MILPITAS, Calif., Oct. 26, 2011 /PRNewswire/ -- LSI Corporation
(NYSE: LSI) today reported results for its third quarter ended
October 2, 2011.
On May 6, 2011, LSI completed the
sale of its external storage systems business to NetApp. The
financial results of the external storage systems business have
been classified as discontinued operations in LSI's financial
statements. Our ongoing business is referred to as "continuing
operations."
Third Quarter 2011 News Release Summary
- Third quarter 2011 revenues from continuing operations of
$547 million
- Third quarter 2011 GAAP* income from continuing operations of
5 cents per diluted share
- Third quarter 2011 non-GAAP** income from continuing operations
of 14 cents per diluted share
- Third quarter operating cash flows of $45 million
Fourth Quarter 2011 Business Outlook
Note: The business outlook reflects supply chain impacts and
uncertainties due to recent flooding in Thailand.
- Projected revenues from continuing operations of $500 million to $550 million
- GAAP* (loss)/income from continuing operations in the range of
($0.04) to $0.08 per share
- Non-GAAP** income from continuing operations in the range of
$0.06 to $0.14 per share
*
|
Generally Accepted Accounting
Principles.
|
|
**
|
Excludes goodwill and other
intangible asset impairment, stock-based compensation, amortization
of acquisition-related intangibles, purchase accounting effect on
inventory, restructuring of operations and other items, net, and
gain/loss on sale/write-down of investments. It also excludes the
income tax effect associated with the above-mentioned items. It
also excludes, in the case of non-GAAP net income, gain from the
sale of the external storage systems business.
|
|
|
|
"Despite macro uncertainties, LSI delivered a strong quarter and
is positioned to outgrow the markets we serve in both the near and
longer term, based on our share gains and new product cycles across
our businesses," said Abhi
Talwalkar, LSI president and CEO. "Further extending LSI's
growth opportunities, the acquisition of SandForce, announced
earlier today, will move us into a leadership position in the
rapidly growing market for flash-based solutions."
Third quarter 2011 revenues from continuing operations were
$547 million, in line with guidance,
compared to $453 million generated
from continuing operations in the third quarter of 2010, and
compared to $501 million generated
from continuing operations in the second quarter of 2011.
Third quarter 2011 GAAP* income from continuing operations was
$32 million or 5 cents per diluted share, compared to third
quarter 2010 GAAP income from continuing operations of $13 million or 2
cents per diluted share. Second quarter 2011 GAAP income
from continuing operations was $28
million or 5 cents per diluted
share. Third quarter 2011 GAAP income from continuing operations
included a net charge of $51 million
from special items, consisting primarily of approximately
$29 million of amortization of
acquisition-related items, $12
million of stock-based compensation expense and $11 million of net restructuring and other
items.
Third quarter 2011 GAAP net income was $29 million or 5
cents per diluted share, compared to third quarter 2010 GAAP
net income of $23 million or
4 cents per diluted share. Second
quarter 2011 GAAP net income was $294
million or 48 cents per
diluted share. Second quarter 2011 GAAP net income included a gain
of $260 million or 43 cents per diluted share related to the sale of
the external storage systems business.
Third quarter 2011 non-GAAP** income from continuing operations
was $83 million or 14 cents per diluted share, compared to third
quarter 2010 non-GAAP income from continuing operations of
$63 million or 10 cents per diluted share. Second quarter 2011
non-GAAP income from continuing operations was $60 million or 10
cents per diluted share.
Third quarter 2011 non-GAAP net income was $83 million or 14
cents per diluted share, compared to third quarter 2010
non-GAAP net income of $79 million or
13 cents per diluted share. Second
quarter 2011 non-GAAP net income was $79
million or 13 cents per
diluted share.
Cash and short-term investments totaled approximately
$879 million at quarter end. The
company completed third-quarter purchases of approximately 11
million shares of its common stock for approximately $75 million. On a year-to-date basis, the company
has purchased approximately 68 million shares of its common stock
for approximately $472 million under
its $750 million share repurchase
program.
Bryon Look, LSI CFO and chief
administrative officer, said, "Execution this quarter remained
strong with revenues growing 9 percent sequentially. Year over
year, our revenues increased 21 percent and non-GAAP operating
income was up 38 percent. Looking forward, we have included the
expected business impacts associated with Thailand supply chain disruptions in our Q4
guidance."
LSI 4Q2011 Business Outlook for
Continuing Operations
|
|
|
GAAP*
|
Special
Items
|
Non-GAAP**
|
|
Revenue
|
$500 million
to $550 million
|
|
$500 million
to $550 million
|
|
Gross Margin
|
45% –
49%
|
$15 million
to $25 million
|
50% –
52%
|
|
Operating
Expenses
|
$218 million
to $238 million
|
$20 million
to $30 million
|
$198 million
to $208 million
|
|
Net Other Income
|
$5
million
|
|
$5
million
|
|
Tax
|
Approximately $13
million
|
|
Approximately $13
million
|
|
(Loss)/Income From Continuing
Operations Per Share
|
($0.04) to
$0.08
|
($0.06) to
($0.10)
|
$0.06 to
$0.14
|
|
Diluted Share
Count
|
580
million
|
|
580
million
|
|
|
|
|
|
|
|
Capital spending is projected to be around $12 million in the fourth quarter and
approximately $44 million in total
for 2011.
Depreciation and software amortization is projected to be around
$16 million in the fourth quarter and
approximately $72 million in total
for 2011.
LSI Conference Call Information
LSI will hold a conference call today at 2 p.m. PDT to discuss third quarter financial
results and the fourth quarter 2011 business outlook. Internet
users can access the conference call at http://www.lsi.com/webcast.
Subsequent to the conference call, a replay will be available at
the same web address.
Forward-Looking Statements: This news release contains
forward-looking statements that are based on the current opinions
and estimates of management. These statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Factors that could cause LSI's actual results to differ
materially from those set forth in the forward-looking statements
include, but are not limited to: our ability to obtain all
necessary regulatory approvals for the acquisition, the successful
consummation of the acquisition; our ability to successfully
integrate and manage the SandForce business and retain its key
employees; our ability to achieve anticipated synergies and to
develop integrated new products following our acquisition of
SandForce; our ability to eliminate costs related to the external
storage systems business that we sold to NetApp; our ability to
repurchase our common stock at prices we believe to be
advantageous; the impact of the recent flooding in Thailand; our reliance on major customers and
suppliers; our ability to keep up with rapid technological change;
our ability to compete successfully in competitive markets;
fluctuations in the timing and volumes of customer demand; the
unavailability of appropriate levels of manufacturing capacity; and
general industry and macro-economic conditions. For additional
information, see the documents filed by LSI with the Securities and
Exchange Commission, and specifically the risk factors set forth in
the company's most recent reports on Form 10-K and 10-Q. LSI
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
About LSI
LSI Corporation (NYSE: LSI) designs semiconductors and software
that accelerate storage and networking in datacenters and mobile
networks. Our technology is the intelligence critical to enhanced
application performance. The company applies its technology in
solutions created in collaboration with our partners. More
information is available at www.lsi.com.
Editor's Notes:
- All LSI news releases (financial, acquisitions, manufacturing,
products, technology, etc.) are issued exclusively by PR Newswire
and are immediately thereafter posted on the company's external
website, http://www.lsi.com.
- LSI and the LSI & Design logo are trademarks or registered
trademarks of LSI Corporation.
- All other brand or product names may be trademarks or
registered trademarks of their respective companies.
LSI
CORPORATION
|
|
Condensed
Consolidated Balance Sheets
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October
2,
|
|
July
3,
|
|
December
31,
|
|
Assets
|
2011
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and short-term
investments
|
$
878.9
|
|
$ 906.5
|
|
$
676.6
|
|
Accounts
receivable, net
|
248.4
|
|
234.1
|
|
326.6
|
|
Inventories
|
210.4
|
|
193.8
|
|
186.8
|
|
Prepaid expenses,
assets held for sale
|
|
|
|
|
|
|
and other
current assets
|
91.4
|
|
92.4
|
|
73.8
|
|
|
|
|
|
|
|
|
Total
current assets
|
1,429.1
|
|
1,426.8
|
|
1,263.8
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
176.7
|
|
178.5
|
|
223.2
|
|
Goodwill and identified
intangible assets, net
|
534.8
|
|
563.4
|
|
749.8
|
|
Other assets
|
132.5
|
|
147.2
|
|
188.1
|
|
|
|
|
|
|
|
|
Total
assets
|
$ 2,273.1
|
|
$ 2,315.9
|
|
$
2,424.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
$
464.4
|
|
$ 447.7
|
|
$
484.6
|
|
|
|
|
|
|
|
|
Pension, tax and other
liabilities
|
533.7
|
|
567.5
|
|
622.8
|
|
|
|
|
|
|
|
|
Total
liabilities
|
998.1
|
|
1,015.2
|
|
1,107.4
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Common stock and
additional paid-in capital
|
5,629.6
|
|
5,678.4
|
|
6,004.3
|
|
Accumulated
deficit
|
(4,035.2)
|
|
(4,064.5)
|
|
(4,368.5)
|
|
Accumulated other
comprehensive loss
|
(319.4)
|
|
(313.2)
|
|
(318.3)
|
|
|
|
|
|
|
|
|
Total
stockholders' equity
|
1,275.0
|
|
1,300.7
|
|
1,317.5
|
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity
|
$ 2,273.1
|
|
$ 2,315.9
|
|
$
2,424.9
|
|
|
|
|
|
|
|
LSI
CORPORATION
|
|
Consolidated
Statements of Operations (GAAP)
|
|
(In
thousands, except per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
October
2,
|
|
July
3,
|
|
October
3,
|
|
October
2,
|
|
October
3,
|
|
|
2011
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$ 546,910
|
|
$ 500,644
|
|
$ 452,878
|
|
$ 1,520,818
|
|
$ 1,398,997
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
261,399
|
|
240,692
|
|
204,001
|
|
727,550
|
|
649,487
|
|
Amortization of
acquisition-related intangibles
|
20,206
|
|
20,281
|
|
28,835
|
|
62,305
|
|
86,505
|
|
Stock-based
compensation expense
|
1,460
|
|
2,051
|
|
1,822
|
|
5,324
|
|
5,223
|
|
Total cost
of revenues
|
283,065
|
|
263,024
|
|
234,658
|
|
795,179
|
|
741,215
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
263,845
|
|
237,620
|
|
218,220
|
|
725,639
|
|
657,782
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
137,937
|
|
139,220
|
|
134,470
|
|
413,281
|
|
403,433
|
|
Stock-based
compensation expense
|
5,410
|
|
6,653
|
|
6,047
|
|
18,286
|
|
18,817
|
|
Total
research and development
|
143,347
|
|
145,873
|
|
140,517
|
|
431,567
|
|
422,250
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general
and administrative
|
64,672
|
|
58,526
|
|
54,122
|
|
178,115
|
|
164,615
|
|
Amortization of
acquisition-related intangibles
|
8,319
|
|
8,319
|
|
8,948
|
|
24,957
|
|
26,844
|
|
Stock-based
compensation expense
|
4,883
|
|
4,948
|
|
6,135
|
|
15,462
|
|
18,261
|
|
Total
selling, general and administrative
|
77,874
|
|
71,793
|
|
69,205
|
|
218,534
|
|
209,720
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring of
operations and other items, net
|
10,784
|
|
(10,904)
|
|
3,538
|
|
2,686
|
|
10,244
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
31,840
|
|
30,858
|
|
4,960
|
|
72,852
|
|
15,568
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
(5,601)
|
|
Interest income and
other, net
|
7,610
|
|
6,450
|
|
10,315
|
|
18,348
|
|
6,147
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operation
before income taxes
|
39,450
|
|
37,308
|
|
15,275
|
|
91,200
|
|
16,114
|
|
Provision for/(benefit from)
income taxes
|
7,800
|
|
8,900
|
|
2,456
|
|
12,596
|
|
(13,735)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing
operations
|
31,650
|
|
28,408
|
|
12,819
|
|
78,604
|
|
29,849
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from discontinued
operations, net of tax
|
(2,311)
|
|
265,376
|
|
10,602
|
|
254,673
|
|
23,524
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$ 29,339
|
|
$ 293,784
|
|
$ 23,421
|
|
$
333,277
|
|
$
53,373
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per
share:
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
0.05
|
|
$
0.05
|
|
$
0.02
|
|
$
0.13
|
|
$
0.04
|
|
(Loss)/income from
discontinued operations
|
$
(0.00)
|
|
$
0.44
|
|
$
0.02
|
|
$
0.43
|
|
$
0.04
|
|
Net
income
|
$
0.05
|
|
$
0.49
|
|
$
0.04
|
|
$
0.56
|
|
$
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted income per
share:
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
0.05
|
|
$
0.05
|
|
$
0.02
|
|
$
0.13
|
|
$
0.04
|
|
(Loss)/income from
discontinued operations
|
$
(0.00)
|
|
$
0.43
|
|
$
0.02
|
|
$
0.42
|
|
$
0.04
|
|
Net
income
|
$
0.05
|
|
$
0.48
|
|
$
0.04
|
|
$
0.55
|
|
$
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing per
share amounts:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
567,790
|
|
594,957
|
|
629,852
|
|
592,898
|
|
646,167
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
581,483
|
|
611,093
|
|
633,731
|
|
608,743
|
|
653,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A reconciliation of certain GAAP
measures to non-GAAP measures is included below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
October
2,
|
|
July
3,
|
|
October
3,
|
|
October
2,
|
|
October
3,
|
|
Reconciliation of GAAP net
income to non-GAAP net income:
|
2011
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from continuing
operations
|
$ 31,650
|
|
$ 28,408
|
|
$ 12,819
|
|
$
78,604
|
|
$
29,849
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items:
|
|
|
|
|
|
|
|
|
|
|
a) Stock-based
compensation expense - cost of revenues
|
1,460
|
|
2,051
|
|
1,822
|
|
5,324
|
|
5,223
|
|
b) Stock-based
compensation expense - R&D
|
5,410
|
|
6,653
|
|
6,047
|
|
18,286
|
|
18,817
|
|
c) Stock-based
compensation expense - SG&A
|
4,883
|
|
4,948
|
|
6,135
|
|
15,462
|
|
18,261
|
|
d) Amortization of
acquisition-related intangibles - cost of revenues
|
20,206
|
|
20,281
|
-
|
28,835
|
|
62,305
|
|
86,505
|
|
e) Amortization of
acquisition-related intangibles - SG&A
|
8,319
|
|
8,319
|
|
8,948
|
|
24,957
|
|
26,844
|
|
f) Restructuring of
operations and other items, net
|
10,784
|
|
(10,904)
|
|
3,538
|
|
2,686
|
|
10,244
|
|
g) (Gain) on
sale/write-down of investments, net
|
-
|
|
-
|
|
(4,821)
|
|
-
|
|
6,779
|
|
Total
special items from continuing operations
|
51,062
|
|
31,348
|
|
50,504
|
|
129,020
|
|
172,673
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from continuing
operations
|
$ 82,712
|
|
$ 59,756
|
|
$ 63,323
|
|
$
207,624
|
|
$
202,522
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from continuing
operations per share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.15
|
|
$
0.10
|
|
$
0.10
|
|
$
0.35
|
|
$
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
0.14
|
|
$
0.10
|
|
$
0.10
|
|
$
0.34
|
|
$
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
|
$ 29,339
|
|
$ 293,784
|
|
$ 23,421
|
|
$
333,277
|
|
$
53,373
|
|
|
|
|
|
|
|
|
|
|
|
|
Special items:
|
|
|
|
|
|
|
|
|
|
|
a) Total special items
from continuing operations
|
51,062
|
|
31,348
|
|
50,504
|
|
129,020
|
|
172,673
|
|
b) Stock-based
compensation expense - discontinued operations
|
(385)
|
|
(526)
|
|
2,954
|
|
(592)
|
|
9,583
|
|
c) Amortization of
acquisition-related intangibles - discontinued
operations
|
-
|
|
-
|
|
2,453
|
|
886
|
|
7,359
|
|
d) Restructuring of
operations - discontinued operations
|
3,040
|
|
14,079
|
|
155
|
|
40,930
|
|
136
|
|
e) Gain on sale of
business
|
-
|
|
(260,066)
|
|
-
|
|
(260,066)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
$ 83,056
|
|
$ 78,619
|
|
$ 79,487
|
|
$
243,455
|
|
$
243,124
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.15
|
|
$
0.13
|
|
$
0.13
|
|
$
0.41
|
|
$
0.38
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
$
0.14
|
|
$
0.13
|
|
$
0.13
|
|
$
0.40
|
|
$
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing
non-GAAP per share amounts:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
567,790
|
|
594,957
|
|
629,852
|
|
592,898
|
|
646,167
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
581,483
|
|
611,093
|
|
633,731
|
|
608,743
|
|
653,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP income
from operations to non-GAAP income from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations -
GAAP
|
$ 31,840
|
|
$ 30,858
|
|
$
4,960
|
|
$
72,852
|
|
$
15,568
|
|
Special items:
|
|
|
|
|
|
|
|
|
|
|
a) Stock-based
compensation expense
|
11,753
|
|
13,652
|
|
14,004
|
|
39,072
|
|
42,301
|
|
b) Amortization of
acquisition-related intangibles
|
28,525
|
|
28,600
|
|
37,783
|
|
87,262
|
|
113,349
|
|
c) Restructuring of
operations and other items, net
|
10,784
|
|
(10,904)
|
|
3,538
|
|
2,686
|
|
10,244
|
|
Income from operations -
Non-GAAP
|
$ 82,902
|
|
$ 62,206
|
|
$ 60,285
|
|
$
201,872
|
|
$
181,462
|
|
|
|
|
|
|
|
|
|
|
|
LSI
CORPORATION
|
|
Consolidated
Statements of Cash Flows
|
|
(In
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
October
2,
|
|
July
3,
|
|
October
3,
|
|
October
2,
|
|
October
3,
|
|
|
2011
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Operating
activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$ 29,339
|
|
$ 293,784
|
|
$ 23,421
|
|
$ 333,277
|
|
$ 53,373
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization *
|
43,533
|
|
46,303
|
|
67,450
|
|
145,843
|
|
200,718
|
|
Stock-based
compensation expense
|
11,368
|
|
13,126
|
|
16,958
|
|
38,480
|
|
51,884
|
|
Non-cash
restructuring of operations and other items, net
|
9,571
|
|
10,140
|
|
-
|
|
30,535
|
|
(41)
|
|
(Gain) on
sale/write-down of investments, net
|
-
|
|
-
|
|
(4,821)
|
|
-
|
|
6,779
|
|
Gain on sale of
business
|
-
|
|
(260,066)
|
|
-
|
|
(260,066)
|
|
-
|
|
(Gain)/loss on sale of
property and equipment
|
(35)
|
|
(269)
|
|
(115)
|
|
(543)
|
|
153
|
|
Unrealized foreign
exchange (gain)/loss
|
(2,381)
|
|
1,202
|
|
5,384
|
|
200
|
|
6,374
|
|
Deferred
taxes
|
822
|
|
(19,723)
|
|
(149)
|
|
(18,944)
|
|
34
|
|
Changes in assets
and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
(14,262)
|
|
52,006
|
|
(6,793)
|
|
78,215
|
|
25,094
|
|
Inventories
|
(17,063)
|
|
(30,489)
|
|
(28,538)
|
|
(60,203)
|
|
(50,785)
|
|
Prepaid expenses, assets held for sale and other
assets
|
735
|
|
(9,925)
|
|
7,555
|
|
(10,256)
|
|
13,898
|
|
Accounts payable
|
(10,990)
|
|
(14,983)
|
|
(9,131)
|
|
(1,700)
|
|
(23,541)
|
|
Accrued and other liabilities
|
(5,601)
|
|
(42,812)
|
|
10,919
|
|
(83,479)
|
|
(28,405)
|
|
Net cash provided by operating
activities
|
45,036
|
|
38,294
|
|
82,140
|
|
191,359
|
|
255,535
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
|
|
|
|
|
Purchases of debt
securities available-for-sale
|
(14,552)
|
|
(8,601)
|
|
(23,029)
|
|
(38,683)
|
|
(24,218)
|
|
Proceeds from
maturities and sales of debt securities
available-for-sale
|
8,543
|
|
10,487
|
|
14,684
|
|
31,988
|
|
36,209
|
|
Purchases of other
investments
|
-
|
|
(4,000)
|
|
-
|
|
(4,000)
|
|
(316)
|
|
Proceeds from sales
of other investments
|
-
|
|
-
|
|
9,795
|
|
-
|
|
9,795
|
|
Purchases of
property and equipment
|
(9,643)
|
|
(15,656)
|
|
(18,889)
|
|
(46,841)
|
|
(67,262)
|
|
Proceeds from sale
of property and equipment
|
43
|
|
586
|
|
360
|
|
939
|
|
559
|
|
Proceeds from sale
of business, net of transaction costs
|
-
|
|
475,150
|
|
-
|
|
475,150
|
|
-
|
|
Net cash (used in)/provided by
investing activities
|
(15,609)
|
|
457,966
|
|
(17,079)
|
|
418,553
|
|
(45,233)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
|
|
|
|
|
Redemption of convertible
subordinated notes
|
-
|
|
-
|
|
-
|
|
-
|
|
(349,999)
|
|
Issuance of common
stock
|
15,129
|
|
33,612
|
|
469
|
|
66,060
|
|
22,057
|
|
Purchase of common stock
under repurchase programs
|
(74,995)
|
|
(300,001)
|
|
(137,011)
|
|
(471,787)
|
|
(217,743)
|
|
Net cash used in financing
activities
|
(59,866)
|
|
(266,389)
|
|
(136,542)
|
|
(405,727)
|
|
(545,685)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash and cash equivalents
|
147
|
|
(957)
|
|
(915)
|
|
(821)
|
|
(3,927)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash
equivalents
|
(30,292)
|
|
228,914
|
|
(72,396)
|
|
203,364
|
|
(339,310)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at
beginning of period
|
755,442
|
|
526,528
|
|
511,377
|
|
521,786
|
|
778,291
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end
of period
|
$ 725,150
|
|
$ 755,442
|
|
$ 438,981
|
|
$ 725,150
|
|
$ 438,981
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Depreciation of fixed assets
and amortization of intangible assets, software, and premiums on
short-term investments.
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE LSI Corporation