.1
EXHIBIT 99.1
SanDisk Corporation
601 McCarthy Boulevard
Milpitas, CA 95035-7932
Phone: 408-801-1000
Fax: 408-801-8657
CONTACT: | Investor Contact: | Media Contact: |
Jay Iyer | Ryan Donovan | |
(408) 801-2067 | (408) 801-2857 |
SANDISK ANNOUNCES SECOND QUARTER 2010 FINANCIAL RESULTS
Milpitas, CA, July 22, 2010 - SanDisk Corporation (NASDAQ:SNDK), the global leader in flash memory cards, today announced results for the second quarter ended July 4, 2010. Total second quarter revenue of $1.18 billion increased 61% on a year-over-year basis and increased 9% on a sequential basis. Net income, in accordance with U.S. Generally Accepted Accounting Principles (GAAP), was $258 million, or $1.08 per diluted share, compared to GAAP net income of $53 million, o r $0.23 per diluted share, in the second quarter of 2009 and GAAP net income of $235 million, or $0.99 per diluted share, in the first quarter of 2010.
On a non-GAAP basis, which excludes the impact of share-based compensation expense, amortization of acquisition-related intangible assets, non-cash economic interest expense associated with the cash-settled convertible note, and related tax adjustments and valuation allowance, second-quarter net income was $258 million, or $1.08 per diluted share, compared to net income of $83 million, or $0.36 per diluted share, in the second quarter of 2009 and net income of $225 million, or $0.95 per diluted share, in the first quarter of 2010. For reconciliation of non-GAAP to GAAP results, see accompanying financial tables and footnotes.
“SanDisk delivered another excellent quarter, with OEM demand driving record unit and gigabytes sold. We achieved 47% total gross margin, due to cost reductions and a stable pricing environment. We exited the quarter with a record high cash balance of $3.7 billion or $2.6 billion net of debt. For the second half of the year, demand from our diversified customer base is very strong. We expect our recent announcement of our Fab 5 joint venture with Toshiba to allow us to meet our customers’ growing demand for flash in the coming years”, sai d Eli Harari, Chairman and CEO of SanDisk.
SECOND QUARTER 2010 METRICS & HIGHLIGHTS
- Total revenue was $1.18 billion, up 61% year-over-year and up 9% sequentially.
- Product revenue was $1.09 billion, up 79% year-over-year and up 10% sequentially.
- License and royalty revenue was $88 million, down 27% year-over-year and down 6% sequentially.
- Total gross profit, product gross profit and operating income compared on a year-over-year and sequential basis are shown in the table below:
Metric in millions of US$, except % | GAAP | Non-GAAP | ||||
Q210 | Q209 | Q110 | Q210 | Q209 | Q110 | |
Total gross profit % of total revenue | $546 46.3% | $249 34.1% | $500 46.0% | $551 46.7% | $255 34.8% | $506 46.5% |
Product gross profit % of product revenue | $459 42.0% | $129 21.1% | $407 40.9% | $463 42.4% | $134 22.0% | $412 41.5% |
Operating income % of total revenue | $359 30.4% | $68 9.4% | $314 28.9% | $377 32.0% | $94 12.9% | $334 30.8% |
- Cash flow from operations was $385 million and free cash flow was $363 million.
- Total cash and equivalents, short and long-term marketable securities at the end of the second quarter were $3.7 billion compared to $2.3 billion at the end of the second quarter of 2009 and $3.3 billion at the end of the first quarter of 2010.
- Average price per gigabyte sold declined 18% on a year-over-year basis and declined 8% sequentially.
OTHER RECENT KEY ANNOUNCEMENTS
- Separately today, SanDisk announced that Dr. Eli Harari, Founder, Chairman and Chief Executive Officer, will retire from his current positions on December 31, 2010. As part of the succession planning process, the Board of Directors appointed Sanjay Mehrotra, currently SanDisk’s President and Chief Operating Officer, as the new Chief Executive Officer of the company, effective January 1, 2011. Mr. Mehrotra was appointed to the Company’s Board of Directors effective July 21, 2010. The Board also appointed Michael Marks, a member of the SanDisk Board since 2003, to the role of Chairman effective January 1, 2011.
- SanDisk and Toshiba signed primary agreements towards forming their third 300 millimeter joint venture that will build and operate a new NAND wafer fab, Fab 5, in Yokkaichi, Japan.
- SanDisk began shipping its SanDisk® SD™ “write once read many” (WORM) card with 1 gigabyte of capacity. The WORM card is ideal for archival purposes, with data storage of up to 100 years.
- SanDisk introduced its next-generation multi-level cell NAND based solid-state drive, SanDisk® SSD G4, and modular solid-state drive, SanDisk® SSD P4, with capacities up to 256 gigabytes and 128 gigabytes, respectively.
CONFERENCE CALL
SanDisk’s second quarter 2010 conference call is scheduled for 2:00 P.M., Pacific Time, Thursday, July 22, 2010. The conference call will be webcast and can be accessed live, and throughout the quarter, at SanDisk's website at http://www.sandisk.com/IR. To participate in the call via telephone, the dial-in number is 719-325-4819 and the dial-in password is 8237874. A copy of this press release will be furnished to the Securities and Exchange Commission on a current report on Form 8-K and will be posted to our website prior to the conference call.
SCHEDULED INTERVIEWS
SanDisk Corporation Chairman and Chief Executive Officer, Eli Harari, is scheduled to appear on CNBC’s “Power Lunch,” on Friday, July 23, 2010, at approximately 10:20 A.M., Pacific Time.
FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking statements, including statements about our business prospects and outlook, our expectations for fiscal year 2010 and our expectations regarding our business, including expected growth in flash memory demand in 2010 and beyond, our ability to obtain supply to meet that demand and our customer base, that are based on our current expectations and are subject to numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate and may significantly harm our business, financial condition and results of operations. Risks that may cause these forward-looking statements to be inaccurate include among others:
- competitive pricing pressures, resulting in lower average selling prices and lower or negative product gross margins;
- less than anticipated demand, including due to economic weakness in our markets and among consumers generally;
- unpredictable or changing demand for our products, particularly for certain form factors or capacities;
- excess captive memory output or capacity which could result in write-downs for excess inventory, lower of cost or market reserves, fixed costs associated with under-utilized capacity, or other consequences;
- insufficient captive and non-captive memory supply to meet demand;
- insufficient non-memory materials or capacity from our suppliers and contract manufacturers to meet demand; or increases in cost of non-memory materials or capacity;
- our products may not perform as expected; and
- other risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including, but not limited to, our Quarterly Report on Form 10-Q for the first quarter of fiscal 2010.
FORWARD LOOKING STATEMENTS REGARDING EXECUTIVE TRANSITION
This press release contains certain forward-looking statements, including statements about the retirement of Mr. Harari, the promotion of Mr. Mehrotra, the appointment of Mr. Marks and the expected performance of SanDisk, particularly in the quotes included above that are based on SanDisk’s current expectations and involve numerous risks and uncertainties that may cause these forward-looking statements to be inaccurate, including, among others: that either Mr. Mehrotra or Mr. Marks is no longer with the Company or otherwise does not assume their new positions with SanDisk on the effective time of such appointment, that this leadership transition is not successful, or that SanDisk does not perform as expected and the other risks deta iled from time-to-time in SanDisk’s Securities and Exchange Commission filings and reports, including, but not limited to, under the caption “Risk Factors” and elsewhere in SanDisk’s most recent annual report on Form 10-K and SanDisk’s subsequent quarterly reports on Form 10-Q. The parties do not intend to update the information contained in this release.
ABOUT SANDISK
SanDisk Corporation is the global leader in flash memory cards, from research, manufacturing and product design to consumer branding and retail distribution. SanDisk's product portfolio includes flash memory cards for mobile phones, digital cameras and camcorders; digital audio/video players; USB flash drives for consumers and the enterprise; embedded memory for mobile devices; and solid state drives for computers. SanDisk is a Silicon Valley-based S&P 500 company, with more than half its sales outside the United States.
SanDisk and the SanDisk logo and are trademarks of SanDisk Corporation, registered in the United States and other countries. SD is a trademark of SD-3C LLC. Other brand names mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).
SanDisk Corporation | ||||||||||||||||
Preliminary Condensed Consolidated Statements of Operations | ||||||||||||||||
(in thousands, except per share amounts, unaudited) | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
July 4, 2010 | June 28, 2009 | July 4, 2010 | June 28, 2009 | |||||||||||||
Revenues: | ||||||||||||||||
Product | $ | 1,091,315 | $ | 610,432 | $ | 2,084,510 | $ | 1,198,531 | ||||||||
License and royalty | 87,753 | 120,141 | 181,221 | 191,513 | ||||||||||||
Total revenues | 1,179,068 | 730,573 | 2,265,731 | 1,390,044 | ||||||||||||
Cost of product revenues | 629,554 | 478,444 | 1,212,907 | 1,135,922 | ||||||||||||
Amortization of acquisition-related intangible assets | 3,132 | 3,132 | 6,264 | 6,264 | ||||||||||||
Total cost of product revenues | 632,686 | 481,576 | 1,219,171 | 1,142,186 | ||||||||||||
Gross profit | 546,382 | 248,997 | 1,046,560 | 247,858 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 99,799 | 91,219 | 198,452 | 178,155 | ||||||||||||
Sales and marketing | 52,094 | 50,409 | 100,595 | 88,287 | ||||||||||||
General and administrative | 35,399 | 38,636 | 74,123 | 76,961 | ||||||||||||
Amortization of acquisition-related intangible assets | 291 | 291 | 583 | 583 | ||||||||||||
Restructuring and other | - | - | - | 765 | ||||||||||||
Total operating expenses | 187,583 | 180,555 | 373,753 | 344,751 | ||||||||||||
Operating income (loss) | 358,799 | 68,442 | 672,807 | (96,893 | ) | |||||||||||
Other income (expense) | (24 | ) | 4,716 | 8,962 | (13,977 | ) | ||||||||||
Income (loss) before provision for income taxes | 358,775 | 73,158 | 681,769 | (110,870 | ) | |||||||||||
Provision for income taxes | 100,881 | 20,651 | 189,184 | 44,618 | ||||||||||||
Net income (loss) | $ | 257,894 | $ | 52,507 | $ | 492,585 | $ | (155,488 | ) | |||||||
Net income (loss) per share: | ||||||||||||||||
Basic | $ | 1.11 | $ | 0.23 | $ | 2.14 | $ | (0.69 | ) | |||||||
Diluted | $ | 1.08 | $ | 0.23 | $ | 2.07 | $ | (0.69 | ) | |||||||
Shares used in computing net income (loss) per share: | ||||||||||||||||
Basic | 231,673 | 226,976 | 230,487 | 226,753 | ||||||||||||
Diluted | 239,801 | 231,066 | 238,566 | 226,753 |
SanDisk Corporation | ||||||||||||||||
Reconciliation of Preliminary GAAP to Non-GAAP Operating Results (1) | ||||||||||||||||
(in thousands, except per share data, unaudited) | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
July 4, 2010 | June 28, 2009 | July 4, 2010 | June 28, 2009 | |||||||||||||
SUMMARY RECONCILIATION OF NET INCOME (LOSS) | ||||||||||||||||
GAAP NET INCOME (LOSS) | $ | 257,894 | $ | 52,507 | $ | 492,585 | $ | (155,488 | ) | |||||||
Share-based compensation (a) | 14,977 | 22,354 | 31,847 | 38,684 | ||||||||||||
Amortization of acquisition-related intangible assets (b) | 3,423 | 3,423 | 6,847 | 6,847 | ||||||||||||
Convertible debt interest (c) | 14,208 | 13,159 | 28,129 | 26,085 | ||||||||||||
Income tax adjustments (d) | (32,702 | ) | (8,495 | ) | (76,566 | ) | 58,357 | |||||||||
NON-GAAP NET INCOME (LOSS) | $ | 257,800 | $ | 82,948 | $ | 482,842 | $ | (25,515 | ) | |||||||
GAAP COST OF PRODUCT REVENUES | $ | 632,686 | $ | 481,576 | $ | 1,219,171 | $ | 1,142,186 | ||||||||
Share-based compensation (a) | (1,309 | ) | (2,446 | ) | (3,767 | ) | (4,820 | ) | ||||||||
Amortization of acquisition-related intangible assets (b) | (3,132 | ) | (3,132 | ) | (6,264 | ) | (6,264 | ) | ||||||||
NON-GAAP COST OF PRODUCT REVENUES | $ | 628,245 | $ | 475,998 | $ | 1,209,140 | $ | 1,131,102 | ||||||||
GAAP GROSS PROFIT | $ | 546,382 | $ | 248,997 | $ | 1,046,560 | $ | 247,858 | ||||||||
Share-based compensation (a) | 1,309 | 2,446 | 3,767 | 4,820 | ||||||||||||
Amortization of acquisition-related intangible assets (b) | 3,132 | 3,132 | 6,264 | 6,264 | ||||||||||||
NON-GAAP GROSS PROFIT | $ | 550,823 | $ | 254,575 | $ | 1,056,591 | $ | 258,942 | ||||||||
GAAP RESEARCH AND DEVELOPMENT EXPENSES | $ | 99,799 | $ | 91,219 | $ | 198,452 | $ | 178,155 | ||||||||
Share-based compensation (a) | (6,544 | ) | (9,052 | ) | (13,346 | ) | (15,204 | ) | ||||||||
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES | $ | 93,255 | $ | 82,167 | $ | 185,106 | $ | 162,951 | ||||||||
GAAP SALES AND MARKETING EXPENSES | $ | 52,094 | $ | 50,409 | $ | 100,595 | $ | 88,287 | ||||||||
Share-based compensation (a) | (3,153 | ) | (4,886 | ) | (5,341 | ) | (7,235 | ) | ||||||||
NON-GAAP SALES AND MARKETING EXPENSES | $ | 48,941 | $ | 45,523 | $ | 95,254 | $ | 81,052 | ||||||||
GAAP GENERAL AND ADMINISTRATIVE EXPENSES | $ | 35,399 | $ | 38,636 | $ | 74,123 | $ | 76,961 | ||||||||
Share-based compensation (a) | (3,971 | ) | (5,970 | ) | (9,393 | ) | (11,425 | ) | ||||||||
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSES | $ | 31,428 | $ | 32,666 | $ | 64,730 | $ | 65,536 | ||||||||
GAAP TOTAL OPERATING EXPENSES | $ | 187,583 | $ | 180,555 | $ | 373,753 | $ | 344,751 | ||||||||
Share-based compensation (a) | (13,668 | ) | (19,908 | ) | (28,080 | ) | (33,864 | ) | ||||||||
Amortization of acquisition-related intangible assets (b) | (291 | ) | (291 | ) | (583 | ) | (583 | ) | ||||||||
NON-GAAP TOTAL OPERATING EXPENSES | $ | 173,624 | $ | 160,356 | $ | 345,090 | $ | 310,304 | ||||||||
GAAP OPERATING INCOME (LOSS) | $ | 358,799 | $ | 68,442 | $ | 672,807 | $ | (96,893 | ) | |||||||
Cost of product revenues adjustments (a) (b) | 4,441 | 5,578 | 10,031 | 11,084 | ||||||||||||
Operating expense adjustments (a) (b) | 13,959 | 20,199 | 28,663 | 34,447 | ||||||||||||
NON-GAAP OPERATING INCOME (LOSS) | $ | 377,199 | $ | 94,219 | $ | 711,501 | $ | (51,362 | ) | |||||||
GAAP OTHER INCOME (EXPENSE) | $ | (24 | ) | $ | 4,716 | $ | 8,962 | $ | (13,977 | ) | ||||||
Convertible debt interest (c) | 14,208 | 13,159 | 28,129 | 26,085 | ||||||||||||
NON-GAAP OTHER INCOME (EXPENSE) | $ | 14,184 | $ | 17,875 | $ | 37,091 | $ | 12,108 | ||||||||
GAAP NET INCOME (LOSS) | $ | 257,894 | $ | 52,507 | $ | 492,585 | $ | (155,488 | ) | |||||||
Cost of product revenues adjustments (a) (b) | 4,441 | 5,578 | 10,031 | 11,084 | ||||||||||||
Operating expense adjustments (a) (b) | 13,959 | 20,199 | 28,663 | 34,447 | ||||||||||||
Convertible debt interest (c) | 14,208 | 13,159 | 28,129 | 26,085 | ||||||||||||
Income tax adjustments (d) | (32,702 | ) | (8,495 | ) | (76,566 | ) | 58,357 | |||||||||
NON-GAAP NET INCOME (LOSS) | $ | 257,800 | $ | 82,948 | $ | 482,842 | $ | (25,515 | ) | |||||||
Diluted net income (loss) per share: | ||||||||||||||||
GAAP | $ | 1.08 | $ | 0.23 | $ | 2.07 | $ | (0.69 | ) | |||||||
Non-GAAP | $ | 1.08 | $ | 0.36 | $ | 2.03 | $ | (0.11 | ) | |||||||
Shares used in computing diluted net income (loss) per share: | ||||||||||||||||
GAAP | 239,801 | 231,066 | 238,566 | 226,753 | ||||||||||||
Non-GAAP | 238,807 | 231,818 | 237,652 | 226,753 |
SanDisk Corporation
Reconciliation of Preliminary GAAP to Non-GAAP Operating Results (1)
(1) | To supplement our condensed consolidated financial statements presented in accordance with generally accepted accounting principles (GAAP), we use non-GAAP measures of operating results, net income (loss) and net income (loss) per share, which are adjusted from results based on GAAP to exclude certain expenses, gains and losses. These non-GAAP financial measures are provided to enhance the user's overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because it is consistent with the financial models and estimates published by many analysts who follow t he Company. For example, because the non-GAAP results exclude the expenses we recorded for share-based compensation, the amortization of acquisition-related intangible assets related to acquisitions of Matrix Semiconductor, Inc. in January 2006 and MusicGremlin, Inc. in June 2008, and non-cash economic interest expense associated with our cash-settled convertible debt, we believe the inclusion of non-GAAP financial measures provide consistency in our financial reporting. These non-GAAP results are some of the primary indicators management uses for assessing our performance, allocating resources and planning and forecasting future periods. Further, management uses non-GAAP information that excludes certain non-cash charges, such as amortization of purchased intangible assets, share-based compensation and non-cash economic interest expense associated with our cash-settled convertible debt, as these non-GAAP charges do not reflect the cash operating results of the business or th e ongoing results. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. These non-GAAP measures may be different than the non-GAAP measures used by other companies. |
a) | Share-based compensation expense. |
b) | Amortization of acquisition-related intangible assets, primarily core and developed technology, related to the acquisitions of Matrix Semiconductor, Inc. (January 2006) and MusicGremlin, Inc. (June 2008). |
c) | Incremental interest expense relating to the non-cash economic interest expense associated with the Company's cash-settled convertible debt. |
d) | Income taxes associated with certain non-GAAP to GAAP adjustments and a valuation allowance on deferred taxes. |
SanDisk Corporation | ||||||||
Preliminary Condensed Consolidated Balance Sheets | ||||||||
(in thousands, unaudited) | ||||||||
July 4, 2010 | January 3, 2010 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,237,011 | $ | 1,100,364 | ||||
Short-term marketable securities | 1,190,562 | 819,002 | ||||||
Accounts receivable from product revenues, net | 345,264 | 234,407 | ||||||
Inventory | 493,871 | 596,493 | ||||||
Deferred taxes | 95,314 | 66,869 | ||||||
Other current assets | 95,444 | 97,639 | ||||||
Total current assets | 3,457,466 | 2,914,774 | ||||||
Long-term marketable securities | 1,290,038 | 1,097,095 | ||||||
Property and equipment, net | 258,837 | 300,997 | ||||||
Notes receivable and investments in the flash ventures with Toshiba | 1,589,084 | 1,507,550 | ||||||
Deferred taxes | 52,049 | 21,210 | ||||||
Intangible assets, net | 47,331 | 58,076 | ||||||
Other non-current assets | 45,575 | 102,017 | ||||||
Total assets | $ | 6,740,380 | $ | 6,001,719 | ||||
LIABILITIES | ||||||||
Current liabilities: | ||||||||
Accounts payable trade | $ | 115,177 | $ | 134,427 | ||||
Accounts payable to related parties | 197,044 | 182,091 | ||||||
Convertible short-term debt | - | 75,000 | ||||||
Other current accrued liabilities | 304,554 | 234,079 | ||||||
Deferred income on shipments to distributors and retailers and deferred revenue | 270,245 | 245,513 | ||||||
Total current liabilities | 887,020 | 871,110 | ||||||
Convertible long-term debt | 963,438 | 934,722 | ||||||
Non-current liabilities | 321,071 | 287,478 | ||||||
Total liabilities | 2,171,529 | 2,093,310 | ||||||
EQUITY | ||||||||
Stockholders' equity: | ||||||||
Common stock | 4,395,065 | 4,269,074 | ||||||
Retained earnings (accumulated deficit) | 5,096 | (487,489 | ) | |||||
Accumulated other comprehensive income | 171,649 | 128,713 | ||||||
Total stockholders' equity | 4,571,810 | 3,910,298 | ||||||
Non-controlling interests | (2,959 | ) | (1,889 | ) | ||||
Total equity | 4,568,851 | 3,908,409 | ||||||
Total liabilities and equity | $ | 6,740,380 | $ | 6,001,719 |
SanDisk Corporation | ||||||||||||||||
Preliminary Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
(in thousands, unaudited) | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
July 4, 2010 | June 28, 2009 | July 4, 2010 | June 28, 2009 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 257,894 | $ | 52,507 | $ | 492,585 | $ | (155,488 | ) | |||||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | ||||||||||||||||
Deferred taxes | (18,287 | ) | (6,619 | ) | (78,909 | ) | 2,303 | |||||||||
Depreciation | 34,040 | 37,527 | 69,105 | 76,652 | ||||||||||||
Amortization | 20,437 | 18,766 | 40,588 | 37,110 | ||||||||||||
Provision for doubtful accounts | (977 | ) | (2,942 | ) | (2,599 | ) | (779 | ) | ||||||||
Share-based compensation expense | 14,977 | 22,354 | 31,847 | 38,684 | ||||||||||||
Excess tax benefit from share-based compensation | (11,561 | ) | - | (13,728 | ) | - | ||||||||||
Impairments, restructuring and other | 4,085 | (1,905 | ) | (16,238 | ) | 7,133 | ||||||||||
Other non-operating | 9,674 | 5,060 | 18,939 | (967 | ) | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts receivable from product revenues | (109,829 | ) | (38,793 | ) | (109,935 | ) | (27,960 | ) | ||||||||
Inventory | 73,742 | 21,239 | 100,230 | 61,548 | ||||||||||||
Other assets | 2,292 | 50,425 | 23,577 | 270,808 | ||||||||||||
Accounts payable trade | 19,836 | (12,226 | ) | (19,072 | ) | (124,686 | ) | |||||||||
Accounts payable to related parties | 53,996 | (53,108 | ) | 14,953 | (123,263 | ) | ||||||||||
Other liabilities | 34,747 | (116,572 | ) | 162,002 | (199,643 | ) | ||||||||||
Total adjustments | 127,172 | (76,794 | ) | 220,760 | 16,940 | |||||||||||
Net cash provided by (used in) operating activities | 385,066 | (24,287 | ) | 713,345 | (138,548 | ) | ||||||||||
Cash flows from investing activities: | ||||||||||||||||
Purchases of short and long-term marketable securities | (831,546 | ) | (367,171 | ) | (1,442,959 | ) | (536,109 | ) | ||||||||
Proceeds from sale of short and long-term marketable securities | 474,434 | 150,732 | 691,711 | 572,630 | ||||||||||||
Proceeds from maturities of short and long-term marketable securities | 125,295 | 51,010 | 169,015 | 87,640 | ||||||||||||
Proceeds from sale of assets | - | - | 17,767 | - | ||||||||||||
Acquisition of property and equipment | (22,486 | ) | (16,170 | ) | (37,414 | ) | (32,667 | ) | ||||||||
Distribution from FlashVision Ltd. | - | - | 122 | 12,713 | ||||||||||||
Notes receivable issuance, Flash Partners Ltd. and Flash Alliance Ltd. | - | (51,573 | ) | - | (377,923 | ) | ||||||||||
Notes receivable proceeds, Flash Partners Ltd. and Flash Alliance Ltd. | - | 53,079 | - | 330,149 | ||||||||||||
Purchased technology and other assets | - | (4,577 | ) | (1,982 | ) | (3,153 | ) | |||||||||
Net cash provided by (used in) investing activities | (254,303 | ) | (184,670 | ) | (603,740 | ) | 53,280 | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Repayment of debt financing | - | - | (75,000 | ) | - | |||||||||||
Proceeds from employee stock programs | 66,401 | 1,705 | 84,356 | 6,275 | ||||||||||||
Excess tax benefit from share-based compensation | 11,561 | - | 13,728 | - | ||||||||||||
Net cash provided by financing activities | 77,962 | 1,705 | 23,084 | 6,275 | ||||||||||||
Effect of changes in foreign currency exchange rates on cash | 5,775 | 1,700 | 3,958 | 1,459 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 214,500 | (205,552 | ) | 136,647 | (77,534 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 1,022,511 | 1,090,079 | 1,100,364 | 962,061 | ||||||||||||
Cash and cash equivalents at end of period | $ | 1,237,011 | $ | 884,527 | $ | 1,237,011 | $ | 884,527 |