Fairchild Reports Results for the Second Quarter of 2016
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Fairchild Semiconductor International, Inc. |
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Consolidated Statements of Cash Flows |
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(In millions) |
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(Unaudited) |
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Three Months Ended | |
Six Months Ended |
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June 26, | |
June 28, | |
June 26, | |
June 28, |
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2016 | |
2015 | |
2016 | |
2015 |
| Cash flows from operating activities: | | | | | | | | |
| Net income (loss) | | $ | 6.9 | | | $ | (0.9 | ) | | $ | 21.7 | | | $ | 0.2 | |
| Adjustments to reconcile net income (loss) to cash provided by operating activities | | | | | | | | |
| Depreciation and amortization | | 27.4 | | | 35.4 | | | 55.0 | | | 72.0 | |
| Non-cash stock-based compensation expense | | 7.1 | | | 9.8 | | | 14.6 | | | 16.6 | |
| Goodwill impairment charge | | — | | | — | | | — | | | 0.6 | |
| Deferred income taxes, net | | (0.2 | ) | | (0.3 | ) | | (0.7 | ) | | (0.5 | ) |
| Other | | 0.9 | | | 0.9 | | | (11.3 | ) | | 0.8 | |
| Changes in operating assets and liabilities, net | | 29.0 | | | 3.6 | | | (7.3 | ) | | (55.8 | ) |
| Net cash provided by operating activities | | $ | 71.1 | | | $ | 48.5 | | | $ | 72.0 | | | $ | 33.9 | |
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| Cash flows from investing activities: | | | | | | | | |
| Capital expenditures | | $ | (13.3 | ) | | $ | (14.6 | ) | | $ | (25.8 | ) | | $ | (29.0 | ) |
| Proceeds from the sale of restructuring property, plant and equipment, including held for sale assets | | 0.5 | | | 0.3 | | | 15.9 | | | 1.6 | |
| Proceeds from the sale of property, plant and equipment | | — | | | 0.1 | | | — | | | 0.1 | |
| Maturity of marketable securities | | — | | | — | | | 0.2 | | | 0.1 | |
| Other | | (0.3 | ) | | (0.3 | ) | | (0.6 | ) | | (0.5 | ) |
| Net cash used in investing activities | | $ | (13.1 | ) | | $ | (14.5 | ) | | $ | (10.3 | ) | | $ | (27.7 | ) |
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| Cash flows from financing activities: | | | | | | | | |
| Proceeds from issuance of stock for share-based compensation arrangements | | $ | — | | | $ | 0.5 | | | $ | 0.3 | | | $ | 1.4 | |
| Purchase of treasury stock | | — | | | (21.3 | ) | | — | | | (60.5 | ) |
| Shares withheld for employees taxes | | (1.0 | ) | | (0.8 | ) | | (12.4 | ) | | (9.9 | ) |
| Other | | — | | | (0.1 | ) | | — | | | (0.1 | ) |
| Net cash used in financing activities | | $ | (1.0 | ) | | $ | (21.7 | ) | | $ | (12.1 | ) | | $ | (69.1 | ) |
| Net change in cash and cash equivalents | | 57.0 | | | 12.3 | | | 49.6 | | | (62.9 | ) |
| Cash and cash equivalents at beginning of period | | 272.0 | | | 277.7 | | | 279.4 | | | 352.9 | |
| Cash and cash equivalents at end of period | | $ | 329.0 | | | $ | 290.0 | | | $ | 329.0 | | | $ | 290.0 | |
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