................................... 226,334 161,949 114,984
Amortization ...................................... 237,731 254,352 236,976
Provision for doubtful accounts .......................... 2,167 1,452 (1,476)
Share-based compensation expense ........................ 99,756 78,443 63,110
Excess tax benefit from share-based plans .................... (27,198) (16,015) (24,895)
Impairment and other ................................ 75,561 (17,350) (49,438)
Other non-operating ................................. (792) 9,424 11,614
Changes in operating assets and liabilities:
Accounts receivable, net ............................. (51,125) (68,070) (146,726)
Inventory ....................................... 23,310 (71,260) (158,534)
Other assets ..................................... 147,713 (84,579) (112,577)
Accounts payable trade .............................. 16,377 (4,124) 73,711
Accounts payable to related parties ...................... (67,842) (61,469) 34,531
Other liabilities ................................... 138,496 (104,671) 100,331
Total adjustments ................................ 821,015 112,450 66,782
Net cash provided by operating activities .................... 1,863,672 529,854 1,053,772
Cash flows from investing activities:
Purchases of short and long-term marketable securities ............. (4,925,520) (3,178,660) (3,473,915)
Proceeds from sales of short and long-term marketable securities ...... 3,701,528 2,197,302 2,849,232
Proceeds from maturities of short and long-term marketable securities . . . 751,900 650,060 634,390
Acquisition of property and equipment, net .................... (213,415) (487,973) (192,876)
Investment in Flash Ventures ............................. (12,342) (50,439) (83,316)
Notes receivable issuances to Flash Ventures ................... (37,099) (142,316) (399,281)
Notes receivable proceeds from Flash Ventures ................. 124,765 511,289 416,388
Purchased technology and other assets ....................... (8,377) (4,000) (100,000)
Acquisitions, net of cash acquired .......................... (304,320) (69,629) (317,649)
Net cash used in investing activities ....................... (922,880) (574,366) (667,027)
Cash flows from financing activities:
Proceeds from issuance of convertible senior notes, net of issuance costs . 1,483,125 — —
Proceeds from sale (purchase) of convertible bond hedge ........... (331,650) — 1,494
Proceeds from sale (purchase) of warrants ..................... 217,800 — (1,158)
Repayment of debt financing ............................. (928,061) — (211,441)
Distribution to non-controlling interests ...................... (87) — —
Proceeds from employee stock programs ...................... 266,044 86,302 143,140
Excess tax benefit from share-based plans ..................... 27,198 16,015 24,895
Dividends paid ...................................... (101,191) — —
Share repurchase program ............................... (1,589,539) (230,081) (4,039)
Net cash received for share repurchase contracts ................. — 2,675 —
Net cash used in financing activities ....................... (956,361) (125,089) (47,109)
Effect of changes in foreign currency exchange rates on cash ............ 6,345 (2,425) (1,289)
Net increase (decrease) in cash and cash equivalents ................. (9,224) (172,026) 338,347
Cash and cash equivalents at beginning of the year .................. 995,470 1,167,496 829,149
Cash and cash equivalents at end of the year ...................... $ 986,246 $ 995,470 $ 1,167,496
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds .................... $ (373,183) $ (360,688) $ (374,460)
Cash paid for interest expense ............................ $ (20,403) $ (24,957) $ (26,479)
The accompanying notes are an integral part of these consolidated financial statements.
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