0000768251-14-000014.txt : 20140424 0000768251-14-000014.hdr.sgml : 20140424 20140424162538 ACCESSION NUMBER: 0000768251-14-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140424 DATE AS OF CHANGE: 20140424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALTERA CORP CENTRAL INDEX KEY: 0000768251 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770016691 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16617 FILM NUMBER: 14782030 BUSINESS ADDRESS: STREET 1: 101 INNOVATION DR CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: 408.544.8790 MAIL ADDRESS: STREET 1: 101 INNOVATION DR CITY: SAN JOSE STATE: CA ZIP: 95134 8-K 1 a2014q18-ker.htm 8-K 2014 Q1 8-K (ER)



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): April 24, 2014

            
ALTERA CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
 
0-16617
 
77-0016691
(State or Other Jurisdiction
of Incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
101 Innovation Drive, San Jose, California
 
95134
(Address of principal executive offices)
 
(Zip Code)
Registrant's telephone number, including area code: (408) 544-7000

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:

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))













Item 2.02. Results of Operations and Financial Condition.
On April 24, 2014, Altera Corporation (the "Company") issued a press release announcing its financial results for the first quarter of 2014. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 8.01. Other Events.
On April 21, 2014, the Company's board of directors declared a quarterly cash dividend of $0.15 per common share. The quarterly dividend will be paid on June 2, 2014 to stockholders of record on May 12, 2014.

Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
 

99.1 Press release dated April 24, 2014





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.

ALTERA CORPORATION
 
/s/ RONALD J. PASEK

Ronald J. Pasek
Senior Vice President, Finance and Chief Financial Officer
Dated: April 24, 2014




EXHIBIT INDEX 
 
Exhibit No.       Description 
99.1 
Press release dated April 24, 2014



EX-99.1 2 a2014q18-kerexhibit.htm EXHIBIT 2014 Q1 8-K(ER) Exhibit










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 ANNOUNCES FIRST QUARTER RESULTS



San Jose, Calif., April 24, 2014 — Altera Corporation (NASDAQ: ALTR) today announced first quarter sales of $461.1 million, up 1 percent from the fourth quarter of 2013 and up 12 percent from the first quarter of 2013. First quarter net income was $116.5 million, $0.37 per diluted share, compared with net income of $98.9 million, $0.31 per diluted share, in the fourth quarter of 2013 and $120.2 million, $0.37 per diluted share, in the first quarter of 2013.

Cash flow from operating activities was $130.4 million. Altera repurchased approximately 4.6 million shares during the quarter at a cost of $161.8 million.

Altera's board of directors has declared a quarterly cash dividend of $0.15 per share, to be paid on June 2, 2014 to stockholders of record on May 12, 2014.

"The quarter exceeded our expectations as stronger than anticipated Chinese LTE deployments drove wireless sales," said John Daane, president, chief executive officer, and chairman of the board. "We are now shipping Arria 10 FPGAs that offer more logic capacity than any other 20 nm FPGA and speeds that exceed the prior generation high end. Simultaneously, we are making solid progress in the development of our Stratix 10 devices, which use Intel's 14 nm Tri-gate process plus a new FPGA logic architecture to deliver performance twice that of our current high-end FPGA, with vastly more logic resources, lower power and cost."


 



1



Several recent accomplishments mark the company's continuing progress:

•
Altera and Intel have extended their manufacturing partnership to include development of multi-die devices. This collaboration is an extension of the foundry relationship between Altera and Intel, in which Intel is manufacturing Altera’s Stratix® 10 FPGAs and SoCs using Intel's 14 nm Tri-Gate process. Altera’s work with Intel will enable the development of multi-die devices that efficiently integrate monolithic 14 nm Stratix 10 FPGAs and SoCs with other advanced components, which may include DRAM, SRAM, ASICs, processors and analog components, in a single package. Intel’s 14 nm Tri-Gate process density advantage and Altera’s patented FPGA redundancy technology enable Altera to deliver the industry’s highest density monolithic FPGA die, offering greater integration of system components on a single die. Altera is leveraging this leadership and Intel’s packaging technology to integrate even more capabilities into a single system-in-a-package solution. Intel’s manufacturing process is co-optimized to offer manufacturing simplicity consisting of turnkey foundry services that include the manufacturing, assembly and testing of heterogeneous multi-die devices. Intel and Altera are currently developing test vehicles aimed at streamlining manufacturing and integration flows to support this expanded collaboration.
•
In recognition of the technological innovations the company has brought to market in the past year, Altera took top honors for Design Team of the Year and Ultimate Product - Software at this year's EE Times and EDN Annual Creativity in Electronics (ACE) Awards competition. The Design Team of the Year award honors the company with a design team whose collaborative efforts made a significant contribution to furthering technology innovation and whose project management abilities were creative, efficient and inspiring. The Altera and Micron Technology design teams were jointly recognized for their work in achieving interoperability between Altera’s Stratix V FPGAs with Micron’s Hybrid Memory Cube, which enables the development of advanced communications and computing designs. The Ultimate Product - Software award recognizes the company with the most innovative software product of the year. Altera’s software development kit (SDK) for OpenCL was recognized for this prestigious award for its ability to allow software programmers to access the performance and low-power advantages of FPGAs. Altera is the industry’s first company to offer an SDK for OpenCL that targets FPGAs.
•
Altera received two DesignVision Awards at DesignCon 2014 for its innovations in FPGA and SoC technology. Altera’s next-generation, 14 nm Stratix 10 FPGAs and SoCs won for best semiconductor and IP, and the ARM® Development Studio 5 (DS-5™) Altera Edition toolkit won for best design verification tool. The DesignVision Award recognizes technologies, applications, products and services judged to be the most unique and beneficial to the industry. Altera’s next-generation high-performance Stratix 10 FPGAs and SoCs were recognized by the judges for offering breakthrough advantages in performance, power savings and system integration. Altera’s ARM DS-5 Altera Edition toolkit was recognized by judges for its ability to remove the debugging barrier between the integrated dual-core CPU subsystem and FPGA fabric in Altera SoC devices. The DS-5 Altera Edition toolkit combines the most advanced multi-core debugger for the ARM architecture with the ability to adapt to the logic contained in the FPGA. The toolkit provides embedded software developers an unprecedented level of full-chip visibility and control through the standard DS-5 user interface.




2


SELECTED FIRST QUARTER REVENUE AND RELATED RESULTS


($ in thousands) Key Ratios & Information
 
March 28, 2014
 
December 31, 2013
Current Ratio
 
6:1

 
6:1

Liabilities/Equity
 
2:3

 
2:3

Quarterly Operating Cash Flows
 
$
130,430

 
$
130,759

TTM Return on Equity
 
13
%
 
13
%
Quarterly Depreciation Expense
 
$
12,996

 
$
11,321

Quarterly Capital Expenditures
 
$
7,116

 
$
14,253

Inventory MSOH (1): Altera
 
3.1

 
3.4

Inventory MSOH (1): Distribution
 
0.6

 
0.7

Cash Conversion Cycle (Days)
 
157

 
160

Turns
 
48
%
 
45
%
Book to Bill
 
>1.0

 
1.0

 
 
 
 
 
Note (1): MSOH: Months Supply On Hand
 
 
 
 

                



3



ALTERA CORPORATION
NET SALES SUMMARY
(Unaudited)

 
Three Months Ended
 
Quarterly Growth Rate
 
March 28,
2014
 
December 31,
2013
 
March 29,
2013
 
Sequential Change
 
Year-
Over-Year
Change
Geography
 
 
 
 
 
 
 
 
 
Americas
15
%
 
19
%
 
20
%
 
(17
)%
 
(13
)%
Asia Pacific
43
%
 
41
%
 
38
%
 
6
 %
 
24
 %
EMEA
26
%
 
24
%
 
27
%
 
11
 %
 
11
 %
Japan
16
%
 
16
%
 
15
%
 
(4
)%
 
18
 %
Net Sales
100
%
 
100
%
 
100
%
 
1
 %
 
12
 %
Product Category
 
 
 
 
 
 
 
 
 
New
49
%
 
47
%
 
39
%
 
4
 %
 
39
 %
Mainstream
23
%
 
24
%
 
29
%
 
(4
)%
 
(12
)%
Mature and Other
28
%
 
29
%
 
32
%
 
1
 %
 
2
 %
Net Sales
100
%
 
100
%
 
100
%
 
1
 %
 
12
 %
Vertical Market
 
 
 
 
 
 
 
 
 
Telecom & Wireless
45
%
 
40
%
 
41
%
 
14
 %
 
23
 %
Industrial Automation, Military & Automotive
22
%
 
22
%
 
22
%
 
1
 %
 
13
 %
Networking, Computer & Storage
15
%
 
19
%
 
18
%
 
(20
)%
 
(7
)%
Other
18
%
 
19
%
 
19
%
 
(3
)%
 
7
 %
Net Sales
100
%
 
100
%
 
100
%
 
1
 %
 
12
 %
FPGAs and CPLDs
 
 
 
 
 
 
 
 
 
FPGA
83
%
 
83
%
 
85
%
 
2
 %
 
10
%
CPLD
9
%
 
9
%
 
8
%
 
(2
)%
 
17
%
Other Products
8
%
 
8
%
 
7
%
 
0
 %
 
32
%
Net Sales
100
%
 
100
%
 
100
%
 
1
 %
 
12
%

Product Category Description

•
New Products include the Stratix® V, Stratix IV, Arria® V, Arria II, Cyclone® V, Cyclone IV, 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.



4


Business Outlook for the Second Quarter 2014

Sales and Income Statement
Sequential Sales Growth
+ 2% to + 6%
Gross Margin
67% +/- .5%
Research and Development (1)
$104 - $106 million
SG&A
$78 - $80 million
Other Income/Expense, Net (2)
Net expense of approximately $4 million
Tax Rate
12% - 13%
Diluted Share Count
Approximately 315 million
Turns
Low 40's
Inventory MSOH
High 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
Up
Industrial Automation, Military & Automotive
Down
Networking, Computer & Storage
Up
Other
Flat

First 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.


 

 



5


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, statements regarding product development, the effect of Altera's agreement with Intel Corporation, product performance parameters, 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, product introduction schedules, the rate of growth of the company's new products including Cyclone® V, Cyclone IV, Arria® V, Arria II, Stratix® V, Stratix IV 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.





 
###

6


ALTERA CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
 
 
 
 
 
 
Three Months Ended
(In thousands, except per share amounts)
 
March 28,
2014
 
December 31,
2013
 
March 29,
2013
 
 
 
 
 
 
 
Net sales
 
$
461,092

 
$
454,367

 
$
410,501

Cost of sales
 
151,868

 
144,024

 
126,083

Gross margin
 
309,224

 
310,343

 
284,418

Operating expense
 
 
 
 
 
 
Research and development expense
 
97,657

 
106,643

 
87,717

Selling, general, and administrative expense
 
74,507

 
84,692

 
78,600

Amortization of acquisition-related intangible assets
 
2,465

 
1,850

 
213

Total operating expense
 
174,629

 
193,185

 
166,530

Operating margin (1)
 
134,595

 
117,158

 
117,888

Compensation expense — deferred compensation plan
 
1,454

 
3,881

 
3,422

Gain on deferred compensation plan securities
 
(1,454
)
 
(3,881
)
 
(3,422
)
Interest income and other
 
(5,985
)
 
(4,902
)
 
(1,659
)
Gain reclassified from other comprehensive income
 
(48
)
 
(24
)
 
(54
)
Interest expense
 
10,488

 
8,272

 
2,465

Income before income taxes
 
130,140

 
113,812

 
117,136

Income tax expense/(benefit)
 
13,626

 
14,878

 
(3,053
)
Net income
 
116,514

 
98,934

 
120,189

 
 
 
 
 
 
 
Other comprehensive income/(loss):
 
 
 
 
 
 
Unrealized gain/(loss) on investments:
 
 
 
 
 
 
Unrealized holding gain/(loss) on investments arising during period, net of tax of $24, ($11) and ($5)
 
12,560

 
(26,811
)
 
(1
)
Less: Reclassification adjustments for gain on investments included in net income, net of tax of $4, $2 and $5
 
(44
)
 
(22
)
 
(49
)
Other comprehensive income/(loss)
 
12,516

 
(26,833
)
 
(50
)
Comprehensive income
 
$
129,030

 
$
72,101

 
$
120,139

 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
Basic
 
$
0.37

 
$
0.31

 
$
0.38

Diluted
 
$
0.37

 
$
0.31

 
$
0.37

 
 
 
 
 
 
 
Shares used in computing per share amounts:
 
 
 
 
 
 
Basic
 
316,552

 
319,993

 
319,867

Diluted
 
318,901

 
322,018

 
323,021

 
 
 
 
 
 
 
Dividends per common share
 
$
0.15

 
$
0.15

 
$
0.10

 
 
 
 
 
 
 
Tax rate
 
10.5
%
 
13.1
%
 
(2.6
)%
% of Net sales:
 
 
 
 
 
 
Gross margin
 
67.1
%
 
68.3
%
 
69.3
 %
Research and development (1)
 
21.7
%
 
23.9
%
 
21.4
 %
Selling, general, and administrative
 
16.2
%
 
18.6
%
 
19.1
 %
Operating margin(2)
 
29.2
%
 
25.8
%
 
28.7
 %
Net income
 
25.3
%
 
21.8
%
 
29.3
 %


7


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 expense, selling, general and administrative expense 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 losses/(gains) 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
(In thousands, except per share amounts)
 
March 28,
2014
 
December 31,
2013
 
March 29,
2013
Operating margin (non-GAAP)
 
$
134,595

 
$
117,158

 
$
117,888

Compensation expense — deferred compensation plan
 
1,454

 
3,881

 
3,422

Income from operations (GAAP)
 
$
133,141

 
$
113,277

 
$
114,466



8


ALTERA CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except par value amount)
 
March 28,
2014
 
December 31,
2013
 
 
 
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
2,752,111

 
$
2,869,158

Short-term investments
 
157,136

 
141,487

Total cash, cash equivalents, and short-term investments
 
2,909,247

 
3,010,645

Accounts receivable, net
 
443,409

 
483,032

Inventories
 
158,137

 
163,880

Deferred income taxes — current
 
60,209

 
63,228

Deferred compensation plan — marketable securities
 
65,646

 
66,455

Deferred compensation plan — restricted cash equivalents
 
19,636

 
16,699

Other current assets
 
50,535

 
48,901

Total current assets
 
3,706,819

 
3,852,840

Property and equipment, net
 
198,266

 
204,142

Long-term investments
 
1,718,237

 
1,695,066

Deferred income taxes — non-current
 
18,422

 
10,806

Goodwill
 
74,341

 
73,968

Acquisition-related intangible assets, net
 
79,685

 
82,150

Other assets, net
 
77,280

 
76,676

Total assets
 
$
5,873,050

 
$
5,995,648

 
 
 
 
 
Liabilities and stockholders' equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
35,997

 
$
44,163

Accrued liabilities
 
42,814

 
41,218

Accrued compensation and related liabilities
 
49,838

 
51,105

Deferred compensation plan obligations
 
85,282

 
83,154

Deferred income and allowances on sales to distributors
 
414,519

 
487,746

Total current liabilities
 
628,450

 
707,386

Income taxes payable — non-current
 
286,603

 
276,326

Long-term debt
 
1,491,789

 
1,491,466

Other non-current liabilities
 
8,295

 
8,403

Total liabilities
 
2,415,137

 
2,483,581

Stockholders' equity:
 
 
 
 
Common stock: $.001 par value; 1,000,000 shares authorized; outstanding - 313,609 shares at March 28, 2014 and 317,769 shares at December 31, 2013
 
314

 
318

Capital in excess of par value
 
1,197,456

 
1,216,826

Retained earnings
 
2,275,589

 
2,322,885

Accumulated other comprehensive loss
 
(15,446
)
 
(27,962
)
Total stockholders' equity
 
3,457,913

 
3,512,067

Total liabilities and stockholders' equity
 
$
5,873,050

 
$
5,995,648

 
 
 
 
 

9


ALTERA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
 
 
Three Months Ended
 (In thousands)
 
March 28,
2014
 
March 29,
2013
 
 
 
 
 
Cash Flows from Operating Activities:
 
 
 
 
Net income
 
$
116,514

 
$
120,189

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
14,628

 
11,161

Amortization of acquisition-related intangible assets
 
2,465

 
213

Amortization of debt discount and debt issuance costs
 
779

 
281

Stock-based compensation
 
23,347

 
22,242

Net gain on sale of available-for-sale securities
 
(48
)
 
—

Amortization of investment discount/premium
 
685

 
—

Deferred income tax expense/(benefit)
 
9,211

 
(15,606
)
Tax effect of employee stock plans
 
(217
)
 
861

Excess tax benefit from employee stock plans
 
(326
)
 
(741
)
Changes in assets and liabilities, net of effects of acquisitions:
 
 
 
 
Accounts receivable, net
 
39,623

 
(42,709
)
Inventories
 
5,743

 
13,439

Other assets
 
(3,992
)
 
13,036

Accounts payable and other liabilities
 
(3,425
)
 
(9,660
)
Deferred income and allowances on sales to distributors
 
(73,227
)
 
36,649

Income taxes payable
 
(2,004
)
 
6,239

Deferred compensation plan obligations
 
674

 
(6,116
)
Net cash provided by operating activities
 
130,430

 
149,478

Cash Flows from Investing Activities:
 
 
 
 
Purchases of property and equipment
 
(12,622
)
 
(14,586
)
(Purchases)/sales of deferred compensation plan securities, net
 
(674
)
 
6,116

Purchases of available-for-sale securities
 
(103,982
)
 
(121,111
)
Proceeds from sale of available-for-sale securities
 
35,562

 
48,978

Proceeds from maturity of available-for-sale securities
 
41,548

 
34,416

Purchase of other investments
 
—

 
(176
)
Net cash used in investing activities
 
(40,168
)
 
(46,363
)
Cash Flows from Financing Activities:
 
 
 
 
Proceeds from issuance of common stock through stock plans
 
6,082

 
8,442

Shares withheld for employee taxes
 
(3,048
)
 
(3,360
)
Payment of dividends to stockholders
 
(47,554
)
 
(31,978
)
Long-term debt and credit facility issuance costs
 
(1,321
)
 
—

Repurchases of common stock
 
(161,794
)
 
—

Excess tax benefit from employee stock plans
 
326

 
741

Net cash used in financing activities
 
(207,309
)
 
(26,155
)
Net (decrease)/increase in cash and cash equivalents
 
(117,047
)
 
76,960

Cash and cash equivalents at beginning of period
 
2,869,158

 
2,876,627

Cash and cash equivalents at end of period
 
$
2,752,111

 
$
2,953,587


10