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LSI CORPORATION | |||||||||
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Consolidated Statements of Cash Flows | |||||||||
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(In thousands) | |||||||||
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(Unaudited) | |||||||||
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Three Months Ended |
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Six Months Ended | ||||||
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June 30, |
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March 31, |
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July 1, |
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June 30, |
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July 1, |
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2013 |
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2013 |
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2012 |
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2013 |
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2012 |
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Operating activities: |
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Net income |
$ 24,620 |
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$ 18,432 |
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$ 58,713 |
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$ 43,052 |
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$ 133,910 |
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Adjustments: |
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Depreciation and amortization |
45,547 |
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44,285 |
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45,279 |
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89,832 |
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90,647 |
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Stock-based compensation expense |
21,865 |
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25,546 |
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25,318 |
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47,411 |
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56,152 |
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Non-cash restructuring of operations and other items, net |
(266) |
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6,596 |
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2,901 |
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6,330 |
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5,041 |
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Gain on re-measurement of a pre-acquisition equity interest to fair value |
- |
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- |
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- |
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- |
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(5,765) |
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Gain on sale of property and equipment |
- |
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(4) |
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(95) |
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(4) |
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(70) |
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Unrealized foreign exchange (gain)/loss |
(2,843) |
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589 |
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(4,196) |
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(2,254) |
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(2,735) |
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Deferred taxes |
(25) |
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(26) |
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28 |
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(51) |
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(43,174) |
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Changes in assets and liabilities, net of assets acquired and liabilities assumed in business combination: |
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| |
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Accounts receivable |
(18,962) |
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40,652 |
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5,428 |
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21,690 |
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(39,417) |
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Inventories |
7,447 |
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25,123 |
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(3,226) |
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32,570 |
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227 |
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Prepaid expenses, assets held for sale and other assets |
(1,162) |
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(7,955) |
|
460 |
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(9,117) |
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(1,830) |
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Accounts payable |
22,453 |
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(33,054) |
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(17,598) |
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(10,601) |
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29,521 |
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Accrued and other liabilities |
(20,854) |
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(57,354) |
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4,260 |
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(78,208) |
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(55,010) |
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Net cash provided by operating activities |
77,820 |
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62,830 |
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117,272 |
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140,650 |
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167,497 |
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Investing activities: |
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Purchases of debt securities available-for-sale |
(63,833) |
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(53,345) |
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(51,106) |
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(117,178) |
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(72,369) |
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Proceeds from maturities and sales of debt securities available-for-sale |
26,900 |
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24,117 |
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8,250 |
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51,017 |
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17,756 |
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Purchases of other investments |
- |
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(750) |
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- |
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(750) |
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- |
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Purchases of property and equipment |
(18,282) |
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(25,075) |
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(12,636) |
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(43,357) |
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(77,618) |
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Proceeds from sale of property and equipment |
55 |
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27 |
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231 |
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82 |
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252 |
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Acquisition of business, net of cash acquired |
- |
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- |
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- |
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- |
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(319,231) |
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Net cash used in investing activities |
(55,160) |
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(55,026) |
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(55,261) |
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(110,186) |
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(451,210) |
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Financing activities: |
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Issuance of common stock |
23,724 |
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8,165 |
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16,854 |
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31,889 |
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82,128 |
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Purchases of common stock under repurchase program |
(61,515) |
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(60,765) |
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(137,979) |
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(122,280) |
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(176,185) |
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Net cash used in financing activities |
(37,791) |
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(52,600) |
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(121,125) |
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(90,391) |
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(94,057) |
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Effect of exchange rate changes on cash and cash equivalents |
(523) |
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(1,507) |
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598 |
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(2,030) |
|
103 |
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Net change in cash and cash equivalents |
(15,654) |
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(46,303) |
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(58,516) |
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(61,957) |
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(377,667) |
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Cash and cash equivalents at beginning of period |
425,225 |
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471,528 |
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460,660 |
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471,528 |
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779,811 |
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Cash and cash equivalents at end of period |
$ 409,571 |
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$ 425,225 |
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$ 402,144 |
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$ 409,571 |
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$ 402,144 |
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LSI Reports Second Quarter 2013 Results
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