8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 27, 2011

LSI CORPORATION

(Exact name of registrant as specified in its charter)

DELAWARE	1-10317	94-2712976
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1621 Barber Lane

Milpitas, California 95035

(Address of principal executive offices, including zip code)

(408) 433-8000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Item 2.02 Results of Operation and Financial Condition.

EXHIBIT 99.1

Item 2.02 Results of Operation and Financial Condition.

On July 27, 2011, LSI Corporation issued a news release regarding its financial results for the quarter ended July 3, 2011. A copy of the news release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated by reference herein.

The news release contains non-GAAP financial information. Management believes that the presentation of non-GAAP net income (loss), non-GAAP gross margin, non-GAAP operating expenses, non-GAAP taxes, and non-GAAP net income (loss) per basic and diluted share provides important supplemental information to management and investors about financial and business trends relating to the company’s results of operations. Management believes that the use of these non-GAAP financial measures also provides consistency and comparability with our past financial reports.

Management has historically used these non-GAAP measures when evaluating operating performance because we believe that the inclusion or exclusion of the items described below provides an additional measure of our core operating results and facilitates comparisons of our core operating performance against prior periods and our business model objectives. We have chosen to provide this information to investors to enable them to perform additional analyses of past, present and future operating performance and as a supplemental means to evaluate our ongoing core operations. Externally, we believe that these non-GAAP measures continue to be useful to investors in their assessment of our operating performance and their valuation of the company.

Internally, these non-GAAP measures are significant measures used by management for purposes of:

• evaluating the core operating performance of the company;

• establishing internal budgets;

• calculating return on investment for development programs and growth initiatives;

• comparing performance with internal forecasts and targeted business models;

• strategic planning;

• evaluating and valuing potential acquisition candidates and how their operations compare to the company’s operations; and

• benchmarking performance externally against our competitors.

How we calculate our non-GAAP financial measures

Non-GAAP net income (loss), non-GAAP gross margin, non-GAAP operating expenses, non-GAAP taxes and non-GAAP net income (loss) per basic and diluted share are important to the company for the reasons noted above and exclude the following items:

• Stock-based compensation. Stock-based compensation relates primarily to LSI stock awards such as stock options and restricted stock units. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are difficult to predict. As a result of this unpredictability, management excludes this item from its internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation provide investors with a basis to measure the company’s core performance against the performance of other companies without the variability created by stock-based compensation.

• Purchase accounting effect on inventory. This is an acquisition-related charge. It results from marking to fair value an acquired company’s inventory at the time of acquisition. This charge is not factored into management’s evaluation of potential acquisitions or our performance after completion of acquisitions, because it is not related to our core operating performance, and the frequency and amount of this type of charge can vary significantly based on the size and timing of our acquisitions. Excluding this data provides investors with a basis to compare the company against the performance of other companies without this variability.

• Amortization of acquisition-related intangibles. This relates to purchased technology in acquisitions such as existing technology, patents and trademarks. This charge is not factored into management’s evaluation of potential acquisitions or our performance after completion of acquisitions, because it is not related to our core operating performance, and the frequency and amount of this type of charge can vary significantly based on the size and timing of our acquisitions and the maturities of the businesses being acquired. Excluding this data provides investors with a basis to compare the company against the performance of other companies without this variability.

• Restructuring of operations and other items, net. This represents charges/losses and gains that are not directly related to the company’s ongoing or core business results. Management regularly excludes such items from internal operating forecasts and models because they are not considered a core operating activity for the company and because the frequency and variability in the nature of the charges can vary significantly from period to period. Excluding this data provides investors with a basis to compare the company against the performance of other companies without this variability.

• Goodwill and other intangible asset impairment charges. This item reflects the write down of goodwill and other intangible assets to their fair values. Because of the infrequent nature of this charge, management does not include this type of item in internal operating forecasts and models. Excluding this data provides investors with a basis to compare the company’s core operating results in different periods without this variability.

• Other charges and gains. Other charges and gains consist of gains or losses on investments and certain non-operating gains and losses that occur on an infrequent basis and vary greatly in amount. We do not regularly trade public equity securities nor do we typically use these securities to fund our ongoing operations. Management excludes these items because they do not affect our core operations. Excluding this data provides investors with a basis to compare the company against the performance of other companies without this variability.

• Non-GAAP income tax expense/benefit. This item represents the additional amount of tax expense or benefit that the company would accrue if it used non-GAAP results instead of GAAP results in the calculation of its tax liability.

We use non-GAAP net income computed as described above as the numerator in the calculation of non-GAAP net income per basic and diluted share. We calculate the basic and diluted share amounts used in the denominator in accordance with GAAP rules, using non-GAAP net income rather than GAAP net income.

Limitations of relying on non-GAAP financial measures

Some of the limitations of relying on non-GAAP financial measures include:

• Stock-based compensation. LSI’s stock-based incentive plans are important components of our employee incentive compensation arrangements and are reflected in our GAAP results. Stock-based compensation should be considered for a complete view of the costs of our compensation arrangements.

• Purchase accounting effect on inventory. Acquisitions have been an important part of our business strategy and the corresponding acquisition-related charges reflect the costs of choosing acquisitions as a form of growth strategy.

• Amortization of acquisition-related intangibles. Acquisitions have been an important part of our business strategy and the corresponding acquisition-related charges reflect the costs of choosing acquisitions as a form of growth strategy.

• Restructuring of operations and other items, net. This item reflects charges for severance, exit costs associated with leased facilities, asset impairment charges and gains on sales of assets that are no longer strategic. While no longer strategic to the future of the company, such items reflect the costs of decisions made as part of running a business and are critical to a complete view of our historical results.

• Goodwill and other intangible asset impairment charges. This amount should be included for a complete view of our historical performance including the impact of declines of the value of our assets.

• Other charges and gains. These amounts should be included for a complete view of our historical performance even though they are not related to our core operations.

• Non-GAAP income tax expense/benefit. This item represents the additional amount of tax expense or benefit that the company would accrue if it used non-GAAP results instead of GAAP results in the calculation of its tax liability. The limitation in it is that it does not include the effect of all the items excluded from the non-GAAP financial statements.

All supplemental non-GAAP financial measures should be read in conjunction with the comparable information presented in accordance with generally accepted accounting principles in the United States of America.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	News Release issued July 27, 2011.*

* Furnished, not filed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LSI CORPORATION
By:	/s/ Bryon Look
	Bryon Look
	Executive Vice President, Chief Financial Officer and Chief Administrative Officer

Date: July 27, 2011

EXHIBIT INDEX

Exhibit No.	Description
99.1	News Release issued July 27, 2011.*

* Furnished, not filed.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE	JULY 27, 2011
Investor Relations Contact:	Media Relations Contact:
Sujal Shah	Maureen Dvorak
610-712-5471	610-712-1742
sujal.shah@lsi.com	maureen.dvorak@lsi.com

cc11-39/C1119

LSI Reports Second Quarter 2011 Results

Company Anticipates 10% Sequential Revenue Growth in Q3

MILPITAS, Calif., July 27, 2011 – LSI Corporation (NYSE: LSI) today reported results for its second quarter ended July 3, 2011.

On May 6, 2011, LSI completed the sale of its external storage systems business to NetApp. The financial results of the external systems business have been classified as discontinued operations in LSI’s financial statements. Our ongoing business is referred to as “continuing operations.”

Second Quarter 2011 News Release Summary

• Second quarter 2011 revenues from continuing operations of $501 million

• Second quarter 2011 GAAP* income from continuing operations of 5 cents per diluted share

• Second quarter 2011 non-GAAP** income from continuing operations of 10 cents per diluted share

• Second quarter operating cash flows of $38 million

Third Quarter 2011 Business Outlook

• Projected revenues from continuing operations of $535 million to $565 million

• GAAP* income from continuing operations in the range of $0.01 to $0.11 per share

• Non-GAAP** income from continuing operations in the range of $0.11 to $0.17 per share

* Generally Accepted Accounting Principles.

** Excludes goodwill and other intangible asset impairment, stock-based compensation, amortization of acquisition-related intangibles, purchase accounting effect on inventory, restructuring of operations and other items, net, and gain/loss on sale/write-down of investments. It also excludes the income tax effect associated with the above-mentioned items. It also excludes, in the case of non-GAAP net income, gain from the sale of the external storage systems business.

“Our strong execution in the second quarter and guidance for the third quarter, which represents 10 percent sequential revenue growth at the mid-point, reflect share gains and program ramps at key customers across multiple businesses,” said Abhi Talwalkar, LSI president and CEO. “LSI is now entering an exciting new phase in our evolution. With our transformation complete, we are well positioned to drive above-market growth, generate greater profitability and increase shareholder value.”

Second quarter 2011 revenues from continuing operations were $501 million, above the high end of guidance, compared to $473 million generated from continuing operations in the second quarter of 2010, and compared to $473 million generated from continuing operations in the first quarter of 2011.

Second quarter 2011 GAAP* income from continuing operations was $28 million or 5 cents per diluted share, compared to second quarter 2010 GAAP income from continuing operations of $3 million or break-even per diluted share. Second quarter 2011 GAAP results compare to first quarter 2011 GAAP income from continuing operations of $19 million or 3 cents per diluted share. Second quarter 2011 GAAP income from continuing operations included a net charge of $31 million from special items, consisting primarily of $29 million of amortization of acquisition-related items and $14 million of stock-based compensation expense, offset by an $11 million credit for net restructuring and other items.

Second quarter 2011 GAAP net income was $294 million or 48 cents per diluted share, compared to second quarter 2010 GAAP net income of $7 million or 1 cent per diluted share. Second quarter 2011 GAAP net income includes a gain of $260 million or 43 cents per diluted share related to the sale of the external storage systems business to NetApp. Second quarter 2011 GAAP net income compares to first quarter 2011 GAAP net income of $10 million or 2 cents per diluted share.

Second quarter 2011 non-GAAP** income from continuing operations was $60 million or 10 cents per diluted share, compared to second quarter 2010 non-GAAP income from continuing operations of $61 million or 9 cents per diluted share. First quarter 2011 non-GAAP income from continuing operations was $65 million or 10 cents per diluted share.

Second quarter 2011 non-GAAP net income was $79 million or 13 cents per diluted share, compared to second quarter 2010 non-GAAP net income of $71 million or 11 cents per diluted share. First quarter 2011 non-GAAP net income was $82 million or 13 cents per diluted share.

Cash and short-term investments totaled approximately $907 million at quarter end. The company completed second-quarter purchases of approximately 42 million shares of its common stock for approximately $300 million. On a year-to-date basis, the company has purchased approximately 56 million shares of its common stock for approximately $397 million under its $750 million share repurchase program.

Bryon Look, LSI CFO and chief administrative officer, said, “In addition to exceeding the high end of our revenue guidance in the second quarter, we were active in buying back stock and have repurchased 56 million shares year to date. We remain committed to driving earnings growth and getting to our target business model. Our guidance implies strong operating margin expansion in the third quarter, demonstrating the earnings leverage we have created.”

LSI Third Quarter 2011 Business Outlook

For Continuing Operations

	GAAP*	Special Items	Non-GAAP**
Revenue	$535 million to $565 million		$535 million to $565 million
Gross Margin	45.5% – 49.5%	$20 million to $30 million	51.0% – 53.0%
Operating Expenses	$213 million to $233 million	$15 million to $25 million	$198 million to $208 million
Net Other Income	$5 million		$5 million
Tax	Approximately $10 million		Approximately $10 million
Income From Continuing Operations Per Share	$0.01 to $0.11	($0.06) to ($0.10)	$0.11 to $0.17
Diluted Share Count	575 million		575 million

Capital spending is projected to be around $20 million in the third quarter and approximately $55 million in total for 2011.

Depreciation and software amortization is projected to be around $16 million in the third quarter and approximately $75 million in total for 2011.

LSI Conference Call Information

LSI will hold a conference call today at 2 p.m. PDT to discuss second quarter financial results and the third quarter 2011 business outlook. Internet users can access the conference call at http://www.lsi.com/webcast. Subsequent to the conference call, a replay will be available at the same web address.

Forward-Looking Statements: This news release contains forward-looking statements that are based on the current opinions and estimates of management. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those

anticipated in the forward-looking statements. Factors that could cause LSI’s actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: our ability to eliminate costs related to the external storage systems business that we sold to NetApp; our ability to repurchase our common stock at prices we believe to be advantageous; the impact of the recent earthquake, tsunami and nuclear power plant events in Japan; our reliance on major customers and suppliers; our ability to keep up with rapid technological change; our ability to compete successfully in competitive markets; fluctuations in the timing and volumes of customer demand; the unavailability of appropriate levels of manufacturing capacity; and general industry and macro-economic conditions. For additional information, see the documents filed by LSI with the Securities and Exchange Commission, and specifically the risk factors set forth in the company’s most recent reports on Form 10-K and 10-Q. LSI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About LSI

LSI Corporation (NYSE: LSI) is a leading provider of innovative silicon, systems and software technologies that enable products which seamlessly bring people, information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software that are trusted by the world’s best known brands to power leading solutions in the Storage and Networking markets. More information is available at www.lsi.com.

# # #

Editor’s Notes:

1. All LSI news releases (financial, acquisitions, manufacturing, products, technology, etc.) are issued exclusively by PR Newswire and are immediately thereafter posted on the company’s external website, http://www.lsi.com.

2. LSI and the LSI & Design logo are trademarks or registered trademarks of LSI Corporation.

3. All other brand or product names may be trademarks or registered trademarks of their respective companies.

LSI CORPORATION

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

	July 3, 2011			April 3, 2011			December 31, 2010
Assets
Current assets:
Cash and short-term investments	$	906.5		$	682.3		$	676.6
Accounts receivable, net		234.1			286.1			326.6
Inventories		193.8			155.0			186.8
Prepaid expenses and other current assets		73.8			68.4			73.3
Assets held for sale		18.6			236.3			0.5
Total current assets		1,426.8			1,428.1			1,263.8
Property and equipment, net		178.5			188.0			223.2
Goodwill and identified intangible assets, net		563.4			592.0			749.8
Other assets		147.2			146.8			188.1
Total assets	$	2,315.9		$	2,354.9		$	2,424.9
Liabilities and Stockholders’ Equity
Current liabilities	$	447.7		$	484.3		$	484.6
Pension, tax and other liabilities		567.5			611.0			622.8
Total liabilities		1,015.2			1,095.3			1,107.4
Stockholders’ equity:
Common stock and additional paid-in capital		5,678.4			5,932.3			6,004.3
Accumulated deficit		(4,064.5	)		(4,358.3	)		(4,368.5	)
Accumulated other comprehensive loss		(313.2	)		(314.4	)		(318.3	)
Total stockholders’ equity		1,300.7			1,259.6			1,317.5
Total liabilities and stockholders’ equity	$	2,315.9		$	2,354.9		$	2,424.9

LSI CORPORATION

Consolidated Statements of Operations (GAAP)

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended									Six Months Ended
	July 3,			April 3,			July 4,			July 3,			July 4,
	2011			2011			2010			2011			2010
Revenues	$	500,644		$	473,264		$	473,447		$	973,908		$	946,119
Cost of revenues		240,692			225,459			217,859			466,151			445,486
Amortization of acquisition-related intangibles		20,281			21,818			28,835			42,099			57,670
Stock-based compensation expense		2,051			1,813			1,985			3,864			3,401
Total cost of revenues		263,024			249,090			248,679			512,114			506,557
Gross profit		237,620			224,174			224,768			461,794			439,562
Research and development		139,220			136,124			136,121			275,344			268,963
Stock-based compensation expense		6,653			6,223			6,750			12,876			12,770
Total research and development		145,873			142,347			142,871			288,220			281,733
Selling, general and administrative		58,526			54,917			54,763			113,443			110,493
Amortization of acquisition-related intangibles		8,319			8,319			8,948			16,638			17,896
Stock-based compensation expense		4,948			5,631			6,439			10,579			12,126
Total selling, general and administrative		71,793			68,867			70,150			140,660			140,515
Restructuring of operations and other items, net		(10,904	)		2,806			5,086			(8,098	)		6,706
Income from operations		30,858			10,154			6,661			41,012			10,608
Interest expense		—			—			(1,707	)		—			(5,601	)
Interest income and other, net		6,450			4,288			4,639			10,738			(4,168	)
Income from continuing operation before income taxes		37,308			14,442			9,593			51,750			839
Provision for/(benefit from) income taxes		8,900			(4,104	)		6,911			4,796			(16,191	)
Income from continuing operations		28,408			18,546			2,682			46,954			17,030
Income/(loss) from discontinued operations, net of tax		265,376			(8,392	)		4,750			256,984			12,922
Net income	$	293,784		$	10,154		$	7,432		$	303,938		$	29,952
Basic income per share:
Income from continuing operations	$	0.05		$	0.03		$	0.00		$	0.08		$	0.03
Income/(loss) from discontinued operations	$	0.44		$	(0.01	)	$	0.01		$	0.42		$	0.02
Net income	$	0.49		$	0.02		$	0.01		$	0.50		$	0.05
Diluted income per share:
Income from continuing operations	$	0.05		$	0.03		$	0.00		$	0.08		$	0.03
Income/(loss) from discontinued operations	$	0.43		$	(0.01	)	$	0.01		$	0.41		$	0.02
Net income	$	0.48		$	0.02		$	0.01		$	0.49		$	0.05
Shares used in computing per share amounts:
Basic		594,957			615,450			651,778			605,315			654,192
Diluted		611,093			629,733			661,540			621,248			663,857

A reconciliation of certain GAAP measures to non-GAAP measures is included below.

	Three Months Ended								Six Months Ended
	July 3,			April 3,		July 4,			July 3,			July 4,
	2011			2011		2010			2011			2010
Reconciliation of GAAP net income to non-GAAP net income:
GAAP income from continuing operations	$	28,408		$	18,546	$	2,682		$	46,954		$	17,030
Special items:
a) Stock-based compensation expense-cost of revenues		2,051			1,813		1,985			3,864			3,401
b) Stock-based compensation expense-R&D		6,653			6,223		6,750			12,876			12,770
c) Stock-based compensation expense-SG&A		4,948			5,631		6,439			10,579			12,126
d) Amortization of acquisition-related intangibles-cost of revenues		20,281			21,818		28,835			42,099			57,670
e) Amortization of acquisition-related intangibles-SG&A		8,319			8,319		8,948			16,638			17,896
f) Restructuring of operations and other items, net		(10,904	)		2,806		5,086			(8,098	)		6,706
g) Write-down of investments		—			—		—			—			11,600
Total special items from continuing operations		31,348			46,610		58,043			77,958			122,169
Non-GAAP income from continuing operations	$	59,756		$	65,156	$	60,725		$	124,912		$	139,199
Non-GAAP income from continuing operations per share:
Basic	$	0.10		$	0.11	$	0.09		$	0.21		$	0.21
Diluted	$	0.10		$	0.10	$	0.09		$	0.20		$	0.21
GAAP net income	$	293,784		$	10,154	$	7,432		$	303,938		$	29,952
Special items:
a) Total special items from continuing operations		31,348			46,610		58,043			77,958			122,169
b) Stock-based compensation expense-discontinued operations		(526	)		319		3,321			(207	)		6,629
c) Amortization of acquisition-related intangibles-discontinued operations		—			886		2,453			886			4,906
d) Restructuring of operations-discontinued operations		14,079			23,811		(19	)		37,890			(19	)
e) Gain on sale of External business		(260,066	)		—		—			(260,066	)		—
Non-GAAP net income	$	78,619		$	81,780	$	71,230		$	160,399		$	163,637
Non-GAAP net income per share:
Basic	$	0.13		$	0.13	$	0.11		$	0.26		$	0.25
Diluted	$	0.13		$	0.13	$	0.11		$	0.26		$	0.25
Shares used in computing non-GAAP per share amounts:
Basic		594,957			615,450		651,778			605,315			654,192
Diluted		611,093			629,733		661,540			621,248			663,857

LSI CORPORATION

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended									Six Months Ended
	July 3,			April 3,			July 4,			July 3,			July 4,
	2011			2011			2010			2011			2010
Operating activities:
Net income	$	293,784		$	10,154		$	7,432		$	303,938		$	29,952
Adjustments:
Depreciation and amortization *		46,303			56,007			66,251			102,310			133,268
Stock-based compensation expense		13,126			13,986			18,495			27,112			34,926
Non-cash restructuring of operations and other items, net		10,140			10,824			(31	)		20,964			(41	)
Write-down of investments		—			—			—			—			11,600
(Gain)/loss on sale of property and equipment		(269	)		(239	)		265			(508	)		268
Gain on sale of External business		(260,066	)		—			—			(260,066	)		—
Unrealized foreign exchange loss		1,202			1,379			3,205			2,581			990
Deferred taxes		(19,723	)		(43	)		85			(19,766	)		183
Changes in assets and liabilities:
Accounts receivable, net		52,006			40,471			(8,509	)		92,477			31,887
Inventories		(30,489	)		(12,651	)		(5,806	)		(43,140	)		(22,247	)
Prepaid expenses, assets held for sale and other assets		(9,925	)		(1,066	)		14,438			(10,991	)		6,343
Accounts payable		(14,983	)		24,273			(5,863	)		9,290			(14,410	)
Accrued and other liabilities		(42,812	)		(35,066	)		(22,345	)		(77,878	)		(39,324	)
Net cash provided by operating activities		38,294			108,029			67,617			146,323			173,395
Investing activities:
Purchases of debt securities available-for-sale		(8,601	)		(15,530	)		(1,189	)		(24,131	)		(1,189	)
Proceeds from maturities and sales of debt securities available-for-sale		10,487			12,958			10,271			23,445			21,525
Proceeds from sale of External business, net of transaction costs		475,150			—			—			475,150			—
Purchases of other investments		(4,000	)		—			(316	)		(4,000	)		(316	)
Purchases of property and equipment		(15,656	)		(21,542	)		(21,097	)		(37,198	)		(48,373	)
Proceeds from sale of property and equipment		586			310			177			896			199
Net cash provided by/(used in) investing activities		457,966			(23,804	)		(12,154	)		434,162			(28,154	)
Financing activities:
Redemption of convertible subordinated notes		—			—			(349,999	)		—			(349,999	)
Issuance of common stock		33,612			17,319			17,953			50,931			21,588
Purchase of common stock under repurchase programs		(300,001	)		(96,791	)		(54,524	)		(396,792	)		(80,732	)
Net cash used in financing activities		(266,389	)		(79,472	)		(386,570	)		(345,861	)		(409,143	)
Effect of exchange rate changes on cash and cash equivalents		(957	)		(11	)		(895	)		(968	)		(3,012	)
Net change in cash and cash equivalents		228,914			4,742			(332,002	)		233,656			(266,914	)
Cash and cash equivalents at beginning of period		526,528			521,786			843,379			521,786			778,291
Cash and cash equivalents at end of period	$	755,442		$	526,528		$	511,377		$	755,442		$	511,377

* Depreciation of fixed assets and amortization of intangible assets, software, and premiums on short-term investments.