SANDISK CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1 PRESS RELEASE AND FINANCIALS - January 22, 2014

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EXHIBIT 99.1

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

SANDISK ANNOUNCES FOURTH QUARTER AND FISCAL 2013 RESULTS

Delivers Record Annual Revenue and Operating Cash Flow

MILPITAS, Calif., Jan 22, 2014 - SanDisk Corporation (NASDAQ: SNDK), a global leader in flash storage solutions, today announced results for the fourth quarter and fiscal year ended December 29, 2013. Fourth quarter revenue of $1.73 billion increased 12 percent on a year-over-year basis and increased 6 percent sequentially. Total revenue for fiscal 2013 of $6.17 billion increased 22 percent from $5.05 billion in fiscal 2012.

On a GAAP(1) basis, fourth quarter net income was $338 million, or $1.45 per diluted share, compared to net income of $214 million, or $0.87 per diluted share, in the fourth quarter of fiscal 2012 and $277 million, or $1.18 per diluted share, in the third quarter of fiscal 2013. Net income for fiscal 2013 was $1.04 billion, or $4.34 per diluted share, compared to $417 million, or $1.70 per diluted share in fiscal 2012.

On a non-GAAP(2)(3) basis, fourth quarter net income was $390 million, or $1.71 per diluted share, compared to net income of $257 million, or $1.05 per diluted share, in the fourth quarter of fiscal 2012 and net income of $371 million, or $1.59 per diluted share, in the third quarter of fiscal 2013. Net income for fiscal 2013 was $1.27 billion, or $5.31 per diluted share, compared to $582 million, or $2.38 per diluted share in fiscal 2012. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.

“We delivered outstanding results in the fourth quarter and full year 2013 driven by strong execution and continued favorable portfolio mix shift,” said Sanjay Mehrotra, president and chief executive officer of SanDisk. “Our SSD product revenue set another quarterly record and represented 19 percent of our annual revenue, and we also set a record for annual retail product revenue. SanDisk is enabling the next generation of mobile and enterprise data storage solutions, and we are excited about our prospects for 2014.”
 
FOURTH QUARTER KEY FINANCIAL METRICS
Metric
GAAP
 
Non-GAAP
in millions, except percentages and per share amounts
Q413
Q412
Q313
 
Q413
Q412
Q313
Revenue
$1,728
$1,542
$1,625
 
$1,728
$1,542
$1,625
Gross Profit
$857
$603
$802
 
$880
$615
$815
percent of revenue
49.6
%
39.1
%
49.3
%
 
50.9
%
39.9
%
50.1
%
Operating Income
$507
$336
$408
 
$556
$368
$533
percent of revenue
29.4
%
21.8
%
25.1
%
 
32.2
%
23.9
%
32.8
%
Diluted EPS
(3) 
$1.45
$0.87
$1.18
 
$1.71
$1.05
$1.59





FISCAL 2013 KEY FINANCIAL METRICS
Metric
GAAP
 
Non-GAAP
in millions, except percentages and per share amounts
FY13
FY12
 
FY13
FY12
Revenue
$6,170
$5,053
 
$6,170
$5,053
Gross Profit
$2,867
$1,683
 
$2,927
$1,733
percent of revenue
46.5
%
33.3
%
 
47.4
%
34.3
%
Operating Income
$1,562
$696
 
$1,806
$827
percent of revenue
25.3
%
13.8
%
 
29.3
%
16.4
%
Diluted EPS
(3) 
$4.34
$1.70
 
$5.31
$2.38

OTHER HIGHLIGHTS
•
Fourth quarter and fiscal 2013 cash flow from operations set quarterly and annual records of $617 million and $1.86 billion, respectively.
•
SanDisk issued $1.50 billion of 0.5% senior convertible notes during the fourth quarter and repurchased a total of $150 million of stock in conjunction with the offering.
•
SanDisk announced today its first-quarter dividend of $0.225 per share of common stock, payable on February 24, 2014 to shareholders of record as of the close of business on February 3, 2014.

CONFERENCE CALL
SanDisk’s fourth quarter of fiscal 2013 conference call is scheduled for 2:00 P.M., Pacific Time, Wednesday, January 22, 2014. 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 719-325-4835 and the dial-in password is 8002130. 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.

© 2014 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 in 2014 and continued favorable portfolio mix shift, 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, lower revenues and lower gross margins;
•
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 third fiscal quarter ended September 29, 2013.

(1)
GAAP represents U.S. Generally Accepted Accounting Principles.
(2)
Non-GAAP represents GAAP excluding the impact of share-based compensation, 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 offsetting shares from the call option related to the 1.5% Sr. Convertible Notes due 2017 and the impact of share-based compensation.




# # # # #

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
 
Twelve months ended
 
December 29, 2013
 
December 30, 2012
 
December 29, 2013
 
December 30, 2012
 
 
 
 
 
 
 
 
Revenues
$
1,727,858

 
$
1,541,503

 
$
6,170,003

 
$
5,052,509

 
 
 
 
 
 
 
 
Cost of revenues
851,087

 
928,661

 
3,252,988

 
3,326,747

Amortization of acquisition-related intangible assets
19,616

 
9,830

 
49,532

 
42,542

Total cost of revenues
870,703

 
938,491

 
3,302,520

 
3,369,289

Gross profit
857,155

 
603,012

 
2,867,483

 
1,683,220

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Research and development
215,281

 
159,075

 
742,268

 
602,765

Sales and marketing
81,347

 
64,820

 
276,312

 
224,054

General and administrative
51,158

 
39,913

 
192,310

 
150,401

Amortization of acquisition-related intangible assets
1,956

 
2,369

 
11,155

 
9,045

Impairment of acquisition-related intangible assets
—

 
860

 
83,228

 
860

Total operating expenses
349,742

 
267,037

 
1,305,273

 
987,125

Operating income
507,413

 
335,975

 
1,562,210

 
696,095

Other income (expense), net
(12,171
)
 
(12,971
)
 
(46,061
)
 
(69,179
)
Income before income taxes
495,242

 
323,004

 
1,516,149

 
626,916

Provision for income taxes
157,462

 
109,461

 
473,492

 
209,512

Net income
$
337,780

 
$
213,543

 
$
1,042,657

 
$
417,404

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic
$
1.50

 
$
0.88

 
$
4.44

 
$
1.72

Diluted
$
1.45

 
$
0.87

 
$
4.34

 
$
1.70

 
 
 
 
 
 
 
 
Shares used in computing net income per share:
 
 
 
 
 
 
 
Basic
225,252

 
241,451

 
234,886

 
242,076

Diluted
232,812

 
244,161

 
240,236

 
245,253







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
 
December 29, 2013
 
December 30, 2012
 
December 29, 2013
 
December 30, 2012
SUMMARY RECONCILIATION OF NET INCOME
 
 
 
 
 
 
 
GAAP NET INCOME
$
337,780

 
$
213,543

 
$
1,042,657

 
$
417,404

    Share-based compensation (a)
27,431

 
19,160

 
99,756

 
78,443

    Amortization of acquisition-related intangible assets (b)
21,572

 
12,199

 
60,687

 
51,587

    Impairment of acquisition-related intangible assets (c)
—

 
860

 
83,228

 
860

    Convertible debt interest (d)
17,402

 
23,036

 
67,604

 
89,963

    Income tax adjustments (e)
(13,840
)
 
(11,582
)
 
(86,971
)
 
(55,848
)
NON-GAAP NET INCOME
$
390,345

 
$
257,216

 
$
1,266,961

 
$
582,409

 
 
 
 
 
 
 
 
GAAP COST OF REVENUES
$
870,703

 
$
938,491

 
$
3,302,520

 
$
3,369,289

   Share-based compensation (a)
(2,940
)
 
(2,070
)
 
(9,820
)
 
(7,459
)
   Amortization of acquisition-related intangible assets (b)
(19,616
)
 
(9,830
)
 
(49,532
)
 
(42,542
)
NON-GAAP COST OF REVENUES
$
848,147

 
$
926,591

 
$
3,243,168

 
$
3,319,288

 
 
 
 
 
 
 
 
GAAP GROSS PROFIT
$
857,155

 
$
603,012

 
$
2,867,483

 
$
1,683,220

  Share-based compensation (a)
2,940

 
2,070

 
9,820

 
7,459

  Amortization of acquisition-related intangible assets (b)
19,616

 
9,830

 
49,532

 
42,542

NON-GAAP GROSS PROFIT
$
879,711

 
$
614,912

 
$
2,926,835

 
$
1,733,221

 
 
 
 
 
 
 
 
GAAP RESEARCH AND DEVELOPMENT EXPENSES
$
215,281

 
$
159,075

 
$
742,268

 
$
602,765

  Share-based compensation (a)
(14,035
)
 
(9,981
)
 
(51,521
)
 
(41,010
)
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES
$
201,246

 
$
149,094

 
$
690,747

 
$
561,755

 
 
 
 
 
 
 
 
GAAP SALES AND MARKETING EXPENSES
$
81,347

 
$
64,820

 
$
276,312

 
$
224,054

  Share-based compensation (a)
(5,380
)
 
(3,528
)
 
(19,193
)
 
(14,585
)
NON-GAAP SALES AND MARKETING EXPENSES
$
75,967

 
$
61,292

 
$
257,119

 
$
209,469

 
 
 
 
 
 
 
 
GAAP GENERAL AND ADMINISTRATIVE EXPENSES
$
51,158

 
$
39,913

 
$
192,310

 
$
150,401

  Share-based compensation (a)
(5,076
)
 
(3,581
)
 
(19,222
)
 
(15,389
)
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSES
$
46,082

 
$
36,332

 
$
173,088

 
$
135,012

 
 
 
 
 
 
 


GAAP TOTAL OPERATING EXPENSES
$
349,742

 
$
267,037

 
$
1,305,273

 
$
987,125

  Share-based compensation (a)
(24,491
)
 
(17,090
)
 
(89,936
)
 
(70,984
)
  Amortization of acquisition-related intangible assets (b)
(1,956
)
 
(2,369
)
 
(11,155
)
 
(9,045
)
  Impairment of acquisition-related intangible assets (c)
—

 
(860
)
 
(83,228
)
 
(860
)
NON-GAAP TOTAL OPERATING EXPENSES
$
323,295

 
$
246,718

 
$
1,120,954

 
$
906,236

 
 
 
 
 
 
 
 
GAAP OPERATING INCOME
$
507,413

 
$
335,975

 
$
1,562,210

 
$
696,095

  Cost of revenues adjustments (a) (b)
22,556

 
11,900

 
59,352

 
50,001

  Operating expense adjustments (a) (b) (c)
26,447

 
20,319

 
184,319

 
80,889

NON-GAAP OPERATING INCOME
$
556,416

 
$
368,194

 
$
1,805,881

 
$
826,985

 
 
 
 
 
 
 
 
GAAP OTHER INCOME (EXPENSE), NET
$
(12,171
)
 
$
(12,971
)
 
$
(46,061
)
 
$
(69,179
)
    Convertible debt interest (d)
17,402

 
23,036

 
67,604

 
89,963

NON-GAAP OTHER INCOME (EXPENSE), NET
$
5,231

 
$
10,065

 
$
21,543

 
$
20,784

 
 
 
 
 
 
 
 
GAAP NET INCOME
$
337,780

 
$
213,543

 
$
1,042,657

 
$
417,404

  Cost of revenues adjustments (a) (b)
22,556

 
11,900

 
59,352

 
50,001

  Operating expense adjustments (a) (b) (c)
26,447

 
20,319

 
184,319

 
80,889

  Other income (expense) adjustments (d)
17,402

 
23,036

 
67,604

 
89,963

  Income tax adjustments (e)
(13,840
)
 
(11,582
)
 
(86,971
)
 
(55,848
)
NON-GAAP NET INCOME
$
390,345

 
$
257,216

 
$
1,266,961

 
$
582,409

 
 
 
 
 
 
 
 
Diluted net income per share:
 
 
 
 
 
 
 
  GAAP
$
1.45

 
$
0.87

 
$
4.34

 
$
1.70

  Non-GAAP
$
1.71

 
$
1.05

 
$
5.31

 
$
2.38

 
 
 
 
 
 
 
 
Shares used in computing diluted net income per share:
 
 
 
 
 
 
 
  GAAP
232,812

 
244,161

 
240,236

 
245,253

  Non-GAAP (f)
228,829

 
244,081

 
238,419

 
245,199







SanDisk Corporation
Reconciliation of Preliminary GAAP to Non-GAAP Operating Results (1) 
(in thousands, unaudited) 

 
Three months ended
 
Twelve months ended
 
December 29, 2013
 
December 30, 2012
 
December 29, 2013
 
December 30, 2012
SUMMARY RECONCILIATION OF DILUTED SHARES
 
 
 
 
 
 
 
  GAAP
232,812

 
244,161

 
240,236

 
245,253

Adjustments for share-based compensation
358

 
(80
)
 
271

 
(54
)
Offsetting shares from call option
(4,341
)
 
—

 
(2,088
)
 
—

  Non-GAAP (f)
228,829

 
244,081

 
238,419

 
245,199



(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 us. 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, our non-GAAP diluted shares include the impact of the call option which, when exercised, will offset the issuance of dilutive shares from the 1.5% Sr. Convertible Notes due 2017, while the GAAP diluted shares exclude 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 Schooner Information Technology, Inc. and Pliant Technology, Inc. acquisitions.
(d)
Incremental interest expense relating to the non-cash economic interest expense associated with the 1% Sr. Convertible Notes due 2013, 1.5% Sr. Convertible Notes due 2017, and 0.5% Sr. Convertible Notes due 2020.
(e)
Income taxes associated with certain non-GAAP to GAAP adjustments.
(f)
Non-GAAP diluted shares include the impact of offsetting shares from the call option related to the 1.5% Sr. Convertible Notes due 2017 and the impact of share-based compensation.






SanDisk Corporation
Preliminary Condensed Consolidated Balance Sheets
(in thousands, unaudited)
 
December 29, 2013
 
December 30, 2012
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
986,246

 
$
995,470

Short-term marketable securities
1,919,611

 
1,880,034

Accounts receivable, net
682,809

 
626,025

Inventory
756,975

 
750,075

Deferred taxes
138,192

 
93,877

Other current assets
166,885

 
260,879

Total current assets
4,650,718

 
4,606,360

Long-term marketable securities
3,179,471

 
2,835,931

Property and equipment, net
655,794

 
665,542

Notes receivable and investments in Flash Ventures
1,134,620

 
1,460,112

Deferred taxes
134,669

 
168,718

Goodwill
318,111

 
201,735

Intangible assets, net
247,904

 
246,919

Other non-current assets
167,430

 
153,810

Total assets
$
10,488,717

 
$
10,339,127

 
 
 
 
LIABILITIES
 
 
 
Current liabilities:
 
 
 
Accounts payable trade
$
282,582

 
$
254,459

Accounts payable to related parties
146,964

 
214,806

Convertible short-term debt
—

 
906,708

Other current accrued liabilities
509,732

 
257,539

Deferred income on shipments to distributors and retailers and deferred revenue
291,302

 
248,155

Total current liabilities
1,230,580

 
1,881,667

Convertible long-term debt
1,985,363

 
789,913

Non-current liabilities
307,083

 
407,947

Total liabilities
3,523,026

 
3,079,527

 
 
 
 
EQUITY
 
 
 
Stockholders’ equity:
 
 
 
Common stock
5,040,242

 
5,027,512

Retained earnings
2,004,089

 
2,071,268

Accumulated other comprehensive income (loss)
(76,459
)
 
165,121

Total stockholders’ equity
6,967,872

 
7,263,901

Non-controlling interests
(2,181
)
 
(4,301
)
Total equity
6,965,691

 
7,259,600

Total liabilities and equity
$
10,488,717

 
$
10,339,127






SanDisk Corporation
Preliminary Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)

 
Three months ended
 
Twelve months ended
 
December 29, 2013
 
December 30, 2012
 
December 29, 2013
 
December 30, 2012
Cash flows from operating activities:
 
 
 
 
 
 
 
Net income
$
337,780

 
$
213,543

 
$
1,042,657

 
$
417,404

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
 
 
Deferred taxes
(52,727
)
 
24,814

 
527

 
34,368

Depreciation
60,472

 
49,478

 
226,334

 
161,949

Amortization
65,775

 
64,273

 
237,731

 
254,352

Provision for doubtful accounts
1,669

 
1,382

 
2,167

 
1,452

Share-based compensation expense
27,431

 
19,160

 
99,756

 
78,443

Excess tax benefit from share-based plans
(7,299
)
 
(1,899
)
 
(27,198
)
 
(16,015
)
Impairment and other
(697
)
 
(3,094
)
 
75,561

 
(17,350
)
Other non-operating
(1,566
)
 
528

 
(792
)
 
9,424

Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Accounts receivable, net
624

 
(124,151
)
 
(51,125
)
 
(68,070
)
Inventory
19,214

 
102,534

 
23,310

 
(71,260
)
Other assets
170,806

 
(119,966
)
 
147,713

 
(84,579
)
Accounts payable trade
(65,817
)
 
(63,888
)
 
16,377

 
(4,124
)
Accounts payable to related parties
(16,867
)
 
(11,330
)
 
(67,842
)
 
(61,469
)
Other liabilities
78,017

 
164,242

 
138,496

 
(104,671
)
Total adjustments
279,035

 
102,083

 
821,015

 
112,450

Net cash provided by operating activities
616,815

 
315,626

 
1,863,672

 
529,854

 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
Purchases of short and long-term marketable securities
(2,421,041
)
 
(1,228,496
)
 
(4,925,520
)
 
(3,178,660
)
Proceeds from sales of short and long-term marketable securities
576,178

 
613,799

 
3,701,528

 
2,197,302

Proceeds from maturities of short and long-term marketable securities
117,300

 
171,585

 
751,900

 
650,060

Acquisition of property and equipment, net
(42,700
)
 
(105,341
)
 
(213,415
)
 
(487,973
)
Investment in Flash Ventures
(12,342
)
 
—

 
(12,342
)
 
(50,439
)
Notes receivable issuances to Flash Ventures
(37,099
)
 
—

 
(37,099
)
 
(142,316
)
Notes receivable proceeds from Flash Ventures
51,377

 
153,413

 
124,765

 
511,289

Purchased technology and other assets
884

 
(3,755
)
 
(8,377
)
 
(4,000
)
Acquisitions, net of cash acquired
—

 
(212
)
 
(304,320
)
 
(69,629
)
Net cash used in investing activities
(1,767,443
)
 
(399,007
)
 
(922,880
)
 
(574,366
)
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
Proceeds from issuance of convertible senior notes, net of issuance costs
1,483,125

 
—

 
1,483,125

 
—

Purchase of convertible bond hedge
(331,650
)
 
—

 
(331,650
)
 
—

Proceeds from sale of warrants
217,800

 
—

 
217,800

 
—

Repayment of debt financing
—

 
—

 
(928,061
)
 
—

Distribution to non-controlling interests
—

 
—

 
(87
)
 
—

Proceeds from employee stock programs
59,992

 
8,532

 
266,044

 
86,302

Excess tax benefit from share-based plans
7,299

 
1,899

 
27,198

 
16,015

Dividends paid
(50,553
)
 
—

 
(101,191
)
 
—

Share repurchase program
(150,000
)
 
(38,577
)
 
(1,589,539
)
 
(230,081
)
Net cash received for share repurchase contracts
—

 
—

 
—

 
2,675

Net cash provided by (used in) financing activities
1,236,013

 
(28,146
)
 
(956,361
)
 
(125,089
)
Effect of changes in foreign currency exchange rates on cash
(1,904
)
 
(3,488
)
 
6,345

 
(2,425
)
Net increase (decrease) in cash and cash equivalents
83,481

 
(115,015
)
 
(9,224
)
 
(172,026
)
Cash and cash equivalents at beginning of period
902,765

 
1,110,485

 
995,470

 
1,167,496

Cash and cash equivalents at end of period
$
986,246

 
$
995,470

 
$
986,246

 
$
995,470



SANDISK CORP Reports