SANDISK CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1 PRESS RELEASE AND FINANCIALS - October 16, 2013

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8-K - FORM 8-K Q3 '13 EARNINGS RELEASE - SANDISK CORPform8-kxq313earningsrelease.htm


EXHIBIT 99.1

         
NEWS RELEASE
SanDisk Corporation
951 SanDisk Drive
Milpitas, CA 95035-7932
Phone: 408-801-1000

SANDISK ANNOUNCES THIRD QUARTER RESULTS

Delivers Record Revenue with Strong Profits and Cash Flow


MILPITAS, Calif., Oct 16, 2013 - 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.






# # # # #

Investor Contacts:
Jay Iyer
408-801-2067
jay.iyer@sandisk.com

Brendan Lahiff
408-801-1732
brendan.lahiff@sandisk.com

Media Contact:
Lee Garvin Flanagin
408-801-2463
lee.flanagin@sandisk.com






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




SANDISK CORP Reports