Attached files
| file | filename |
|---|---|
| 8-K - 8-K - ALTERA CORP | q4148ker.htm |
INVESTOR CONTACT | MEDIA CONTACT | |
Scott Wylie - Vice President | Sue Martenson - Senior Manager | |
Investor Relations | Public Relations | |
(408) 544-6996 | (408) 544-8158 | |
swylie@altera.com | newsroom@altera.com | |
ALTERA ANNOUNCES FOURTH QUARTER RESULTS
San Jose, Calif., January 22, 2015 — Altera Corporation (NASDAQ: ALTR) today announced fourth quarter sales of $479.9 million, down 4 percent from the third quarter of 2014 and up 6 percent from the fourth quarter of 2013. Fourth quarter net income was $111.1 million, $0.36 per diluted share, compared with net income of $118.0 million, $0.38 per diluted share, in the third quarter of 2014 and $98.9 million, $0.31 per diluted share, in the fourth quarter of 2013.
Cash flow from operating activities in 2014 was $666.2 million. Altera repurchased approximately 4.3 million shares during the quarter at a cost of approximately $151.5 million.
Altera's board of directors has declared a quarterly cash dividend of $0.18 per share, to be paid on March 2, 2015 to stockholders of record on February 10, 2015.
"We grew 12 percent in 2014, outpacing the semiconductor industry," said John Daane, president, chief executive officer, and chairman of the board. "Our Arria 10 FPGAs, the first of our Generation 10 products, are proving to be competitively quite strong with good design-win momentum and record opportunities to pursue. We are entering the advanced stages of design for our high-end Stratix 10 FPGA, the industry’s only 14 nanometer FinFET-based FPGA, with planned introduction later this year."
1
Several recent accomplishments mark the company's continuing progress:
• | Audi has selected Altera's SoC field-programmable gate arrays (FPGAs) for use in Audi’s advanced driver assistance system (ADAS) targeted for mass production. Audi, a self-driving car technology leader, chose Altera's Cyclone® V SoC FPGAs for their ability to increase system performance and enable the differentiated features Audi requires for piloted driving and parking that are not available with application specific standard product solutions. Altera’s Cyclone V SoC FPGAs combine programmable logic with dual-core ARM® Cortex™-A9 processors that allow ADAS platform designers to customize the hardware and software running in their products. This combination provides powerful building blocks to accelerate algorithms commonly used in ADAS designs. Audi’s zFAS control unit is the industry’s first fully centralized ADAS module that processes all self-driving functions in a single unit, unlike other architectures which have multiple modules distributed throughout the vehicle. |
• | Altera and IBM have unveiled the industry’s first FPGA-based acceleration platform that coherently connects an FPGA to a POWER8 CPU leveraging IBM’s Coherent Accelerator Processor Interface (CAPI). The reconfigurable hardware accelerator significantly improves system performance, efficiency and flexibility in high-performance computing (HPC) and data center applications. FPGA-accelerated POWER8 systems are optimized to enable compute- and processing-intensive tasks required in next-generation HPC and data center applications, including data compression, encryption, image processing and search. Using CAPI to coherently attach FPGA accelerators to the fabric of a POWER8 processor and main system memory make the FPGA appear as simply another core on the POWER8 processor. This results in shortened development time by greatly reducing lines of software code and reduced processor cycles versus conventional IO attached accelerators. |
• | Electronics Weekly magazine selected the Altera Software Development Kit (SDK) for OpenCL as its design tool of the year at the annual Elektra European Electronics Industry Awards ceremony in London. The Elektra Awards are presented to companies whose products demonstrate advanced technical capabilities and usefulness as determined by a panel of independent industry experts and representatives from Electronics Weekly. These accolades represent the latest in a series of awards and recognitions the Altera SDK for OpenCL has received since its release in 2012. The Altera SDK for OpenCL allows programmers to rapidly develop algorithms with the OpenCL language and harness the performance and power efficiencies of FPGAs. Today, Altera offers the industry’s only OpenCL-conformant solution that allows software programmers to easily implement OpenCL applications on FPGA accelerators. |
2
SELECTED FOURTH QUARTER REVENUE AND RELATED RESULTS
($ in thousands) Key Ratios & Information | December 31, 2014 | September 26, 2014 | ||||||
Current Ratio | 6:1 | 6:1 | ||||||
Liabilities/Equity | 3:4 | 3:4 | ||||||
Quarterly Operating Cash Flows | $ | 150,778 | $ | 214,049 | ||||
TTM Return on Equity | 14 | % | 13 | % | ||||
Quarterly Depreciation Expense | $ | 12,099 | $ | 11,874 | ||||
Quarterly Capital Expenditures | $ | 9,836 | $ | 13,691 | ||||
Inventory MSOH (1): Altera | 2.7 | 3.4 | ||||||
Inventory MSOH (1): Distribution | 0.5 | 0.6 | ||||||
TTM Cash Conversion Cycle (Days) | 144 | 154 | ||||||
Turns | 41 | % | 37 | % | ||||
Book to Bill | <1.0 | <1.0 | ||||||
Note (1): MSOH: Months Supply On Hand | ||||||||
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ALTERA CORPORATION
NET SALES SUMMARY
(Unaudited)
Three Months Ended | Quarterly Growth Rate | Years Ended | |||||||||||||||||||||
December 31, 2014 | September 26, 2014 | December 31, 2013 | Sequential Change | Year- Over-Year Change | December 31, 2014 | December 31, 2013 | Annual Growth | ||||||||||||||||
Geography | |||||||||||||||||||||||
Americas | 15 | % | 16 | % | 19 | % | (10 | )% | (13 | )% | 16 | % | 18 | % | (5 | )% | |||||||
Asia Pacific | 41 | % | 42 | % | 41 | % | (6 | )% | 7 | % | 42 | % | 40 | % | 19 | % | |||||||
EMEA | 30 | % | 29 | % | 24 | % | 0 | % | 29 | % | 28 | % | 26 | % | 17 | % | |||||||
Japan | 14 | % | 13 | % | 16 | % | 0 | % | (12 | )% | 14 | % | 16 | % | 1 | % | |||||||
Net Sales | 100 | % | 100 | % | 100 | % | (4 | )% | 6 | % | 100 | % | 100 | % | 12 | % | |||||||
Product Category | |||||||||||||||||||||||
New | 59 | % | 56 | % | 47 | % | 1 | % | 32 | % | 54 | % | 43 | % | 42 | % | |||||||
Mainstream | 18 | % | 21 | % | 24 | % | (15 | )% | (20 | )% | 21 | % | 27 | % | (14 | )% | |||||||
Mature and Other | 23 | % | 23 | % | 29 | % | (5 | )% | (17 | )% | 25 | % | 30 | % | (9 | )% | |||||||
Net Sales | 100 | % | 100 | % | 100 | % | (4 | )% | 6 | % | 100 | % | 100 | % | 12 | % | |||||||
Vertical Market | |||||||||||||||||||||||
Telecom & Wireless | 42 | % | 45 | % | 40 | % | (11 | )% | 10 | % | 44 | % | 41 | % | 21 | % | |||||||
Industrial Automation, Military & Automotive | 22 | % | 21 | % | 22 | % | 2 | % | 7 | % | 22 | % | 22 | % | 9 | % | |||||||
Networking, Computer & Storage | 16 | % | 16 | % | 19 | % | (3 | )% | (11 | )% | 16 | % | 19 | % | (8 | )% | |||||||
Other | 20 | % | 18 | % | 19 | % | 5 | % | 13 | % | 18 | % | 18 | % | 14 | % | |||||||
Net Sales | 100 | % | 100 | % | 100 | % | (4 | )% | 6 | % | 100 | % | 100 | % | 12 | % | |||||||
FPGAs and CPLDs | |||||||||||||||||||||||
FPGA | 84 | % | 85 | % | 83 | % | (5 | )% | 7 | % | 84 | % | 83 | % | 13 | % | |||||||
CPLD | 8 | % | 8 | % | 9 | % | 5 | % | (3 | )% | 8 | % | 9 | % | 2 | % | |||||||
Other Products | 8 | % | 7 | % | 8 | % | 5 | % | 1 | % | 8 | % | 8 | % | 8 | % | |||||||
Net Sales | 100 | % | 100 | % | 100 | % | (4 | )% | 6 | % | 100 | % | 100 | % | 12 | % | |||||||
Product Category Description
• | New Products include the Arria® 10, Stratix® V, Stratix IV, Arria V, Arria II, Cyclone® V, Cyclone IV, MAX® 10, MAX V, HardCopy® IV devices and Enpirion PowerSoCs. |
• | Mainstream Products include the Stratix III, Cyclone III, MAX II and HardCopy III devices. |
• | Mature and Other Products include the Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, MAX 3000A, MAX 7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II, HardCopy, FLEX® series, APEX™ series, Mercury™, Excalibur™ devices, configuration and other devices, intellectual property cores, and software and other tools. |
4
Business Outlook for the First Quarter 2015
Sales and Income Statement
Sequential Sales | Flat to - 4% |
Gross Margin | 65% +/- .5% |
Research and Development (1) | $112 - $116 million |
SG&A | $76 - $80 million |
Other Income/Expense, Net (2) | Net expense of approximately $3 million |
Tax Rate | 13% - 14% |
Diluted Share Count | Approximately 300 million |
Turns | Mid 40's |
Inventory MSOH | Mid 3's |
Note (1): The Business Outlook for Research and Development expense includes amortization of acquisition-related intangible assets. | |
Note (2): Other Income/ Expense, Net includes Interest income and other and Interest expense in our consolidated statements of comprehensive income. | |
Vertical Market
Telecom & Wireless | Flat |
Industrial Automation, Military & Automotive | Down |
Networking, Computer & Storage | Up |
Other | Down |
Fourth Quarter Earnings Conference Call
A conference call will be held today at 1:45 p.m. Pacific Time to discuss the quarter's results and management's current business outlook. The web cast and subsequent replay will be available in the Investor Relations section of the company's website at www.altera.com. A telephonic replay of the call may be accessed later in the day by calling (719) 457-0820 and referencing confirmation code 258712. The telephonic replay will be available for two weeks following the live call.
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Forward-Looking Statements
Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include, but are not limited to, the Stratix 10 first shipment timing, potential FPGA market expansion, and any projection of revenue, gross margin, expense or other financial items discussed in the Business Outlook section or elsewhere in this press release. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ materially from those currently anticipated, due to a number of factors, including without limitation, current global economic conditions, customer business environment, customer inventory levels, product availability, vertical market mix, market acceptance of the company's products, the performance of products once introduced, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® 10, Arria V, Arria II, Stratix® V, Stratix IV, MAX® 10 FPGAs, MAX V CPLDs, HardCopy® IV device families and Enpirion PowerSoCs, as well as changes in economic conditions and other risk factors discussed in documents filed by the company with the Securities and Exchange Commission (SEC) from time to time. Copies of Altera's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
About Altera
Altera® programmable solutions enable designers of electronic systems to rapidly and cost effectively innovate, differentiate and win in their markets. Altera offers FPGAs, SoCs, CPLDs, ASICs and complementary technologies, such as power management, to provide high-value solutions to customers worldwide. Visit www.altera.com.
###
ALTERA, ARRIA, CYCLONE, ENPIRION, MAX, MEGACORE, NIOS, QUARTUS and STRATIX words and logos are trademarks of Altera Corporation and registered in the U.S. Patent and Trademark Office and in other countries. All other words and logos identified as trademarks or service marks are the property of their respective holders as described at www.altera.com/legal.
###
6
ALTERA CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended | Years Ended | ||||||||||||||||||||
(In thousands, except per share amounts) | December 31, 2014 | September 26, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | ||||||||||||||||
Net sales | $ | 479,873 | $ | 499,606 | $ | 454,367 | $ | 1,932,089 | $ | 1,732,572 | |||||||||||
Cost of sales | 168,172 | 166,019 | 144,024 | 648,451 | 546,736 | ||||||||||||||||
Gross margin | 311,701 | 333,587 | 310,343 | 1,283,638 | 1,185,836 | ||||||||||||||||
Operating expense | |||||||||||||||||||||
Research and development expense | 107,314 | 112,078 | 106,643 | 418,170 | 385,185 | ||||||||||||||||
Selling, general, and administrative expense | 81,044 | 77,724 | 84,692 | 312,249 | 320,068 | ||||||||||||||||
Amortization of acquisition-related intangible assets | 2,465 | 2,465 | 1,850 | 9,859 | 4,824 | ||||||||||||||||
Total operating expense | 190,823 | 192,267 | 193,185 | 740,278 | 710,077 | ||||||||||||||||
Operating margin (2) | 120,878 | 141,320 | 117,158 | 543,360 | 475,759 | ||||||||||||||||
Compensation expense/(benefit) - deferred compensation plan | 1,934 | (487 | ) | 3,881 | 6,027 | 10,605 | |||||||||||||||
(Gain)/loss on deferred compensation plan securities | (1,934 | ) | 487 | (3,881 | ) | (6,027 | ) | (10,605 | ) | ||||||||||||
Interest income and other | (5,714 | ) | (4,558 | ) | (4,902 | ) | (24,076 | ) | (11,553 | ) | |||||||||||
Loss/(gain) reclassified from other comprehensive income | 10 | (59 | ) | (24 | ) | (140 | ) | (153 | ) | ||||||||||||
Interest expense | 11,410 | 10,774 | 8,272 | 43,549 | 16,637 | ||||||||||||||||
Income before income taxes | 115,172 | 135,163 | 113,812 | 524,027 | 470,828 | ||||||||||||||||
Income tax expense | 4,041 | 17,154 | 14,878 | 51,369 | 30,763 | ||||||||||||||||
Net income | $ | 111,131 | $ | 118,009 | $ | 98,934 | $ | 472,658 | $ | 440,065 | |||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||
Unrealized gain/(loss) on investments: | |||||||||||||||||||||
Unrealized holding gain/(loss) on investments arising during period, net of tax of ($55), ($6), ($11), ($14) and ($1) | 15,623 | (4,929 | ) | (26,811 | ) | 37,725 | (33,424 | ) | |||||||||||||
Less: Reclassification adjustments for loss/(gain) on investments included in net income, net of tax of $1, $11, $2, $22 and $23 | 11 | (48 | ) | (22 | ) | (118 | ) | (130 | ) | ||||||||||||
Other comprehensive income/(loss): | 15,634 | (4,977 | ) | (26,833 | ) | 37,607 | (33,554 | ) | |||||||||||||
Comprehensive income | $ | 126,765 | $ | 113,032 | $ | 72,101 | $ | 510,265 | $ | 406,511 | |||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.37 | $ | 0.38 | $ | 0.31 | $ | 1.53 | $ | 1.37 | |||||||||||
Diluted | $ | 0.36 | $ | 0.38 | $ | 0.31 | $ | 1.52 | $ | 1.36 | |||||||||||
Shares used in computing per share amounts: | |||||||||||||||||||||
Basic | 303,848 | 308,215 | 319,993 | 309,748 | 320,195 | ||||||||||||||||
Diluted | 305,614 | 310,184 | 322,018 | 311,897 | 323,018 | ||||||||||||||||
Dividends per common share | $ | 0.18 | $ | 0.18 | $ | 0.15 | $ | 0.66 | $ | 0.50 | |||||||||||
Tax rate | 3.5 | % | 12.7 | % | 13.1 | % | 9.8 | % | 6.5 | % | |||||||||||
% of Net sales: | |||||||||||||||||||||
Gross margin | 65.0 | % | 66.8 | % | 68.3 | % | 66.4 | % | 68.4 | % | |||||||||||
Research and development (1) | 22.9 | % | 22.9 | % | 23.9 | % | 22.2 | % | 22.5 | % | |||||||||||
Selling, general, and administrative | 16.9 | % | 15.6 | % | 18.6 | % | 16.2 | % | 18.5 | % | |||||||||||
Operating margin(2) | 25.2 | % | 28.3 | % | 25.8 | % | 28.1 | % | 27.5 | % | |||||||||||
Net income | 23.2 | % | 23.6 | % | 21.8 | % | 24.5 | % | 25.4 | % | |||||||||||
7
Notes: | ||||||||||||||||||||
(1) Research and development expense as a percentage of Net sales includes amortization of acquisition-related intangible assets. (2)We define operating margin as gross margin less research and development and selling, general and administrative expenses and amortization of acquisition-related intangible assets, as presented above. This presentation differs from income from operations as defined by U.S. Generally Accepted Accounting Principles ("GAAP"), as it excludes the effect of compensation associated with the deferred compensation plan obligations. Since the effect of compensation associated with our deferred compensation plan obligations is offset by gains and losses from related securities, we believe this presentation provides a more meaningful representation of our ongoing operating performance. A reconciliation of operating margin to income from operations follows: | ||||||||||||||||||||
Three Months Ended | Years Ended | |||||||||||||||||||
(In thousands) | December 31, 2014 | September 26, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |||||||||||||||
Operating margin (non-GAAP) | $ | 120,878 | $ | 141,320 | $ | 117,158 | $ | 543,360 | $ | 475,759 | ||||||||||
Compensation expense/(benefit) - deferred compensation plan | 1,934 | (487 | ) | 3,881 | 6,027 | 10,605 | ||||||||||||||
Income from operations (GAAP) | $ | 118,944 | $ | 141,807 | $ | 113,277 | $ | 537,333 | $ | 465,154 | ||||||||||
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ALTERA CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except par value amount) | December 31, 2014 | December 31, 2013 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,426,367 | $ | 2,869,158 | ||||
Short-term investments | 151,519 | 141,487 | ||||||
Total cash, cash equivalents, and short-term investments | 2,577,886 | 3,010,645 | ||||||
Accounts receivable, net | 377,964 | 483,032 | ||||||
Inventories | 153,387 | 163,880 | ||||||
Deferred income taxes - current | 56,048 | 63,228 | ||||||
Deferred compensation plan - marketable securities | 69,367 | 66,455 | ||||||
Deferred compensation plan - restricted cash equivalents | 14,412 | 16,699 | ||||||
Other current assets | 39,479 | 48,901 | ||||||
Total current assets | 3,288,543 | 3,852,840 | ||||||
Property and equipment, net | 194,840 | 204,142 | ||||||
Long-term investments | 1,942,343 | 1,695,066 | ||||||
Deferred income taxes - non-current | 20,077 | 10,806 | ||||||
Goodwill | 74,341 | 73,968 | ||||||
Acquisition-related intangible assets, net | 72,291 | 82,150 | ||||||
Other assets, net | 81,791 | 76,676 | ||||||
Total assets | $ | 5,674,226 | $ | 5,995,648 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 49,140 | $ | 44,163 | ||||
Accrued liabilities | 28,384 | 41,218 | ||||||
Accrued compensation and related liabilities | 69,837 | 51,105 | ||||||
Deferred compensation plan obligations | 83,779 | 83,154 | ||||||
Deferred income and allowances on sales to distributors | 344,168 | 487,746 | ||||||
Total current liabilities | 575,308 | 707,386 | ||||||
Income taxes payable - non-current | 313,447 | 276,326 | ||||||
Long-term debt | 1,492,759 | 1,491,466 | ||||||
Other non-current liabilities | 6,886 | 8,403 | ||||||
Total liabilities | 2,388,400 | 2,483,581 | ||||||
Stockholders' equity: | ||||||||
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 302,430 at December 31, 2014 and 317,769 shares at December 31, 2013 | 302 | 318 | ||||||
Capital in excess of par value | 1,165,259 | 1,216,826 | ||||||
Retained earnings | 2,110,620 | 2,322,885 | ||||||
Accumulated other comprehensive income/(loss) | 9,645 | (27,962 | ) | |||||
Total stockholders' equity | 3,285,826 | 3,512,067 | ||||||
Total liabilities and stockholders' equity | $ | 5,674,226 | $ | 5,995,648 | ||||
9
ALTERA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
YEARS ENDED | ||||||||||||
(In thousands) | December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net income | $ | 472,658 | $ | 440,065 | $ | 556,807 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 56,181 | 47,225 | 36,009 | |||||||||
Amortization of acquisition-related intangible assets | 9,859 | 4,824 | 853 | |||||||||
Amortization of debt discount and debt issuance costs | 3,116 | 1,457 | 648 | |||||||||
Stock-based compensation | 93,432 | 96,624 | 93,586 | |||||||||
Net gain on sale of available-for-sale securities | (140 | ) | (153 | ) | — | |||||||
Amortization of investment discount/premium | 2,746 | 3,407 | — | |||||||||
Deferred income tax (benefit) expense | (3,329 | ) | 3,581 | 8,824 | ||||||||
Tax effect of employee stock plans | 4,946 | 7,009 | 9,811 | |||||||||
Excess tax benefit from employee stock plans | (1,945 | ) | (4,716 | ) | (16,278 | ) | ||||||
Changes in assets and liabilities, net of the effects of acquisitions: | ||||||||||||
Accounts receivable, net | 105,068 | (157,842 | ) | (91,435 | ) | |||||||
Inventories | 10,493 | (7,933 | ) | (30,442 | ) | |||||||
Other assets | 10,085 | (1,309 | ) | (3,698 | ) | |||||||
Accounts payable and other liabilities | 14,756 | 9,414 | (50,566 | ) | ||||||||
Deferred income and allowances on sales to distributors | (143,578 | ) | 139,002 | 66,117 | ||||||||
Income taxes payable | 37,269 | 14,440 | 8,576 | |||||||||
Deferred compensation plan obligations | (5,402 | ) | (4,887 | ) | (1,598 | ) | ||||||
Net cash provided by operating activities | 666,215 | 590,208 | 587,214 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||
Purchases of property and equipment | (40,237 | ) | (42,558 | ) | (60,913 | ) | ||||||
Sales of deferred compensation plan securities, net | 5,402 | 4,887 | 1,598 | |||||||||
Purchases of available-for-sale securities | (905,283 | ) | (1,347,626 | ) | (921,430 | ) | ||||||
Proceeds from sale of available-for-sale securities | 489,200 | 136,791 | 105,411 | |||||||||
Proceeds from maturity of available-for-sale securities | 191,498 | 178,221 | 115,373 | |||||||||
Acquisitions, net of cash acquired | — | (145,321 | ) | — | ||||||||
Purchases of intangible assets | (1,749 | ) | (13,465 | ) | (2,280 | ) | ||||||
Purchase of other investments | (10,224 | ) | (7,441 | ) | (4,935 | ) | ||||||
Net cash used in investing activities | (271,393 | ) | (1,236,512 | ) | (767,176 | ) | ||||||
Cash Flows from Financing Activities: | ||||||||||||
Proceeds from issuance of common stock through stock plans | 47,123 | 58,220 | 49,665 | |||||||||
Shares withheld for employee taxes | (22,890 | ) | (28,272 | ) | (31,472 | ) | ||||||
Payment of dividends to stockholders | (204,609 | ) | (160,377 | ) | (115,514 | ) | ||||||
Holdback payment for prior acquisition | (3,353 | ) | — | — | ||||||||
Payment of debt assumed in acquisitions | — | (22,000 | ) | — | ||||||||
Proceeds from issuance of long-term debt | — | 991,786 | 500,000 | |||||||||
Repayment of credit facility | — | — | (500,000 | ) | ||||||||
Long-term debt and credit facility issuance costs | (1,321 | ) | (4,143 | ) | (5,244 | ) | ||||||
Repurchases of common stock | (654,508 | ) | (201,095 | ) | (229,057 | ) | ||||||
Excess tax benefit from employee stock plans | 1,945 | 4,716 | 16,278 | |||||||||
Net cash (used in) provided by financing activities | (837,613 | ) | 638,835 | (315,344 | ) | |||||||
Net decrease in cash and cash equivalents | (442,791 | ) | (7,469 | ) | (495,306 | ) | ||||||
Cash and cash equivalents at beginning of period | 2,869,158 | 2,876,627 | 3,371,933 | |||||||||
Cash and cash equivalents at end of period | $ | 2,426,367 | $ | 2,869,158 | $ | 2,876,627 | ||||||
Supplemental cash flow information: | ||||||||||||
Income taxes (refunded)/paid, net | $ | (3,305 | ) | $ | 16,299 | $ | 9,797 | |||||
Interest paid | $ | 41,637 | $ | 10,865 | $ | 6,898 | ||||||
10