Consolidated Statement of Cash Flows

(in thousands except per share amounts)
Years ended March 31,

1996 1995 1994
Increase (decrease) in Cash and Cash Equivalents
Cash flows from operating activities:
Net income $101,454 $ 59,278 $ 41,279
Adjustments to reconcile net income to net cash provided by operating activities:
Write-off of in-process technology 19,366 --- ---
Depreciation and amortization 22,464 12,241 10,811
Changes in assets and liabilities net of effects of NeoCAD acquisition:
Accounts receivable (34,777) (7,959) (8,813)
Inventories, including the impact of receipts against
advances for wafer purchases 19,375 1,011 (13,536)
Deferred income taxes and other (783) (1,685) (2,293)
Accounts payable, accrued liabilities and income taxes payable 7,408 21,959 10,352
Deferred income on shipments to distributors 15,755 3,153 5,389

Total adjustments net of effects of NeoCAD acquisition 48,808 28,720 1,910

Net cash provided by operating activities 150,262 87,998 43,189

Cash flows from investing activities:

Purchases of short-term available-for-sale investments (292,013) (75,590) (38,212)
Proceeds from maturity of short-term available-for-sale investments 92,333 77,193 24,717
Purchases of held-to-maturity investments (96,141) (362,625) ---
Proceeds from maturity of held-to-maturity investments 72,555 350,000 ---
Advances for wafer purchases --- (42,000) ---
Acquisition of NeoCAD, net of cash acquired (33,412) --- ---
Acquisition of property, plant and equipment (60,506) (26,227) (12,334)
Investment in joint venture (34,316) --- ---

Other (1,235) (6,647) (3,815)
Net cash used in investing activities (352,735) (85,896) (29,644)

Cash flows from financing activities:

Net proceeds from issuance of long-term debt 243,901 --- ---
Principal payments on capital lease obligations (1,389) (1,421) (2,063)
Proceeds from issuance of common stock 14,151 8,688 5,883

Net cash provided by financing activities 256,663 7,267 3,820

Net increase in cash and cash equivalents 54,190 9,369 17,365
Cash and cash equivalents at beginning of period 56,703 47,334 29,969

Cash and cash equivalents at end of period $110,893 $ 56,703 $ 47,334

Schedule of non-cash transactions:
Tax benefit from stock options $ 7,907 $ 3,456 $ 2,417
Issuance of treasury stock under employee stock plans $ 8,223 $ 9,195 ---
Receipts against advances for wafer purchases $ 32,966 --- ---
Supplemental disclosures of cash flow information:
Interest paid relating to capital lease obligations $ 201 $ 549 $ 535
Interest paid relating to reverse repurchase agreements $ --- $ 9,737 ---
Income taxes paid $ 74,688 $ 34,730 $ 24,587

See accompanying notes.


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