SAN JOSE, Calif., Jan. 22,
2015 /PRNewswire/ -- Altera Corporation (NASDAQ: ALTR) today
announced fourth quarter sales of $479.9
million, down 4 percent from the third quarter of 2014 and
up 6 percent from the fourth quarter of 2013. Fourth quarter net
income was $111.1 million,
$0.36 per diluted share, compared
with net income of $118.0 million,
$0.38 per diluted share, in the third
quarter of 2014 and $98.9 million,
$0.31 per diluted share, in the
fourth quarter of 2013.
Cash flow from operating activities in 2014 was $666.2 million. Altera repurchased approximately
4.3 million shares during the quarter at a cost of approximately
$151.5 million.
Altera's board of directors has declared a quarterly cash
dividend of $0.18 per share, to be
paid on March 2, 2015 to stockholders of record on
February 10, 2015.
"We grew 12 percent in 2014, outpacing the semiconductor
industry," said John Daane,
president, chief executive officer, and chairman of the board. "Our
Arria 10 FPGAs, the first of our Generation 10 products, are
proving to be competitively quite strong with good design-win
momentum and record opportunities to pursue. We are entering the
advanced stages of design for our high-end Stratix 10 FPGA, the
industry's only 14 nanometer FinFET-based FPGA, with planned
introduction later this year."
Several recent accomplishments mark the company's continuing
progress:
- Audi has selected Altera's SoC field-programmable gate arrays
(FPGAs) for use in Audi's advanced driver assistance system (ADAS)
targeted for mass production. Audi, a self-driving car technology
leader, chose Altera's Cyclone® V SoC
FPGAs for their ability to increase system performance and enable
the differentiated features Audi requires for piloted driving and
parking that are not available with application specific standard
product solutions. Altera's Cyclone V SoC FPGAs combine
programmable logic with dual-core ARM®
Cortex™-A9 processors that allow ADAS platform designers to
customize the hardware and software running in their products. This
combination provides powerful building blocks to accelerate
algorithms commonly used in ADAS designs. Audi's zFAS control unit
is the industry's first fully centralized ADAS module that
processes all self-driving functions in a single unit, unlike other
architectures which have multiple modules distributed throughout
the vehicle.
- Altera and IBM have unveiled the industry's first FPGA-based
acceleration platform that coherently connects an FPGA to a POWER8
CPU leveraging IBM's Coherent Accelerator Processor Interface
(CAPI). The reconfigurable hardware accelerator significantly
improves system performance, efficiency and flexibility in
high-performance computing (HPC) and data center applications.
FPGA-accelerated POWER8 systems are optimized to enable compute-
and processing-intensive tasks required in next-generation HPC and
data center applications, including data compression, encryption,
image processing and search. Using CAPI to coherently attach FPGA
accelerators to the fabric of a POWER8 processor and main system
memory make the FPGA appear as simply another core on the POWER8
processor. This results in shortened development time by greatly
reducing lines of software code and reduced processor cycles versus
conventional IO attached accelerators.
- Electronics Weekly magazine selected
the Altera Software Development Kit (SDK) for OpenCL as its design
tool of the year at the annual Elektra European Electronics
Industry Awards ceremony in London. The Elektra Awards are presented to
companies whose products demonstrate advanced technical
capabilities and usefulness as determined by a panel of independent
industry experts and representatives from Electronics Weekly. These accolades represent the latest
in a series of awards and recognitions the Altera SDK for OpenCL
has received since its release in 2012. The Altera SDK for OpenCL
allows programmers to rapidly develop algorithms with the OpenCL
language and harness the performance and power efficiencies of
FPGAs. Today, Altera offers the industry's only OpenCL-conformant
solution that allows software programmers to easily implement
OpenCL applications on FPGA accelerators.
SELECTED FOURTH
QUARTER REVENUE AND RELATED RESULTS
|
|
($ in
thousands)
Key Ratios &
Information
|
|
December 31,
2014
|
|
September 26,
2014
|
Current
Ratio
|
|
6:1
|
|
|
6:1
|
|
Liabilities/Equity
|
|
3:4
|
|
|
3:4
|
|
Quarterly Operating
Cash Flows
|
|
$
|
150,778
|
|
|
$
|
214,049
|
|
TTM Return on
Equity
|
|
14
|
%
|
|
13
|
%
|
Quarterly
Depreciation Expense
|
|
$
|
12,099
|
|
|
$
|
11,874
|
|
Quarterly Capital
Expenditures
|
|
$
|
9,836
|
|
|
$
|
13,691
|
|
Inventory MSOH
(1): Altera
|
|
2.7
|
|
|
3.4
|
|
Inventory MSOH
(1): Distribution
|
|
0.5
|
|
|
0.6
|
|
TTM Cash Conversion
Cycle (Days)
|
|
144
|
|
|
154
|
|
Turns
|
|
41
|
%
|
|
37
|
%
|
Book to
Bill
|
|
<1.0
|
|
|
<1.0
|
|
|
|
|
|
|
|
|
Note (1): MSOH:
Months Supply On Hand
|
|
|
|
|
|
|
ALTERA
CORPORATION
NET SALES
SUMMARY
(Unaudited)
|
|
|
Three Months
Ended
|
|
Quarterly Growth
Rate
|
|
Years
Ended
|
|
|
|
|
December 31,
2014
|
|
September 26,
2014
|
|
December 31,
2013
|
|
Sequential
Change
|
|
Year-
Over-Year
Change
|
|
December 31,
2014
|
|
December 31,
2013
|
|
Annual
Growth
|
Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
15
|
%
|
|
16
|
%
|
|
19
|
%
|
|
(10)
|
%
|
|
(13)
|
%
|
|
16
|
%
|
|
18
|
%
|
|
(5)
|
%
|
Asia
Pacific
|
41
|
%
|
|
42
|
%
|
|
41
|
%
|
|
(6)
|
%
|
|
7
|
%
|
|
42
|
%
|
|
40
|
%
|
|
19
|
%
|
EMEA
|
30
|
%
|
|
29
|
%
|
|
24
|
%
|
|
0
|
%
|
|
29
|
%
|
|
28
|
%
|
|
26
|
%
|
|
17
|
%
|
Japan
|
14
|
%
|
|
13
|
%
|
|
16
|
%
|
|
0
|
%
|
|
(12)
|
%
|
|
14
|
%
|
|
16
|
%
|
|
1
|
%
|
Net Sales
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
(4)
|
%
|
|
6
|
%
|
|
100
|
%
|
|
100
|
%
|
|
12
|
%
|
Product
Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
|
59
|
%
|
|
56
|
%
|
|
47
|
%
|
|
1
|
%
|
|
32
|
%
|
|
54
|
%
|
|
43
|
%
|
|
42
|
%
|
Mainstream
|
18
|
%
|
|
21
|
%
|
|
24
|
%
|
|
(15)
|
%
|
|
(20)
|
%
|
|
21
|
%
|
|
27
|
%
|
|
(14)
|
%
|
Mature and
Other
|
23
|
%
|
|
23
|
%
|
|
29
|
%
|
|
(5)
|
%
|
|
(17)
|
%
|
|
25
|
%
|
|
30
|
%
|
|
(9)
|
%
|
Net Sales
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
(4)
|
%
|
|
6
|
%
|
|
100
|
%
|
|
100
|
%
|
|
12
|
%
|
Vertical
Market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecom &
Wireless
|
42
|
%
|
|
45
|
%
|
|
40
|
%
|
|
(11)
|
%
|
|
10
|
%
|
|
44
|
%
|
|
41
|
%
|
|
21
|
%
|
Industrial
Automation, Military & Automotive
|
22
|
%
|
|
21
|
%
|
|
22
|
%
|
|
2
|
%
|
|
7
|
%
|
|
22
|
%
|
|
22
|
%
|
|
9
|
%
|
Networking, Computer
& Storage
|
16
|
%
|
|
16
|
%
|
|
19
|
%
|
|
(3)
|
%
|
|
(11)
|
%
|
|
16
|
%
|
|
19
|
%
|
|
(8)
|
%
|
Other
|
20
|
%
|
|
18
|
%
|
|
19
|
%
|
|
5
|
%
|
|
13
|
%
|
|
18
|
%
|
|
18
|
%
|
|
14
|
%
|
Net Sales
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
(4)
|
%
|
|
6
|
%
|
|
100
|
%
|
|
100
|
%
|
|
12
|
%
|
FPGAs and
CPLDs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FPGA
|
84
|
%
|
|
85
|
%
|
|
83
|
%
|
|
(5)
|
%
|
|
7
|
%
|
|
84
|
%
|
|
83
|
%
|
|
13
|
%
|
CPLD
|
8
|
%
|
|
8
|
%
|
|
9
|
%
|
|
5
|
%
|
|
(3)
|
%
|
|
8
|
%
|
|
9
|
%
|
|
2
|
%
|
Other
Products
|
8
|
%
|
|
7
|
%
|
|
8
|
%
|
|
5
|
%
|
|
1
|
%
|
|
8
|
%
|
|
8
|
%
|
|
8
|
%
|
Net Sales
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
(4)
|
%
|
|
6
|
%
|
|
100
|
%
|
|
100
|
%
|
|
12
|
%
|
Product Category Description
- New Products include the
Arria® 10, Stratix® V, Stratix IV, Arria V, Arria II,
Cyclone® V, Cyclone IV,
MAX® 10, MAX V,
HardCopy® IV devices and Enpirion
PowerSoCs.
- Mainstream Products include the
Stratix III, Cyclone III, MAX II and HardCopy III devices.
- Mature and Other Products include the
Stratix II, Stratix, Arria GX, Cyclone II, Cyclone, MAX 3000A, MAX
7000, MAX 7000A, MAX 7000B, MAX 7000S, MAX 9000, HardCopy II,
HardCopy, FLEX® series, APEX™ series,
Mercury™, Excalibur™ devices, configuration and other devices,
intellectual property cores, and software and other tools.
Business Outlook
for the First Quarter 2015
|
|
|
Sales and Income
Statement
|
|
|
Sequential
Sales
|
Flat to -
4%
|
Gross
Margin
|
65% +/-
.5%
|
Research and
Development (1)
|
$112 - $116
million
|
SG&A
|
$76 - $80
million
|
Other Income/Expense,
Net (2)
|
Net expense of
approximately $3 million
|
Tax Rate
|
13% - 14%
|
Diluted Share
Count
|
Approximately 300
million
|
Turns
|
Mid 40's
|
Inventory
MSOH
|
Mid 3's
|
|
|
Note (1): The
Business Outlook for Research and Development expense includes
amortization of acquisition-related intangible assets.
|
Note (2): Other
Income/ Expense, Net includes Interest income and other and
Interest expense in our consolidated statements of comprehensive
income.
|
Vertical
Market
|
|
|
Telecom &
Wireless
|
Flat
|
Industrial
Automation, Military & Automotive
|
Down
|
Networking, Computer
& Storage
|
Up
|
Other
|
Down
|
Fourth Quarter Earnings Conference Call
A conference call will be held today at 1:45 p.m. Pacific Time to discuss the quarter's
results and management's current business outlook. The web cast and
subsequent replay will be available in the Investor Relations
section of the company's website at www.altera.com. A telephonic
replay of the call may be accessed later in the day by calling
(719) 457-0820 and referencing confirmation code 258712. The
telephonic replay will be available for two weeks following the
live call.
Forward-Looking Statements
Statements in this press release that are not historical are
"forward-looking statements" as the term is defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are generally written in the future tense and/or
preceded by words such as "will," "expects," "anticipates," or
other words that imply or predict a future state. Forward-looking
statements include, but are not limited to, the Stratix 10 first
shipment timing, potential FPGA market expansion, and any
projection of revenue, gross margin, expense or other financial
items discussed in the Business Outlook section or elsewhere in
this press release. Investors are cautioned that all
forward-looking statements in this release involve risks and
uncertainty that can cause actual results to differ materially from
those currently anticipated, due to a number of factors, including
without limitation, current global economic conditions, customer
business environment, customer inventory levels, product
availability, vertical market mix, market acceptance of the
company's products, the performance of products once introduced,
product introduction schedules, the rate of growth of the company's
new products including Cyclone® V, Cyclone IV,
Arria® 10, Arria V, Arria II, Stratix®
V, Stratix IV, MAX® 10 FPGAs, MAX V CPLDs,
HardCopy® IV device families and Enpirion
PowerSoCs, as well as changes in economic conditions and other risk
factors discussed in documents filed by the company with the
Securities and Exchange Commission (SEC) from time to time. Copies
of Altera's SEC filings are posted on the company's website and are
available from the company without charge. Forward-looking
statements are made as of the date of this release, and, except as
required by law, the company does not undertake an obligation to
update its forward-looking statements to reflect future events or
circumstances.
About Altera
Altera® programmable solutions enable designers of
electronic systems to rapidly and cost effectively innovate,
differentiate and win in their markets. Altera offers FPGAs, SoCs,
CPLDs, ASICs and complementary technologies, such as power
management, to provide high-value solutions to customers worldwide.
Visit www.altera.com.
ALTERA, ARRIA, CYCLONE, ENPIRION, MAX, MEGACORE, NIOS, QUARTUS
and STRATIX words and logos are trademarks of Altera Corporation
and registered in the U.S. Patent and Trademark Office and in other
countries. All other words and logos identified as trademarks or
service marks are the property of their respective holders as
described at www.altera.com/legal.
INVESTOR
CONTACT
|
|
MEDIA
CONTACT
|
Scott Wylie - Vice
President
|
|
Sue Martenson -
Senior Manager
|
Investor
Relations
|
|
Public
Relations
|
(408)
544-6996
|
|
(408)
544-8158
|
swylie@altera.com
|
|
newsroom@altera.com
|
ALTERA
CORPORATION
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
(In thousands,
except per share amounts)
|
|
December 31,
2014
|
|
September 26,
2014
|
|
December 31,
2013
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
479,873
|
|
|
$
|
499,606
|
|
|
$
|
454,367
|
|
|
$
|
1,932,089
|
|
|
$
|
1,732,572
|
|
|
Cost of
sales
|
|
168,172
|
|
|
166,019
|
|
|
144,024
|
|
|
648,451
|
|
|
546,736
|
|
|
Gross
margin
|
|
311,701
|
|
|
333,587
|
|
|
310,343
|
|
|
1,283,638
|
|
|
1,185,836
|
|
|
Operating
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expense
|
|
107,314
|
|
|
112,078
|
|
|
106,643
|
|
|
418,170
|
|
|
385,185
|
|
|
Selling, general, and
administrative expense
|
|
81,044
|
|
|
77,724
|
|
|
84,692
|
|
|
312,249
|
|
|
320,068
|
|
|
Amortization of
acquisition-related intangible assets
|
|
2,465
|
|
|
2,465
|
|
|
1,850
|
|
|
9,859
|
|
|
4,824
|
|
|
Total operating
expense
|
|
190,823
|
|
|
192,267
|
|
|
193,185
|
|
|
740,278
|
|
|
710,077
|
|
|
Operating margin
(2)
|
|
120,878
|
|
|
141,320
|
|
|
117,158
|
|
|
543,360
|
|
|
475,759
|
|
|
Compensation
expense/(benefit) - deferred compensation plan
|
|
1,934
|
|
|
(487)
|
|
|
3,881
|
|
|
6,027
|
|
|
10,605
|
|
|
(Gain)/loss on
deferred compensation plan securities
|
|
(1,934)
|
|
|
487
|
|
|
(3,881)
|
|
|
(6,027)
|
|
|
(10,605)
|
|
|
Interest income and
other
|
|
(5,714)
|
|
|
(4,558)
|
|
|
(4,902)
|
|
|
(24,076)
|
|
|
(11,553)
|
|
|
Loss/(gain)
reclassified from other comprehensive income
|
|
10
|
|
|
(59)
|
|
|
(24)
|
|
|
(140)
|
|
|
(153)
|
|
|
Interest
expense
|
|
11,410
|
|
|
10,774
|
|
|
8,272
|
|
|
43,549
|
|
|
16,637
|
|
|
Income before income
taxes
|
|
115,172
|
|
|
135,163
|
|
|
113,812
|
|
|
524,027
|
|
|
470,828
|
|
|
Income tax
expense
|
|
4,041
|
|
|
17,154
|
|
|
14,878
|
|
|
51,369
|
|
|
30,763
|
|
|
Net income
|
|
$
|
111,131
|
|
|
$
|
118,009
|
|
|
$
|
98,934
|
|
|
$
|
472,658
|
|
|
$
|
440,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income/(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
gain/(loss) on investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gain/(loss) on investments arising during
period, net of tax of ($55), ($6), ($11), ($14) and ($1)
|
|
15,623
|
|
|
(4,929)
|
|
|
(26,811)
|
|
|
37,725
|
|
|
(33,424)
|
|
|
Less:
Reclassification adjustments for loss/(gain) on investments
included in net income, net of tax of $1, $11, $2, $22 and
$23
|
|
11
|
|
|
(48)
|
|
|
(22)
|
|
|
(118)
|
|
|
(130)
|
|
|
Other comprehensive
income/(loss):
|
|
15,634
|
|
|
(4,977)
|
|
|
(26,833)
|
|
|
37,607
|
|
|
(33,554)
|
|
|
Comprehensive
income
|
|
$
|
126,765
|
|
|
$
|
113,032
|
|
|
$
|
72,101
|
|
|
$
|
510,265
|
|
|
$
|
406,511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.37
|
|
|
$
|
0.38
|
|
|
$
|
0.31
|
|
|
$
|
1.53
|
|
|
$
|
1.37
|
|
|
Diluted
|
|
$
|
0.36
|
|
|
$
|
0.38
|
|
|
$
|
0.31
|
|
|
$
|
1.52
|
|
|
$
|
1.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing per share amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
303,848
|
|
|
308,215
|
|
|
319,993
|
|
|
309,748
|
|
|
320,195
|
|
|
Diluted
|
|
305,614
|
|
|
310,184
|
|
|
322,018
|
|
|
311,897
|
|
|
323,018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
|
$
|
0.18
|
|
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
$
|
0.66
|
|
|
$
|
0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax rate
|
|
3.5
|
%
|
|
12.7
|
%
|
|
13.1
|
%
|
|
9.8
|
%
|
|
6.5
|
%
|
|
% of Net
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin
|
|
65.0
|
%
|
|
66.8
|
%
|
|
68.3
|
%
|
|
66.4
|
%
|
|
68.4
|
%
|
|
Research and
development (1)
|
|
22.9
|
%
|
|
22.9
|
%
|
|
23.9
|
%
|
|
22.2
|
%
|
|
22.5
|
%
|
|
Selling, general, and
administrative
|
|
16.9
|
%
|
|
15.6
|
%
|
|
18.6
|
%
|
|
16.2
|
%
|
|
18.5
|
%
|
|
Operating
margin(2)
|
|
25.2
|
%
|
|
28.3
|
%
|
|
25.8
|
%
|
|
28.1
|
%
|
|
27.5
|
%
|
|
Net income
|
|
23.2
|
%
|
|
23.6
|
%
|
|
21.8
|
%
|
|
24.5
|
%
|
|
25.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Research and
development expense as a percentage of Net sales includes
amortization of acquisition-related intangible assets.
(2)We define
operating margin as gross margin less research and development and
selling, general and administrative expenses and amortization of
acquisition-related intangible assets, as presented above. This
presentation differs from income from operations as defined by U.S.
Generally Accepted Accounting Principles ("GAAP"), as it excludes
the effect of compensation associated with the deferred
compensation plan obligations. Since the effect of compensation
associated with our deferred compensation plan obligations is
offset by gains and losses from related securities, we believe this
presentation provides a more meaningful representation of our
ongoing operating performance. A reconciliation of operating margin
to income from operations follows:
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
(In
thousands)
|
|
December 31,
2014
|
|
September 26,
2014
|
|
December 31,
2013
|
|
December 31,
2014
|
|
December 31,
2013
|
|
Operating margin
(non-GAAP)
|
|
$
|
120,878
|
|
|
$
|
141,320
|
|
|
$
|
117,158
|
|
|
$
|
543,360
|
|
|
$
|
475,759
|
|
|
Compensation
expense/(benefit) - deferred compensation plan
|
|
1,934
|
|
|
(487)
|
|
|
3,881
|
|
|
6,027
|
|
|
10,605
|
|
|
Income from
operations (GAAP)
|
|
$
|
118,944
|
|
|
$
|
141,807
|
|
|
$
|
113,277
|
|
|
$
|
537,333
|
|
|
$
|
465,154
|
|
|
ALTERA
CORPORATION
CONSOLIDATED
BALANCE SHEETS
(Unaudited)
|
|
|
|
|
|
(In thousands,
except par value amount)
|
|
December 31,
2014
|
|
December 31,
2013
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
2,426,367
|
|
|
$
|
2,869,158
|
|
Short-term
investments
|
|
151,519
|
|
|
141,487
|
|
Total cash, cash
equivalents, and short-term investments
|
|
2,577,886
|
|
|
3,010,645
|
|
Accounts receivable,
net
|
|
377,964
|
|
|
483,032
|
|
Inventories
|
|
153,387
|
|
|
163,880
|
|
Deferred income taxes
- current
|
|
56,048
|
|
|
63,228
|
|
Deferred compensation
plan - marketable securities
|
|
69,367
|
|
|
66,455
|
|
Deferred compensation
plan - restricted cash equivalents
|
|
14,412
|
|
|
16,699
|
|
Other current
assets
|
|
39,479
|
|
|
48,901
|
|
Total current
assets
|
|
3,288,543
|
|
|
3,852,840
|
|
Property and
equipment, net
|
|
194,840
|
|
|
204,142
|
|
Long-term
investments
|
|
1,942,343
|
|
|
1,695,066
|
|
Deferred income taxes
- non-current
|
|
20,077
|
|
|
10,806
|
|
Goodwill
|
|
74,341
|
|
|
73,968
|
|
Acquisition-related
intangible assets, net
|
|
72,291
|
|
|
82,150
|
|
Other assets,
net
|
|
81,791
|
|
|
76,676
|
|
Total
assets
|
|
$
|
5,674,226
|
|
|
$
|
5,995,648
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
49,140
|
|
|
$
|
44,163
|
|
Accrued
liabilities
|
|
28,384
|
|
|
41,218
|
|
Accrued compensation
and related liabilities
|
|
69,837
|
|
|
51,105
|
|
Deferred compensation
plan obligations
|
|
83,779
|
|
|
83,154
|
|
Deferred income and
allowances on sales to distributors
|
|
344,168
|
|
|
487,746
|
|
Total current
liabilities
|
|
575,308
|
|
|
707,386
|
|
Income taxes payable
- non-current
|
|
313,447
|
|
|
276,326
|
|
Long-term
debt
|
|
1,492,759
|
|
|
1,491,466
|
|
Other non-current
liabilities
|
|
6,886
|
|
|
8,403
|
|
Total
liabilities
|
|
2,388,400
|
|
|
2,483,581
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
Common stock: $.001
par value; 1,000,000 shares authorized; outstanding - 302,430 at
December 31, 2014 and 317,769 shares at December 31,
2013
|
|
302
|
|
|
318
|
|
Capital in excess of
par value
|
|
1,165,259
|
|
|
1,216,826
|
|
Retained
earnings
|
|
2,110,620
|
|
|
2,322,885
|
|
Accumulated other
comprehensive income/(loss)
|
|
9,645
|
|
|
(27,962)
|
|
Total stockholders'
equity
|
|
3,285,826
|
|
|
3,512,067
|
|
Total liabilities and
stockholders' equity
|
|
$
|
5,674,226
|
|
|
$
|
5,995,648
|
|
|
|
|
|
|
|
|
ALTERA
CORPORATION
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
YEARS
ENDED
|
|
(In
thousands)
|
|
December 31,
2014
|
|
December 31,
2013
|
|
December 31,
2012
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
472,658
|
|
|
$
|
440,065
|
|
|
$
|
556,807
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
56,181
|
|
|
47,225
|
|
|
36,009
|
|
Amortization of
acquisition-related intangible assets
|
|
9,859
|
|
|
4,824
|
|
|
853
|
|
Amortization of debt
discount and debt issuance costs
|
|
3,116
|
|
|
1,457
|
|
|
648
|
|
Stock-based
compensation
|
|
93,432
|
|
|
96,624
|
|
|
93,586
|
|
Net gain on sale of
available-for-sale securities
|
|
(140)
|
|
|
(153)
|
|
|
—
|
|
Amortization of
investment discount/premium
|
|
2,746
|
|
|
3,407
|
|
|
—
|
|
Deferred income tax
(benefit) expense
|
|
(3,329)
|
|
|
3,581
|
|
|
8,824
|
|
Tax effect of
employee stock plans
|
|
4,946
|
|
|
7,009
|
|
|
9,811
|
|
Excess tax benefit
from employee stock plans
|
|
(1,945)
|
|
|
(4,716)
|
|
|
(16,278)
|
|
Changes in assets and
liabilities, net of the effects of acquisitions:
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
105,068
|
|
|
(157,842)
|
|
|
(91,435)
|
|
Inventories
|
|
10,493
|
|
|
(7,933)
|
|
|
(30,442)
|
|
Other
assets
|
|
10,085
|
|
|
(1,309)
|
|
|
(3,698)
|
|
Accounts payable and
other liabilities
|
|
14,756
|
|
|
9,414
|
|
|
(50,566)
|
|
Deferred income and
allowances on sales to distributors
|
|
(143,578)
|
|
|
139,002
|
|
|
66,117
|
|
Income taxes
payable
|
|
37,269
|
|
|
14,440
|
|
|
8,576
|
|
Deferred compensation
plan obligations
|
|
(5,402)
|
|
|
(4,887)
|
|
|
(1,598)
|
|
Net cash provided by
operating activities
|
|
666,215
|
|
|
590,208
|
|
|
587,214
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(40,237)
|
|
|
(42,558)
|
|
|
(60,913)
|
|
Sales of deferred
compensation plan securities, net
|
|
5,402
|
|
|
4,887
|
|
|
1,598
|
|
Purchases of
available-for-sale securities
|
|
(905,283)
|
|
|
(1,347,626)
|
|
|
(921,430)
|
|
Proceeds from sale of
available-for-sale securities
|
|
489,200
|
|
|
136,791
|
|
|
105,411
|
|
Proceeds from
maturity of available-for-sale securities
|
|
191,498
|
|
|
178,221
|
|
|
115,373
|
|
Acquisitions, net of
cash acquired
|
|
—
|
|
|
(145,321)
|
|
|
—
|
|
Purchases of
intangible assets
|
|
(1,749)
|
|
|
(13,465)
|
|
|
(2,280)
|
|
Purchase of other
investments
|
|
(10,224)
|
|
|
(7,441)
|
|
|
(4,935)
|
|
Net cash used in
investing activities
|
|
(271,393)
|
|
|
(1,236,512)
|
|
|
(767,176)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from
issuance of common stock through stock plans
|
|
47,123
|
|
|
58,220
|
|
|
49,665
|
|
Shares withheld for
employee taxes
|
|
(22,890)
|
|
|
(28,272)
|
|
|
(31,472)
|
|
Payment of dividends
to stockholders
|
|
(204,609)
|
|
|
(160,377)
|
|
|
(115,514)
|
|
Holdback payment for
prior acquisition
|
|
(3,353)
|
|
|
—
|
|
|
—
|
|
Payment of debt
assumed in acquisitions
|
|
—
|
|
|
(22,000)
|
|
|
—
|
|
Proceeds from
issuance of long-term debt
|
|
—
|
|
|
991,786
|
|
|
500,000
|
|
Repayment of credit
facility
|
|
—
|
|
|
—
|
|
|
(500,000)
|
|
Long-term debt and
credit facility issuance costs
|
|
(1,321)
|
|
|
(4,143)
|
|
|
(5,244)
|
|
Repurchases of common
stock
|
|
(654,508)
|
|
|
(201,095)
|
|
|
(229,057)
|
|
Excess tax benefit
from employee stock plans
|
|
1,945
|
|
|
4,716
|
|
|
16,278
|
|
Net cash (used in)
provided by financing activities
|
|
(837,613)
|
|
|
638,835
|
|
|
(315,344)
|
|
Net decrease in cash
and cash equivalents
|
|
(442,791)
|
|
|
(7,469)
|
|
|
(495,306)
|
|
Cash and cash
equivalents at beginning of period
|
|
2,869,158
|
|
|
2,876,627
|
|
|
3,371,933
|
|
Cash and cash
equivalents at end of period
|
|
$
|
2,426,367
|
|
|
$
|
2,869,158
|
|
|
$
|
2,876,627
|
|
Supplemental cash
flow information:
|
|
|
|
|
|
|
|
|
|
Income taxes
(refunded)/paid, net
|
|
$
|
(3,305)
|
|
|
$
|
16,299
|
|
|
$
|
9,797
|
|
Interest
paid
|
|
$
|
41,637
|
|
|
$
|
10,865
|
|
|
$
|
6,898
|
|
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SOURCE Altera Corporation