SanDisk 2011 Annual Report Download - page 132

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SANDISK CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fiscal years ended
January 1,
2012
January 2,
2011
January 3,
2010
(In thousands)
Cash flows from operating activities:
Net income ................................................... $ 986,990 $ 1,300,142 $ 415,310
Adjustments to reconcile net income to net cash provided by operating
activities:
Deferred and other taxes .................................... (74,829) (172,327) (12,884)
Depreciation .............................................. 114,984 132,818 152,606
Amortization ............................................. 161,930 93,961 78,090
Provision for doubtful accounts ............................... (1,476) (2,575) (719)
Share-based compensation expense ............................ 63,110 77,590 95,560
Excess tax benefit from share-based compensation ............... (24,895) (29,626) —
Impairments, restructuring and other ........................... (49,438) (41,505) 4,293
Other non-operating ........................................ 86,660 41,054 (2,757)
Changes in operating assets and liabilities:
Accounts receivable from product revenues ................. (146,726) (132,479) (111,597)
Inventory ............................................ (158,534) 84,314 (13,485)
Other assets .......................................... (112,577) (127,629) 324,981
Accounts payable trade ................................. 73,711 38,957 (106,634)
Accounts payable to related parties ........................ 34,531 59,653 (187,915)
Other liabilities ....................................... 100,331 129,544 (146,995)
Total adjustments .................................. 66,782 151,750 72,544
Net cash provided by operating activities ....................... 1,053,772 1,451,892 487,854
Cash flows from investing activities:
Purchases of short and long-term marketable securities ................ (3,473,915) (5,803,438) (1,668,978)
Proceeds from sales of short and long-term marketable securities ........ 2,849,232 2,771,840 1,137,734
Proceeds from maturities of short and long-term marketable securities .... 634,390 407,001 205,874
Acquisition of property and equipment ............................. (192,876) (108,142) (59,733)
Investment in Flash Ventures .................................... (83,316) — —
Distribution from FlashVision Ltd. ................................ — 122 12,713
Notes receivable proceeds from Flash Ventures ...................... 416,388 59,664 387,278
Notes receivable issuances to Flash Ventures ........................ (399,281) (59,880) (377,923)
Purchased technology and other assets ............................. (100,000) 473 (11,790)
Proceeds from sale of assets ..................................... — 17,767 —
Acquisition of Pliant Technology, Inc., net of cash acquired ............ (317,649) — —
Net cash used in investing activities ........................... (667,027) (2,714,593) (374,825)
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 ........................... 143,140 152,843 20,878
Excess tax benefit from share-based compensation ................... 24,895 29,626 —
Share repurchase program ....................................... (4,039) — —
Net cash provided by (used in) financing activities ............... (47,109) 985,169 20,878
Effect of changes in foreign currency exchange rates on cash ............... (1,289) 6,317 4,396
Net increase (decrease) in cash and cash equivalents ...................... 338,347 (271,215) 138,303
Cash and cash equivalents at beginning of the year ....................... 829,149 1,100,364 962,061
Cash and cash equivalents at end of the year ............................ $1,167,496 $ 829,149 $ 1,100,364
Supplemental disclosure of cash flow information:
Cash refunded (paid) for income taxes ............................. $ (374,460) $ (338,328) $ 123,977
Cash paid for interest expense .................................... $ (26,479) $ (12,323) $ (13,001)
The accompanying notes are an integral part of these consolidated financial statements.
F-8