CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

December 26, 2020

September 26, 2020

December 28, 2019

(in thousands)

Cash flows from operating activities:

Net income

$                       183,945

$                         169,514

$                       146,050

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation

31,209

35,730

24,067

Depreciation and amortization

24,141

24,199

24,087

Deferred taxes

(1,782)

(1,103)

(2,684)

Loss from disposal of property, plant and equipment

164

63

113

Other adjustments

(1,220)

1,867

5,934

Changes in assets and liabilities:

Accounts receivable

(36,401)

(44,798)

21,974

Inventories

4,042

(5,986)

12,005

Other assets

(9,868)

4,159

(3,377)

Accounts payable

8,945

(3,423)

3,602

Price adjustment and other revenue reserves

35,964

(4,461)

15,031

Income taxes payable

(16,408)

(14,710)

(5,792)

All other accrued liabilities

(12,232)

1,460

(3,545)

Net cash provided by operating activities

210,499

162,511

237,465

Cash flows from investing activities:

Purchases of property, plant and equipment

(16,485)

(12,728)

(13,670)

Proceeds from sales of property, plant and equipment

63

4

128

Proceeds from sales of available-for-sale securities

1,500

-

-

Proceeds from maturity of available-for-sale securities

6,600

18,425

35,146

Purchases of investments in privately-held companies

(26)

(84)

(516)

Proceeds from sale of investments in privately-held companies

14

25

-

Other investing activities

-

-

(33)

Net cash provided by (used in) investing activities

5,642

21,055

Cash flows from financing activities:

Contingent consideration paid

-

-

(8,000)

Net issuance of restricted stock units and awards

(18,966)

(17,018)

(7,623)

Proceeds from stock options exercised

175

2,632

1,338

Issuance of common stock under employee stock purchase program

18,498

-

18,535

Repurchase of common stock

-

(9,201)

(107,957)

Dividends paid

-

(128,147)

(129,810)

Net cash used in financing activities

(293)

(151,734)

(233,517)

Net increase (decrease) in cash, cash equivalents and restricted cash

201,872

16,419

25,003

Cash, cash equivalents and restricted cash

Beginning of period

$                      1,585,428

$                    1,695,191

End of period

$                    1,803,719

$                      1,601,847

$                    1,720,194

Total cash, cash equivalents, and short-term investments

$                    1,805,840

$                      1,612,111

$                    1,783,200

Cash, cash equivalents and restricted cash:

Cash and cash equivalents

$                    1,796,961

$                      1,595,089

$                    1,720,194

Restricted cash in Other assets

6,758

6,758

-

Total cash, cash equivalents and restricted cash

$                    1,803,719

$                      1,601,847

$                    1,720,194